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Expired National Flood Insurance Program Is Reauthorized Creating a Possible Two Day Lapse In Coverage; Congress Fails To Overhaul NFIP System

Today, Congress reauthorized the National Flood Insurance Program that expired last Sunday night when Congress failed to pass a temporary extension of the program. The reauthorization is not retroactive. The expiration did not affect existing coverage. However, for the two days period the NFIP did not issue new policies or renew policies, some may have sustained a lapse in coverage. Some home sales were even delayed because some lenders require flood insurance as a term of the mortgage. The National Flood Insurance Act of 1968 provided insurance against inundation from rising waters or from the overflow of streams, rivers, or other bodies of water, or from tidal surges, abnormally high tidal water, tidal waves, tsunamis, hurricanes, or other severe storms or deluge. The reauthorization extended the NFIP through March 28, 2010. Congress has extended the existing program several times while working on various proposals to reform the entire system. There are several pending overhaul bills in both the House and Senate. Some of the reform bills seek to expand the flood program to include wind coverage. The National Association of Insurance Commissioners has even promoted the idea of offering coverage for all catastrophic perils. In the meantime, the NFIP only applies to flood. The NFIP has just released its May, 2010 Revision to the Flood Manual as well as Wind vs. Water Adjusting Practices. Additional Resources: NFIP Reauthorzation Through March 28, 2010 Expired NFIP Program Delays Louisiana Real Estate Transactions NAIC’s Proposal For Creating A Comprehensive National Plan To Address […]

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Employee Is Caught Between Drill Pipe, Is Crushed And Killed

Trinidad Drilling Usa, Rig 101, Keithville, LA Incident: Employee #1 had just completed tripping out the drill pipe and had started tripping back into the hole. Employee #1 tripped in five sections of pipe when he got between the drill pipe in the rotary table and the iron roughneck. Employee #1 was crushed and killed. Source: OSHA- Baton Rouge

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Federal Court Decides Hurricane Katrina Insurance Lawsuit Filed More Than Two Years After Hurricane Anniversary Prescribed

In Dixey, II v. Allstate Insurance Company, –F.Supp.2nd, 2010 WL 126628 (E.D.La.), plaintiff filed his Hurricane Katrina insurance lawsuit after the second anniversary of Hurricane Katrina and attempted to use the Louisiana class action statutes to demonstrate that his claim had not prescribed. The Court determined the claim had prescribed finding the “liberative prescription” set forth in LA-CCP art 596 is not applicable to the “contractual prescription” set forth in the policy. Allstate maintained that contractual limitation period set forth in its policy cannot be interrupted or suspended. This decision is wrong. The Court failed to recognize that the twelve month provision in the contract is also a liberative prescriptive period. It is not in the language of the insurance company; rather, it is the language of the Legislature and expressed in words which the fire statute (LA-RS 22:691(F)) requires be inserted in the policy, word for word, line for line, number for number. See, Gremillion v. Travelers Indemnity Co., 240 So.2d 727, 256 La. 974 (1970). Further, the court must strictly construe the statute against prescription and in favor of the claim that is said to be extinguished and CC 3457 provides there is no prescription other than that established by legislation. Additionally, in 2006 oral argument before the Louisiana Supreme Court, Allstate, State Farm and USAA, the three remaining defendants in a Hurricane Katrina lawsuit, even acknowledged the applicable limitation period is a liberative prescriptive period and capable of being suspended under the doctrine of contra non valentem. […]

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Louisiana Policyholders Get Money Back Now; LA Citizens Special Assessment Is Expected For The Next 15 Years

Many homeowners I know are unaware they may be entitled to a refund of the Louisiana Citizens Property Insurance Corporation Special Assessment paid along with their regular homeowners insurance premium. The assessment is paid in addition to her normal homeowners insurance premium and is listed separately on the Declaration page of the homeowner’s policy as a Louisiana Citizens Assessment. The State of Louisiana authorized the special assessment to pay for LA Citizens’ billion dollar deficit caused by Hurricanes Katrina and Rita. Bonds were issued so that LA Citizens could pay its Hurricane insurance claims. This assessment will remain in effect until the bonds are retired in 2025. To help Louisiana policyholders recoup this additional charge, the Louisiana Legislature passed a law, R.S. 47:6021, which authorizes a refundable income tax credit for the Louisiana Citizens assessment. Policyholders can only claim the refund in the year paid. The credit can be claimed on either the individual income tax return or by filing a “Request for Refund of Louisiana Citizens Property Insurance Corporation Assessment”, Form R-540INS after the assessment has been paid. This credit is available only for the amount of the LA Citizens assessments and is not available for the normal homeowner’s premium. If you have questions concerning your eligibility for the refund, contact your CPA or the Louisiana Department of Revenue at 225-219-2700. Additional Resources: LA Citizens Emergency Assessment Calculation LA Citizens Reasons For Assessment

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