I thought these two incidents might bring home, to those who still havenít gotten it, why it didnít matter who the President was, the continued bailout of A.I.G. is a given. This is the fallout from Credit Default Swaps. The bailout money is not to help the rich they already got theirsí; itís for the little people like those Oakridge residents and those who returned from the brink on the Hudson. So keep paying those premiums suckers.
ďWhen a homeowner has a burglary or a driver has a crash, all it normally takes is a call to the insurance company and a description of the loss to activate the policy. But aviation liability insurance is different. It is activated by a finding of negligence on the part of an airline. If there is no negligence, then arguably there is no liability, and no obligation to pay claims.Ē The New York Times
Is there really a difference?
"SYLMAR - Oakridge resident Joanne Nadeau, who lost her mobile home in November's Sayre Fire, can now rebuild thanks to additional money secured by the state's Department of Insurance. Instead of getting $165,000 from her AIG insurance policy, Nadeau will receive nearly $300,000.
"Now I can rest and have some peace of mind," said Nadeau, 61. "... And start designing my home without having to worry about depleting my retirement fund."
The Sayre Fire destroyed 485 mobile homes at the Oakridge mobile home park. Of those homes, 370 were insured with AIG."
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