Property Insurers Put Forward Plan

Word has crossed my desk, and probably yours by now, that Allstate and State Farm -- the two "big boys" in the insurance world -- are pushing hard for legislation that would cap insurance claims in the event of a natural disaster. The insurance companies and their Capitol Hill pals are proposing that state and federal support kick-in once the insurance companies have paid out the first $4.5-billion for damages.

Opponents are already lining up to argue their side of the issue. Mostly, they contend that the U.S. Government should not bail out insurance companies for losses incurred as part of the risk of doing insurance-related business. Opponents are also quick to point out that homeowners in the most hurricane-prone areas would benefit from such legislation at the expense of homeowners in other parts of the country.

And so it goes.

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