San Diego just renewed an obscure insurance policy intended for catastrophes. But will flood victims benefit?

San Diego just renewed an obscure insurance policy intended for catastrophes. But will flood victims benefit?

The San Diego City Council last week approved a five-year insurance plan that is expected to cost a quarter-billion dollars or more over the life of the contract, including almost $50 million in the new fiscal year that begins July 1. The agreement passed without any serious questions from the elected officials. But the insurer — a joint-powers authority called Public Risk Innovation, Solutions and Management, or PRISM — has yet to pay any damag…