Word: flooded
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Dates: during 1950-1959
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COPPER SQUEEZE will be eased temporarily by diversion to industry of 11,000 tons earmarked for U.S. stockpiles. Defense industries and flood-damaged users in New England will be given priority on the copper...
...FLOOD-STRICKEN INDUSTRY in the Northeastern states will get defense contracts. Defense Mobilizer Arthur Flemming has directed Government agencies to channel new contracts to disaster areas wherever possible, thus make more jobs in undamaged factories...
...flood insurance were available, only the worst risks-those who are most exposed to floods-would buy it. Since the market would thus in all probability be limited to less than 10% of all property owners, the premiums would be prohibitively high. On the other hand, if floods were included like hailstorms as a standard risk in all extended-coverage policies, and the cost were spread among all property-owners, premiums would be many times the cost of present insurance. The man who lived on a hill would be subsidizing the riverbank dweller...
...Even if flood insurance were feasible, argue insurance men, the company that offered it as a standard risk (necessarily at a higher premium) would lose business to competitors who preferred to keep their feet dry. Concluded a Manhattan insurance executive: "The Bible tells you to build your house on a rock. I guess you'd better be sure the rock is a high...
Public demand for flood insurance quickly crests and drops off, most companies find. "Wait six months," said a Boston insurance man. "Even those who suffered losses will begin to feel that it could never happen to them again." Nonetheless, many Northeastern businessmen and politicians are talking about Government-backed insurance as the only solution...