This is an update added to the article posted here on Sunday, March 3, 2013.
"A disaster just happened and they're making money off of us. That's just not right." Nicholas Dorman, New York City Firefighter with large Damage Claims from Sandy and small payment since, quoted by Sophia Hollander, "Sandy Stirs Legal Mess" (Wall Street Journal Online accessible without subscription, posted Monday, March 4, 2013).
Another catastrophe continues to be reported after Sandy. Policyholders say their Sandy Claims are not being paid in nearly the amounts they thought their Coverage would bring. Insurance Carriers say their Policyholders have often not read their Policies. These are events which fall under the old saying, "Everything is changing, nothing is new."
What seems new about Sandy Claims is that somehow banks are reported to be holding up Insurance money until they are convinced by Property Owners that the money will be put to the banks' idea of good use. It would be worthwhile knowing exactly what these payments involve. Presumably they involve "Flood and other Hazard Insurance" paid for by Mortgagors-Homeowners to protect the banks' security interest in the mortgaged property. In any case it would be good to know how unnamed, unidentified banks got such power.
Another new Sandy Claims development surrounds how the Federal Taxpayer money is spent that was intended to help victims of the damage caused by Sandy. Reportedly, fewer Sandy victims are receiving allocated FEMA payments for Flood Damage than received the same type of payments for Hurricane Katrina damage, for example.
Finally, and as one person quoted in the following article observed, it seems "ironic" but Sandy left a need for even more lawyers. See Sophia Hollander, "Sandy Stirs Legal Mess" (Wall Street Journal Online accessible without subscription, posted Monday, March 4, 2013).
A catastrophe which leaves people at the mercy of banks and in need of lawyers to receive full compensation for their Damage Claims, is a catastrophe twice over, the first due to the weather, and again a second time after the storm passes by.
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