FLOOD INSURANCE: Underwriters Keep Their Feet Dry

FLOOD INSURANCE

As eight Atlantic states staggered out from the most costly floods in U.S. history last week, underwriters reported that insurance will cover only 5 to 10% of losses totaling $1.6 billion. Worst hit were railroads, industrial plants, cities and houses, most of which were massively insured against every disaster but the one that struck. "There just isn't any flood insurance available." lamented a spokesman for the New Haven railroad, whose $10 million losses were among the ravaged area's heaviest.

Why is flood insurance so hard to get? Insurance companies fear that in...

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