Please spare me about how poor and overworked lawyers representing the disenfranchised are. As a conscientious independent property & casualty agent, I must pay unaffordable E & O costs and fidelity bond fees just in order to be able to work, we have to know almost as much as a lawyer and we are more vulnerable to lawsuits and censures by the regulatory authorities than lawyers. We have more responsibility and bear more risk of losing our shirts and we don\’t make anywhere near what lawyers get nor do we get the respect and prestige, yet we can be sued on a moments notice by some greedy ambulance chaser representing a client who feels they have a right to get rich at the expense of someone else because some money-grubbing lawyer got them pumped.
You can\’t turn on a TV, or drive down an Interstate or open a phonebook without seeing some greedy, money-grubbing lawyer add like \” Burned by your broker/insurance agent/realtor/butcher/bajer/candlestick-maker? Call us at Dewey, Screwum, & How. We\’ll fight for YOU and get YOU the money you DESERVE!\”.
Lawyers don\’t get paid unless clients get money and their all just so altruistic, right? Well guess what, P & C agents don\’t get paid unless we sell and write policies that provide the service of indemnification. Now the principle of indemnification is not to be confused with the principle of enrichment. Insurance is to make you whole (or as close to \”whole\” as reasonably possible) in the event of a loss – NOT make you rich or get you a profit of having more than you had prior to your loss. Insurance companies are not government-funded non-profits benefitting from grants, tax exempt status and public donations. They are in business to make money for providing the service of indemnification! Money-hungry lawyers claiming they care about the disenfranchised don\’t care if driving up the cost of business hurts those little guys who are self-employed trying to make a living because they can\’t afford the higher costs of doing business, namely formidable E & O costs! So someone who might have otherwise been able to provide a living for their family by working as a P & C agent may not be able to afford to work – thanks to a bunch of greedy lawyers driving up the costs with frivolous lawsuits just so they can rake in big bucks.
Johnson, You may repost what I have posted. I made my post with the intention that it could be read by the public at large. Also, don\’t you love it whenever anyone dares to challenge a lawyer, they are immediately castigated as \”ignorant\” and \”uneducated\”?
Without lawyers and claims, people would have no use for your product or your services.
I pay high malpractice premiums, just like you do. During my career, I would guesstimate, I\’ve paid about a quarter million in premiums. I had one claim – settled for $5,000 after I paid my $5,000 deductible.
You, too, can get rich, Jacqueline. Just get hit by a drunk driver so that you end up in a wheelchair. It will be great. You\’ll get millions of dollars and not have to work as a peon anymore. Such a deal!
Your ignorance about the civil justice system and the way it works is rather stunning. With a little investigation, I think you will find that the biggest cost the carriers incur is in defending claims, not settling them.
fter Texas
30 days after Texas passed a Constitutional amendment capping non-economic damages in medical malpractice cases to bring insurance rates down for doctors, the largest med mal insurance carrier wrote the insurance commissioner indicating that it would be increasing premiums by 19%. In that letter, it conceded that capping damages would result in about a 1% savings to the company. Lots of people injured by preventable medical mistakes will be unable to be \”made whole\” as a result, the doctors got screwed and the only one who made out on the deal was the insurance companies.
Jacqueline, your post was so powerful that I am going to repost it on another site, with your permission. Not saying which site, otherwise the ultra-libs may try to hijack it!
Linda, it\’s a lot easier to pay the premiums when you make over $100k per year. My friend teaches pilates part time, and is required to get her own E & O policy! The premiums will be half of her take home pay! Don\’t blame the agents or all the carriers–my co. doesn\’t sell it!
If you know a cheaper place to get it, PLEASE let me know.
Perhaps we should give immunity to everyone. By the logic of the study, tort costs will be Zero. No one will ever suffer a lost from an accident, malpractice or etc. It will be a utopian society,
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Ms. Rice, most insurance cos. have a return on equity, not to mention ROA, far below that of other industries, incl. law firms!!
By the way, Tillinghast is a well-respected actuarial firm, so if you have better, more accurate numbers, please post them yourself so we can compare.
Just my 2 cents.
Please spare me about how poor and overworked lawyers representing the disenfranchised are. As a conscientious independent property & casualty agent, I must pay unaffordable E & O costs and fidelity bond fees just in order to be able to work, we have to know almost as much as a lawyer and we are more vulnerable to lawsuits and censures by the regulatory authorities than lawyers. We have more responsibility and bear more risk of losing our shirts and we don\’t make anywhere near what lawyers get nor do we get the respect and prestige, yet we can be sued on a moments notice by some greedy ambulance chaser representing a client who feels they have a right to get rich at the expense of someone else because some money-grubbing lawyer got them pumped.
You can\’t turn on a TV, or drive down an Interstate or open a phonebook without seeing some greedy, money-grubbing lawyer add like \” Burned by your broker/insurance agent/realtor/butcher/bajer/candlestick-maker? Call us at Dewey, Screwum, & How. We\’ll fight for YOU and get YOU the money you DESERVE!\”.
Lawyers don\’t get paid unless clients get money and their all just so altruistic, right? Well guess what, P & C agents don\’t get paid unless we sell and write policies that provide the service of indemnification. Now the principle of indemnification is not to be confused with the principle of enrichment. Insurance is to make you whole (or as close to \”whole\” as reasonably possible) in the event of a loss – NOT make you rich or get you a profit of having more than you had prior to your loss. Insurance companies are not government-funded non-profits benefitting from grants, tax exempt status and public donations. They are in business to make money for providing the service of indemnification! Money-hungry lawyers claiming they care about the disenfranchised don\’t care if driving up the cost of business hurts those little guys who are self-employed trying to make a living because they can\’t afford the higher costs of doing business, namely formidable E & O costs! So someone who might have otherwise been able to provide a living for their family by working as a P & C agent may not be able to afford to work – thanks to a bunch of greedy lawyers driving up the costs with frivolous lawsuits just so they can rake in big bucks.
Johnson, You may repost what I have posted. I made my post with the intention that it could be read by the public at large. Also, don\’t you love it whenever anyone dares to challenge a lawyer, they are immediately castigated as \”ignorant\” and \”uneducated\”?
Definitely, Jacqueline! Thanks.
Jacqueline:
Without lawyers and claims, people would have no use for your product or your services.
I pay high malpractice premiums, just like you do. During my career, I would guesstimate, I\’ve paid about a quarter million in premiums. I had one claim – settled for $5,000 after I paid my $5,000 deductible.
You, too, can get rich, Jacqueline. Just get hit by a drunk driver so that you end up in a wheelchair. It will be great. You\’ll get millions of dollars and not have to work as a peon anymore. Such a deal!
Your ignorance about the civil justice system and the way it works is rather stunning. With a little investigation, I think you will find that the biggest cost the carriers incur is in defending claims, not settling them.
fter Texas
oops.
30 days after Texas passed a Constitutional amendment capping non-economic damages in medical malpractice cases to bring insurance rates down for doctors, the largest med mal insurance carrier wrote the insurance commissioner indicating that it would be increasing premiums by 19%. In that letter, it conceded that capping damages would result in about a 1% savings to the company. Lots of people injured by preventable medical mistakes will be unable to be \”made whole\” as a result, the doctors got screwed and the only one who made out on the deal was the insurance companies.
Jacqueline, your post was so powerful that I am going to repost it on another site, with your permission. Not saying which site, otherwise the ultra-libs may try to hijack it!
Linda, it\’s a lot easier to pay the premiums when you make over $100k per year. My friend teaches pilates part time, and is required to get her own E & O policy! The premiums will be half of her take home pay! Don\’t blame the agents or all the carriers–my co. doesn\’t sell it!
If you know a cheaper place to get it, PLEASE let me know.
Perhaps we should give immunity to everyone. By the logic of the study, tort costs will be Zero. No one will ever suffer a lost from an accident, malpractice or etc. It will be a utopian society,