And we wonder why our clients are running helter skelter to attorneys. The industry, although facing claims and payments of potentially historic proportions, continues the charade of nickpicking claim payments at a time when sympathy should be an industry credo. The black eye will take much longer to heal after this one. Oh, by the way, do the wrong thing and dive into another soft market, industry geniuses.
It will be great to get the industry prospective on this series of hurricanes and the publics perspective of the industry. So often we only get informtion filtered through the main stream media. This is why I read this website.
As a New York agent with 9 insured businesses in the affected Louisiana area, I would say that the insurance industry is doing as good a job in Louisiana as FEMA did.
Want an example? – Travelers has put up an $800,000 reserve on one loss – but so far has advanced one insured only $10,000.
Another carrier, who will remain nameless -will probably pay out $10 to 15 million but has advanced only $500,000.
Way to garner good faith boys.
the industry has failed miserably and were not prepared .I realise its somehting no one expected but they dont seem to even try to be consitent or symapthetic or helpful.Many many people have no money,no answers,etc. While a few companies who have their own adjusters are doing a good job,most companies are not. Adjustors dont understand coverages,money is very slow and policyholders are very frustrated.
The industry(all sectors of it, field adjusters, file examiners, agents) are performining as well as can be expected, given the size of the calamity. A carrier simply can\’t have a staff of thousands sitting around waiting for disasters to happen. Even if large payouts are given, all the contractors are already spoken for. Everybody wants to be at the front of the line, but someone has to be at the end of the line. Besides, people who whine the loudest are usually the ones who think their cheapie policies offer as much coveraga as some other, more expensive policies.
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And we wonder why our clients are running helter skelter to attorneys. The industry, although facing claims and payments of potentially historic proportions, continues the charade of nickpicking claim payments at a time when sympathy should be an industry credo. The black eye will take much longer to heal after this one. Oh, by the way, do the wrong thing and dive into another soft market, industry geniuses.
It will be great to get the industry prospective on this series of hurricanes and the publics perspective of the industry. So often we only get informtion filtered through the main stream media. This is why I read this website.
As a New York agent with 9 insured businesses in the affected Louisiana area, I would say that the insurance industry is doing as good a job in Louisiana as FEMA did.
Want an example? – Travelers has put up an $800,000 reserve on one loss – but so far has advanced one insured only $10,000.
Another carrier, who will remain nameless -will probably pay out $10 to 15 million but has advanced only $500,000.
Way to garner good faith boys.
the industry has failed miserably and were not prepared .I realise its somehting no one expected but they dont seem to even try to be consitent or symapthetic or helpful.Many many people have no money,no answers,etc. While a few companies who have their own adjusters are doing a good job,most companies are not. Adjustors dont understand coverages,money is very slow and policyholders are very frustrated.
The industry(all sectors of it, field adjusters, file examiners, agents) are performining as well as can be expected, given the size of the calamity. A carrier simply can\’t have a staff of thousands sitting around waiting for disasters to happen. Even if large payouts are given, all the contractors are already spoken for. Everybody wants to be at the front of the line, but someone has to be at the end of the line. Besides, people who whine the loudest are usually the ones who think their cheapie policies offer as much coveraga as some other, more expensive policies.