I don’t know why I’m surprised when the Palm Beach Post lives up to expectations. [Read more…] about Palm Beach Post…two sides, one story!
General Property Issues
Flood Insurance …When Politics & Reason Collide!
There’s no telling where the federal foolishness over flood insurance will end up–I predict, not with actuarial premiums; especially not for NFIP policies and especially not anytime soon.
Precipitous NFIP rate increases are courtesy of ill-advised votes by almost every member of congress, especially Democrats, none of whom voted against the rate increases. This inexplicably includes Bill Nelson, a congressional veteran from America’s premier flood state–a lawyer and former insurance commissioner to boot, he should have known better. (See CFO Jeff Atwater’s letter to Bill Nelson). Also, (See NOTE #1 below). [Read more…] about Flood Insurance …When Politics & Reason Collide!
Post Loss Underwriting …A Tale of Two Pities!
No doubt Universal Property and Casualty Insurance Company (UPCIC) is thankful its’ fifteen minutes of infamy is almost over. However, as is typical of some matters involving the media, complete closure may drag on a bit. [Read more…] about Post Loss Underwriting …A Tale of Two Pities!
ICA’s Final Report…more than meets the eye!
State Insurance Consumer Advocate (ICA), Robin Westcott, has announced she will leave the public sector behind (See NOTE#1 below) but, upon her departure she also leaves behind a set of recommendations from the Homeowners’ Policy & Claims Bill of Rights Working Group, some of which could materially lower premiums for all Floridians…if implemented! [Read more…] about ICA’s Final Report…more than meets the eye!
Citizens Clearinghouse…and State Farm Agents
With the caveat that it’s far too early to speculate on its’ market impact, I will say that I’ve had more than one conversation with an independent agent convinced that Citizens Clearinghouse is nothing more than a competitive reprieve for State Farm agents.
I believe it to be just the opposite. [Read more…] about Citizens Clearinghouse…and State Farm Agents
Emergency Remediation Fraud & The ICA Working Group
Insurance Consumer Advocate (ICA) Robin Westcott’s working group, the Homeowners’ Policy & Claims Bill of Rights Workshop has identified some pervasive problems in the emergency remediation business that, if resolved, could demonstrably reduce loss costs in the near term.
Identifying problems, of course, is light years from solving them but, it’s where any good fight begins. [Read more…] about Emergency Remediation Fraud & The ICA Working Group
ICA’s Workshop…Referral Fee’s & Kickbacks!
Robin Westcott’s working group, the Homeowners’ Policy & Claims Bill of Rights Workshop, concluded its deliberations Thursday, July 18th. It was, in my opinion, a thorough and professionally conducted exercise that will yield many helpful recommendations. Hopefully those recommendations will lead to better consumer education first, improved regulatory oversight second, and only if/when absolutely necessary…better laws. You can watch the entire workshop: Day 1; here and Day 2 here.
One topic in need of far greater scrutiny but not included on the agenda is that of exorbitant referral fees paid by water extraction companies to plumbers. I know this sounds picayune, but…it’s not! [Read more…] about ICA’s Workshop…Referral Fee’s & Kickbacks!
Florida’s Fraud Problem & the ICA’s Working Group
I’m hopeful that Insurance Consumer Advocate (ICA) Robin Westcott’s working group called, the Homeowners’ Policy & Claims Bill of Rights Working Group, will provide much needed information that will lower costs for Florida’s premium payers. I’m hopeful but, not yet convinced.
[Read more…] about Florida’s Fraud Problem & the ICA’s Working Group
UPCIC…Fines & Penalties!
No need belaboring details of what Universal Property & Casualty Insurance Company (UPCIC) has been doing–waiting until after a loss to underwrite, cancelling policies back to inception for alleged “material misrepresentation” for reasons unrelated to the claim or any attempt at fraud by the claimant. [Read more…] about UPCIC…Fines & Penalties!
Assessments–Citizens vs. FIGA
Recently, after reading yet another editorial implying that FIGA (Florida Insurance Guaranty Association) assessments are similar to deficit assessments levied by Citizens, I found myself in a conversation with an industry associate who seemed to accept this dislogic and the resulting conclusions spread by the likes of the Sarasota Herald Tribune, the Palm Beach Post and perhaps a few other media outlets and consumer groups. [Read more…] about Assessments–Citizens vs. FIGA