New Brunswick — A large portion of the province may soon be underwater, and New Brunswick insurance companies won’t be doing anything about it. In a statement released Friday morning by the Coalition of New Brunswick Insurance Agencies it was revealed that all New Brunswick-based agencies will be immediately cutting all flood coverage. The potentially devastating announcement comes just as we head into flood season.
“Insurance is put in place ‘in case’ something happens,” reads the statement. “We, as a group, have come to the conclusion that flooding in New Brunswick is imminent; therefore have made the decision to cease all flood coverage immediately.” New Brunswick is facing potentially its worst flood season in recent history due to the record amounts of snowfall and the colder than usual temperatures, which have created massive ice blockages in the majestic rivers throughout the province.
Coalition spokesperson Joanne Keystone defended her group’s actions to The Manatee. “It wouldn’t be fair for us to have to pay claims out for things that are bound to happen,” she explained. “Our business is built on us not having to pay claims. Basically, we take your money every month and then hope you’ll never need any back from us. It would be really dumb of us to take your money if we knew you were going to need it back at some point — that’d be a terrible business model.”
Residents who live along the Saint John River are outraged with this announcement. “I’m outraged,” said Chris Moir of Maugerville. “This is exactly why I stopped paying car insurance. I’m a pretty terrible driver, like most of the province, so I know that I’ll get in accidents, but I also know those companies won’t do a damned thing for me.
“I was in an accident last year and they wouldn’t give me a dime,” Moir continued, “so what if I had a couple drinks and my headlights weren’t working and my breaks or tires didn’t pass inspection? It’s outlandish that they wouldn’t pay my claims — I mean, that’s what they’re there for, so I stopped paying my car insurance from that day on.”
Sheila Coffey shared Moir’s outrage. “I built my house beside the river with peace of mind knowing that someone at the insurance company had my best interest at heart — or so I thought,” she whined. “I’ve lost pretty well all faith in humanity because of this. If my insurance agent doesn’t care about me, then who does?”
The concern of those in low-lying areas will surely rise along with the waters and The Manatee will continue to cover this story over the coming months.
Excuse me but how is the legal? It is completely unethical, and wrong…. I could see them refusing to sell and underwrite any new polices taken out after a certain date, and that date would have to be a say April 17th. But for all those people that “coughed” up the extra money to protect themselves for years, they should be covered.
This is wrong, plain and simple, if it is true that someone from an insurance company made such a statement as ” “It wouldn’t be fair for us to have to pay claims out for things that are bound to happen,” she explained. “Our business is built on us not having to pay claims.” “. Then everyone that paid premiums for how ever long that they have should be given full refunds for every dime that they have paid for coverage. This way they will have something to use to cover the impending damage that is bound to take place.
You would never see an insurance company in say Florida say, yes we know that you have paid for Hurricane insurance for ……. we will no longer pay on any claims because, you know we are not here to pay out, only get richer.