another black eye for the industry delivered squarely by a broker and big company cohorts. unfortunately the public doesn’t know the difference between agents and brokers and the whole industry takes a hit. you would think they would learn from spitzer.
Shows you how arrogant some insurance people in high places can be. They can’t learn from Spitzer because these actions were contemporaneous. Hopefully they and others similarly situated will learn a valuable lesson for future reference. One day the public is going to get tired of being screwed without so much as a kiss.
So… if Ohio has been investigating this for 3 years and New York just settled with these companies, I’m assuming these are all the same issues? So technically could every single state that these companies wrote business in bring suit and settle for multi-millions? Sounds obvious but I’m not sure if I’m missing something or if these companies could potentially be punished 50 times for the same infractions.
No – I don’t necessarily have an opinion on it either way. I know states mandate and not federal gov in these manners. All I’m saying is that these $MM per state settlements are going to end up to be a lot of money per company. Also, why wouldn’t every state sue every company then and just get $MM with somewhat ease? Spitzer has already uncovered the violations and these companies write nationwide…
Joe: Please reconsider your class action notion. Class actions benefit only the lawyers who file and defend them. The members of the class walk away with ‘valuable coupons’ or chump change while the big bucks go to their lawyers. Better to pursue redress yourself individually.
What about Allstate, State Farm, Farmers, USAA, Safeco, TWIA (the Texas Windstorm Insurance Association), and others, RCV/ACV loss claim assessment market conduct?
They have been caught, red-handed, using false and illicit loss claim damage assessment methods, which affects loss value dollar amounts owed.
They have been caught using synthetic and misleading construction work protocols, and unreasonable business cost estimation schemes.
Illicitly higher profit margins can be proven to be based on sound underwriting methods, AND intentional loss claim underpayment schemes.
They have been caught trying to crush market competive reconstruction/restoration businesses by various unfair trade practice schemes, via their arm chair and field “adjusters”.
They cling to favorable judicial renderings as a blind for further anti-consumer, anti-agent, anti-broker, anti-adjuster, anti-contractor, anti-trust conduct.
They have greatly damaged the public confidence.
Why do they continue to do so?
They are afraid of honestly and responsibly facing themselves, and the human and financial damage they have willfully promoted in the name of money, power,…and “success”.
If I ran a large business, I’d have moved my brokerage 3 years ago when this story broke. This stuff definitely went on and Marsh simply served themselves. The insurers went along because they wanted the premium dollars. Brokers are supposed to act in their client’s interests, not their own.
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another black eye for the industry delivered squarely by a broker and big company cohorts. unfortunately the public doesn’t know the difference between agents and brokers and the whole industry takes a hit. you would think they would learn from spitzer.
Shows you how arrogant some insurance people in high places can be. They can’t learn from Spitzer because these actions were contemporaneous. Hopefully they and others similarly situated will learn a valuable lesson for future reference. One day the public is going to get tired of being screwed without so much as a kiss.
Haven’t we all been through this before?
What political office is Dann running for?
So… if Ohio has been investigating this for 3 years and New York just settled with these companies, I’m assuming these are all the same issues? So technically could every single state that these companies wrote business in bring suit and settle for multi-millions? Sounds obvious but I’m not sure if I’m missing something or if these companies could potentially be punished 50 times for the same infractions.
Rookie? If AIG, as a hypothetical example, steals from policy holders in all 50 states, are you saying that would only be one felony??
No – I don’t necessarily have an opinion on it either way. I know states mandate and not federal gov in these manners. All I’m saying is that these $MM per state settlements are going to end up to be a lot of money per company. Also, why wouldn’t every state sue every company then and just get $MM with somewhat ease? Spitzer has already uncovered the violations and these companies write nationwide…
Joe: Please reconsider your class action notion. Class actions benefit only the lawyers who file and defend them. The members of the class walk away with ‘valuable coupons’ or chump change while the big bucks go to their lawyers. Better to pursue redress yourself individually.
What about Allstate, State Farm, Farmers, USAA, Safeco, TWIA (the Texas Windstorm Insurance Association), and others, RCV/ACV loss claim assessment market conduct?
They have been caught, red-handed, using false and illicit loss claim damage assessment methods, which affects loss value dollar amounts owed.
They have been caught using synthetic and misleading construction work protocols, and unreasonable business cost estimation schemes.
Illicitly higher profit margins can be proven to be based on sound underwriting methods, AND intentional loss claim underpayment schemes.
They have been caught trying to crush market competive reconstruction/restoration businesses by various unfair trade practice schemes, via their arm chair and field “adjusters”.
They cling to favorable judicial renderings as a blind for further anti-consumer, anti-agent, anti-broker, anti-adjuster, anti-contractor, anti-trust conduct.
They have greatly damaged the public confidence.
Why do they continue to do so?
They are afraid of honestly and responsibly facing themselves, and the human and financial damage they have willfully promoted in the name of money, power,…and “success”.
claimhawk@gmail.com
If I ran a large business, I’d have moved my brokerage 3 years ago when this story broke. This stuff definitely went on and Marsh simply served themselves. The insurers went along because they wanted the premium dollars. Brokers are supposed to act in their client’s interests, not their own.