Last Friday the Florida Senate amended CS/CS/HB-635 and will send it back to the House for final approval. Of course, it may not pass the House (as amended) and thus may never become law, but…the practice one of the Senate amendments is designed to stop should be voluntarily abandoned by the one carrier whose actions gave rise to it in the first place. [Read more…] about UNIVERSAL’S Post Claims Underwriting…Revisited!
General Property Issues
ANOTHER RIP-OFF…Assignment of Benefits!
Industry alarms are sounding as more and more contractors and loss remediation entities, emergency water extraction companies and the like, exploit “assignment of benefits” to take control of homeowner’s claims–usurping rights to negotiate and adjust the loss, then threatening to sue the insurer to force payment of inflated bills.
Consistent with Florida’s curse, this scam not only has links to lawyers and public adjusters, it’s a major cost driver and frighteningly fertile ground for even more fraud! [Read more…] about ANOTHER RIP-OFF…Assignment of Benefits!
A CLAIMS FORUM…via the ICA’s office!
Beginning Thursday, March 21st, 2013, Florida’s Consumer Advocate, Robin Westcott and the DFS Director of Consumer Services, Tasha Carter, will conduct the first in a series of eight local forums to hear directly from consumers on how their Florida property claims are being handled. [Read more…] about A CLAIMS FORUM…via the ICA’s office!
FLOOD REFORM–Icing on the Cake!
This post may not sit well with some of my industry friends–Write Your Own (WYO) carriers and their agents ensconced in the current National Flood Insurance Program (NFIP) approach as prescribed by federal law.
But…those taking umbrage may find comfort knowing that, like all my other good idea’s, this one will be totally ignored by anyone in a position to implement it. [Read more…] about FLOOD REFORM–Icing on the Cake!
AGENT FRAUD…Chip Merlin, again!
It feels like every time I begin looking for something to write about Chip Merlin bails me out with another blog.
In this case, after falsely accusing Citizens board of Governors of breaking the law, the head of a prominent sinkhole law firm alleged that insurance agents may be committing the crime of insurance fraud, via a blog he titled:
“Talk About Insurance Fraud, How About the Conduct of Some Insurance Agents?” [Read more…] about AGENT FRAUD…Chip Merlin, again!
Andrew’s Anniversary–Serendipity for Independent Agents
Hurricane Andrew was a tropical nightmare.
What began as a middling storm measuring the shore from afar arrived as a 175 mph freight train leaving a wake of desolation eight miles wide. [Read more…] about Andrew’s Anniversary–Serendipity for Independent Agents
A Statewide Wind Pool…the game of Whack-a-mole!
Like a game of Whack-a-mole, every time the ugly head of a statewide wind pool rears, it gets “whacked” back in its hole.
Rejection comes in several forms, usually that the state of Florida (and thus Floridians) should not be on the hook for “all” wind exposure. None the less…
…as policymakers and others attempt to address persistent problems with Citizens and the even more persistent political challenges to fixing those problems, the concept of a statewide wind pool has proven buoyant enough to surface again and again!
I swear I had nothing to do with the recent move and offer what’s here for educational purposes only. [Read more…] about A Statewide Wind Pool…the game of Whack-a-mole!
“A” or “F”…Where Would You Put Your Money?
One hears a lot of talk about bringing “needed capital” to the sunshine state. Such talk usually includes broad agreement on why some carriers left in the first place and even what’s needed to bring some of them back.
There’s also agreement that Florida cannot internalize its huge coastal exposure while at the same time quenching the political thirst to keep premiums in check. [Read more…] about “A” or “F”…Where Would You Put Your Money?
Peoples Trust Complaint Ratio
The ink was still wet when I began hearing from agents, and others, on my post about changes at Peoples Trust. It seems that, according to the OIR’s most recent report, the Complaint Ratio for Peoples (5.44) is worse than any other carrier, including Citizens (1.0234). [Read more…] about Peoples Trust Complaint Ratio
Citizens Decertification…At Least Take A Look!
Nothing I’ve written on Citizens has generated more reader commentary than the post on Decertification 2/23/12. Comments varied–some said it wasn’t politically feasible. Others expressed delight that such a concept was permitted by statute. [Read more…] about Citizens Decertification…At Least Take A Look!