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Insurance moratorium issued in Arkansas storm areas

By The Associated Press

This article was published May 9, 2014 at 3:28 p.m.

The Arkansas Insurance Department has issued a 60-day moratorium on the cancellation or non-renewal of insurance policies for residents in areas hit by recent storms.

State Insurance Commissioner Jay Bradford said Friday that the moratorium is not automatic. Bradford says policyholders must contact their insurance carriers to request the extension.

The policyholders must have suffered significant property damage, injuries, or related loss of life as a result of the storms of April 27. Information on the counties affected by the storms may be found at www.fema.gov.

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Nodmcm says... May 11, 2014 at 9:19 p.m.

Would casualty insurance companies try to quickly cancel or non-renew policies issued to victims of the tornado, in an effort to avoid paying lawful and proper damage claims? That is what this moratorium is apparently meant to prevent. Now, unfortunately, it is not automatic, so ignorance or lack of awareness of the moratorium might cause some poor soul who lost their home in the tornado to also lose their insurance coverage due to a late payment, or non-renewal by the insurance company should the policy come due in the days after the tornado wrought its destruction. Often we are told that "big government" is always the problem, but in this instance, "big insurance companies" potentially seeking to avoid payment of legitimate claims are apparently the problem, and the government, the Arkansas Insurance Department, is perhaps all that is standing between the greedy insurance companies and the poor, down-and-out tornado victims.

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