Insurance companies - what are they good for?

September 21, 2001 12:06 AM

Insurance companies - what are they good for? Absolutely nothing. Now that a war might be on its way "underwriters had given notice they would cancel cover for war liabilities from midnight Monday". Tell me again why airlines were paying for cover for losses due to war during peace time?
posted by krisjohn (6 comments total)

I'm amazed they ever issued policies that covered for acts of war in the first place. Most policies have that sort of thing ruled out in standard boilerplate. Go look at your own car or homeowners' insurance policy.
posted by aaron at 12:18 AM on September 21, 2001

Insurance is a scam that way, I suppose. It's like that old capitalist refrain: privatize profit, but socialize risk.
posted by hincandenza at 12:46 AM on September 21, 2001

Yeah, my property insurance won't cover acts of war (including insurrection and discharge of nuclear weapons), but luckily vandalism (couldn't that be insurrection if the vandals had some sort of manifesto?) and volcanic acts are covered.

But if you pay enough, you can get any coverage. I imagine an aeroplane is a large enough investment to make it worth it.
posted by j.edwards at 1:43 AM on September 21, 2001

I used to work in marine insurance, dealing specifically with war risks. We covered enormous oil tankers visiting the Gulf, and you'd be astounded at the premiums we were charging. Or maybe you wouldn't.
posted by Nick Jordan at 5:31 AM on September 21, 2001

Insurance companies - what are they good for? Absolutely nothing.

Say it Again.
posted by Rastafari at 10:08 AM on September 21, 2001

Good Gawd!
posted by UncleFes at 11:12 AM on September 21, 2001