New Orleans: Screwed again
Commercial insurer to pull out of area
Businesses fear Travelers’ move will put the brakes on recovery
St. Paul Travelers Cos. Inc., Louisiana’s largest commercial insurance provider, plans to cancel all its commercial property policies in the New Orleans area next year, sparking fears that other insurers will follow and slow the region’s economic recovery.
“They cited the state of the rebuilding of our levee system as the primary reason for their decision,” Donelon said. </i>
Levees that were supposed to be acceptable pre-Katrina. And weren’t. Levees that the Federal government has claimed to fix. They evidently haven’t.
Without commercial insurance, New Orleans will die. No one, from small business owner to the biggest chain store, will build in an area that they can’t get insured. Simple as that.
Somebody (probably a lot of somebodies) is making a mint out of NOLA. Money targeted for rebuilding, levee reconstruction, etc? Sitting in some fatcats wallet while he slurps Mint Julips in the French Quarter.
