FORT LAUDERDALE, FL -- Join Academy of Florida Trial Lawyers and Association of Trial Lawyers of America to Release New Report Showing Pattern of Insurance Companies' Mistreatment of Policyholders After Past Natural Disasters One year after Hurricane Katrina swept across the Gulf Coast, hurricane victims, joined by the Academy of Florida Trial Lawyers (AFTL) and the Association of Trial Lawyers of America (ATLA), are today launching a national petition drive calling on insurance companies to put policyholders over profits by paying fair and just claims to area residents who find themselves near ruin.
AFTL and ATLA also released a report today, "Pattern of Greed: How Insurance Companies Put Profits Over Policyholders," which shows the insurance industry has made a practice of collecting billions of dollars from policyholders over the years and then stiffing them in their time of greatest need after various natural disasters. Meanwhile, the insurance industry is making record profits. To view both the petition and the report, visit http://www.peopleoverprofits.org/disaster_report.pdf.
"While the insurance industry enjoys record profits and CEOs bulging bank accounts, too many residents of the Gulf region are left waiting for the settlements they deserve to help them get back on their feet," said AFTL President Ed Zebersky. "Whether it be an earthquake, tornado or a hurricane, insurance companies have engaged in questionable tactics over the years to delay or deny the payment of justified and fair claims. That is why we are urging the insurance companies to clean up their act and pay fair and just claims once and for all."
"This mistreatment by our insurance company is unfair for our association because we have not filed a claim in 25 years. It is unfair to senior citizens on fixed incomes to have to come up with the money because insurance companies are playing games," said James Ofstein, board president of the Embassy Condominium Apartment Association, whose building in Ft. Lauderdale suffered significant damage as a result of Hurricane Katrina. Ofstein is using the civil justice system to hold his insurance company accountable for refusing to pay 100 % of what their association deserves.
"As long as our insurance company continues to act irresponsibly and fails to pay fair and just claims, the last resort for our association and its homeowners to hold the company accountable is the civil justice system," added Mr. Ofstein.
The report notes Hurricane Katrina is just the most recent example of insurance industry indifference. The storm caused an unthinkable $135 billion in damage, leaving thousands homeless, jobless and bereft of hope. Facing their darkest hour, residents from the Gulf region find themselves victimized a second time by an insurance industry offering pennies on the dollar, refusing to honor many agreements and not paying policyholders what they are deserved.
The report details a troubling pattern of questionable tactics used by insurance companies after earthquakes, tornados and other hurricanes to delay or deny the payment of fair and just claims. Meanwhile, as the report notes, insurance companies continue to increase their profits, posting a record industry-wide profit of more than $40 billion for 2005.
The report also highlights how some insurance companies may have even engaged in fraud. In Mississippi, Attorney General Jim Hood is charging that adjusters for some firms tried to trick Katrina victims out of millions of dollars in homeowner claims.
Source: Association of Trial Lawyers of America
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CONTACT: Mark Sokolove, +1-202-965-3500, x336, Mark McCullough,
+1-202-664-7253, Stephanie Cherry, +1-202-965-3500, x298, all of Association
of Trial Lawyers of America; or Jacqui Sisto of the Academy of Florida Trial
Lawyers, +1-850-251-4286; www.atla.org/pressroom
Web site: http://www.atla.org/
http://www.peopleoverprofits.org/disaster_report.pdf
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