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Politics : Formerly About Advanced Micro Devices
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To: TimF who wrote (327047)2/23/2007 9:19:54 PM
From: tejek  Read Replies (3) of 1575949
 
First, Mississippi regulated flood insurance rates down to a level that it was impossible to make money,

Reality check: State Farm is residential and auto. Businesses in Mississippi also can't get insurance:

Vacuum Maker Hailed as Savior Quits Gulf Town

"But now, 16 months later, Oreck — which had employed almost 500 people at the factory — is throwing in the towel and moving its manufacturing to Tennessee. The company says it cannot get enough insurance to cover its plant here, and cannot hire enough skilled workers to replace those who never returned after the storm, mostly because they had nowhere to live."

But recruiting a new company may be difficult in the face of the soaring cost of commercial insurance. Earlier this week, the Mississippi House passed a bill to limit rate increases for businesses to 100 percent, which had been projected to rise by about 270 percent."

nytimes.com
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