I think everyone here should watch the 60 Minutes from Sun

Posted on: September 5, 2017 at 11:43:18 CT

where they reported on fraud from insurance companies in the aftermath of Sandy.

The gist: Insurance Companies fraudulently changed the reports (175/180) that one engineer had submitted. Of those 180 reports, 5 did not report structural damage. Guess which 5 were changed or altered?

Ins companies, including the major flood companies, were all falsifying these reports from dozens of engineers in the name of "peer review". No, they werent sending more engineers out to get a second opinion, they were just changing the report so they didnt have to dole out significantly more money, saving them hundreds of thousands of dollars per claim.

I consider this a case where the market will not fix itself. There will be a class-action lawsuit involved, costing the taxpayers millions, but it has taken years to get here. How many people can go YEARS while underwater (literally) on their mortgages with no house in which to live? It could be worse in the wake of Harvey.

Edit to add: If companies acted in the way they were supposed to, with integrity, there would be no need for govt.

Edited by Badird at 11:45:39 on 09/05/17