| Katrina insurance lawsuit
NEW ORLEANS (AP) - An eight-member federal jury has been seated to hear claims by a Louisiana couple who say Allstate Insurance didn't pay them enough after Hurricane Katrina. Allstate and other insurers say their policies cover a hurricane's wind but not its rising water. Robert and Merryl Weiss were paid hundreds of thousands of dollars for coverage under their flood policy. But they got less than $45,000 for structural damage and additional living expenses. They say at least two of their neighbors were paid the full limits and have accused Allstate of bad faith for not paying their own claim in full. Allstate says the couple misrepresented their claim by demanding that the company pay for a boathouse that Allstate says wasn't on the insured property. Comments Submit a comment about this story No comments yet.
Coast Masters just might float your boat
If you attended the boat show held at the Mobile Convention Center last month, you were probably amazed at all the beautiful vessels on display. After inspecting your dream boat, you had to finally ask the big question: How much? Even to the wealthiest would-be customers, there had to be some sticker shock upon discovering how much new boats cost these days. When you add the cost of insurance, storage fees and possible purchase of a tow vehicle, it gets harder to justify the expense, especially if the boat is used only once or twice a month. But there may be a solution to many of the concerns of boat owners or potential owners. Coast Masters, a newly formed boaters club based at Dauphin Island, will allow members the opportunity to participate in the boating lifestyle without the hassles of ownership.
Allstate Accuses Couple of Misrepresenting Claim after Katrina
Allstate Insurance Co. says a Louisiana couple misrepresented their claim after Hurricane Katrina damaged their home and is asking a federal judge to throw out their lawsuit against the insurer less than a week before trial. Allstate, in court papers filed April 4, said policyholders Robert and Merryl Weiss of Slidell are seeking at least $34,000 from the insurer for a boathouse the company says wasn't located on the insured property when Katrina hit Aug. 29, 2005. A lawyer for the Northbrook, Ill.-based insurer argues the couple voided all coverage under their policy when they allegedly misrepresented their claim. A lawyer for the Weisses declined to be interviewed. Allstate made the same argument in February during the first federal trial for a Katrina insurance case in Louisiana.
Tax Time: Did You Have Substantial Property Damage in 2006?
NEW YORK, March 26, 2007 — With less than a month until tax day, taxpayers are sifting through their files to assess last year's gains and losses. If you suffered a loss of personal property not entirely covered by insurance, a portion of the unreimbursed loss may be an allowable deduction on your federal income tax return, according to the Insurance Information Institute (I.I.I.).“If your home, car or boat was damaged or destroyed by a windstorm, fire, flood, vandalism or other sudden and unexpected disaster, you may be able to deduct a portion of the loss from your taxes," said Jeanne M. Salvatore, I.I.I.'s senior vice president, public affairs.To qualify for the deduction, these losses usually need to be substantial, said the I.I.I. If you were significantly underinsured or had a large catastrophe deductible, you may have a sizable unreimbursed casualty loss.
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