Simon Douglas, director of AA Insurance, warned that any cuts to the amount of money spent protecting flood prone parts of the UK could lead to hundreds of thousands of homes becoming uninsurable
, meaning people would no longer be able to get a mortgage on them.
people who have energetic, well-informed agents or brokers could get the limited amount of coverage that is available: In some states, at least, consumers are just starting to learn about the program, and early application volume may be light.
The alternative is a time-bomb of thousands of uninsurable
homes in the West Midlands under constant risk of flooding."
Russell, 1997, "Catastrophe Insurance, Capital-Markets, and Uninsurable
Risks", Journal of Risk and Insurance, 64:205-230
For example, if a company believes it will have uninsurable
collateral losses equal to 20% of the amount it recovers from its insurance policy, it can purchase a Transurance policy that pays 20% of the amount that its insurance policy pays to create a budget for collateral losses.
Among the growing number of uninsured is a class of individuals most in need of insurance: the uninsurable
. These are individuals with potentially costly health conditions who pose a high risk to any insurance carrier and who cannot obtain health care coverage due to medical underwriting.
"No matter how much I paid for a premium, I was simply uninsurable
," said Clarenbach, noting that his monthly pharmacy bill alone is around $3,000, while doctors' visits and tests ran an additional $1,500.
However, an insurance scheme is organised to deal with high cost but low probability health care needs, and so high probability events may be uninsurable
and not included in the range of services.
A less obvious example, however, is that a term insurance policy's FMV will be greater than zero if the insured is diagnosed with a serious illness or other health problem that makes iron or her uninsurable
or highly rated, even though the policy has no CSV with the insurance company.
Many times in the course of designing a business continuation plan, it develops that one of the partners or stockholders is either uninsurable
or heavily rated.
The ship was uninsurable
, the crew's qualifications were iffy, and the Gulf of Honduras is shallow and treacherous.
As of June 2002, about 615,000 uninsured and uninsurable
persons were on TennCare.