TIME FOR GOVERNMENT-BACKED NATIONAL DISASTER INSURANCE PLAN

It is time for federal and state governments in the United States to protect the public by creating an agency that supports and partially funds self insurance for individual life, homes, businesses, real and corporeal properties affected by major national disasters. Government's role as insurer of last resort is crucial in national disaster planning and would go a far way to help protect the public who have been grossly failed in recent national disaster situations by large, profit driven, unconcerned, private insurance companies that acted negligently 'within the law' against the best interest of their clients and the public good in order to protect their financial interests. Government-backed insurance coverage would help diversify risks among insurance companies in the market place, many of whom shun natural disaster coverage or utterly fail to provide adequate insurance compensation relief to clients who experience wipe-out and utter destruction from national disaster tragedies. The creation of such an agency would allow the public to purchase affordable low cost earthquake and national disaster insurance under the umbrella of government secured match funding, oversight and regulations. Because of the oftentimes devastating impact that earthquakes can bring to a town, city or country, government-backed insurance coverage must provide the property owner with a legally enforceable deductible of no more than zero (0) to two (2) percent of the property's insured value measured under fair value accounting principles at no less than the current replacement cost for comparable property value and utility, with and without inflation adjustment, payable at the Client's Choice Of: 1) lump sum within 20 days of the initiation of the disaster or 2) in inflation adjusted installments over the reconstruction period not to exceed three (3) years. Disaster benefits not paid within 30 days of the initiation of the natural disaster event (10 days grace) must pay interest on unpaid disaster claims of 1½ times the dividend rate for mutual companies and twice the prime rate for stock insurance companies and government authority funds.
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ANTOT
April 22, 2007
Fort Lee, NJ, USA