http://www.property-casualty.com/News/2010/6/Pages/NFIP-Will-Cover-HurricaneDriven-Oil-Damage-FEMA-Confirms.aspx
WASHINGTON—The National Flood Insurance Program will pay claims for damage to homes and contents from oil driven ashore during hurricanes, its officials have announced.Translation: "We won't cover significant damage from oil."
In a statement, Rachel Racusen, press secretary to the Federal Emergency Management Agency (FEMA), which runs the flood program, said, "The mixing of oil and other pollutants in flood water is not unusual during a storm."
She added, "Damage caused by these pollutants in flood waters is covered under the NFIP, subject to the provisions in the Standard Flood Insurance Policy."
Effectively, Racusen confirmed what Mississippi Insurance Commissioner Mike Chaney told state residents in a statement released Tuesday by his office.
In the statement, Chaney said that to recover damages stemming from the additional risks oil poses should a hurricane strike, claimants seeking payment under the NFIP must prove there is a flood as defined in the standard flood insurance policy.
If that can be proven, Chaney said, damage caused by pollutants to commercial policies is limited to $10,000.
Home and condo payments will be limited to policy limits, and oil or water with oil in the yard is not covered.
Chaney further said that the cost of complying with any local or state ordinance, including one that requires special removal methods for oil, is specifically excluded, with the exception of certain floodplain management mitigation requirements.
Moreover, Chaney said, there will be no coverage for testing for, or the monitoring of, pollutants unless there is a law or ordinance requiring it.
Thanks for the article. This thing is what is going to carry us through the next, long leg down.
ReplyDeleteI read a disturbing article, and sorry but I don't have the link, saying that once enough oil comes out one would think that there would be an empty cavity, and once the pressure of the oil isn't enough to keep the mile of water out, that would cause a sudden splash right in our bowl.
Consider how powerfull ocean tsunamis are. Now take that same power and concentrate it in a small area, and even more, almost enclosed.
Add oil to the mix.
On a side note I have to wonder if Haiti prepared for this hurricane season or are they still living in tents?
If the government cannot print money, then how do we keep paying the interest on our debt and all the other liabilities that go into running the government. Isn't monetizing debt the same as printing money?
ReplyDeletehttp://www.zerohedge.com/article/mr-denninger-and-gold-–-part-deux-or-rebuttal-all-fiat-money-apologists
ReplyDelete"If the government cannot print money, then how do we keep paying the interest on our debt and all the other liabilities that go into running the government. Isn't monetizing debt the same as printing money"
ReplyDeleteNo, because the Federal Reserve prints the cash that buys the bonds to finance deficit spending. We then owe the private Fed's shareholders that money (they print cash, we owe them money, I'm using different terms deliberately) plus interest. The net change for the government is a huge loss of money, the net change for the Fed is a huge gain of money (the interest on cash they printed).
FDR any update on the dollar? The dollar index has moved down sharply from 89 levels to 85.Is this inline with your fractals or you think the dollar upmove is about to resume unleashing caszilla as it unfolds?
ReplyDeletehttp://pragcap.com/when-will-the-bond-auctions-begin-to-fail
ReplyDeleteWill you help me with this?