…and Obama wants to create a government plan for health insurance? …and Medicare is a good model? Medicare is in the same shape as these underpriced adversely selected propery plans are, and with a rapidly approaching Baby Boomer tsunami of increased claims, decreased payroll revenue, hey the perfect storm to bankrupt a nation. Wonder what the flag will look like of the region we end up in when its done.
I have been told by some FL agents that if a major loss were to occur (property wise) that the State Fund could assess Fl residents up to $5000 to cover these losses. Any clue as to the validity of this? Thank you
It’s quite true. The assessments were set up by the legislature to assess EVERY insurance policy except workers comp and med mal. That means even with every Floridian kicking in on the auto, boat, GL, etc. policy there will be literal hell to pay. $5,000 each might not even make it work. Disaster…
What do you personal lines agents tell your insured’s when they are offered a takeout from Citizens? I am not on the personal lines end but do not think I could as a good agent recommend a move to an unrated underfunded alternative-
Possible the legislators should concentrtate on “Global Warming” and possible that will resolve the bail out of sinking economies by the Federal Reserve Corporation by amassing all economies under their control, “One World Order” with governments doing their bidding known as “World Healthcare!”.
Further what needs to be realized is that assessment(I believe up to 45% assessment of current policy premium for citizens policy holders)can be for multiple years until the debt is paid. Projection is that assessment could be as much as 10 to 15 years if we have a one direct hit by a Category 3 storm of a heaviliy populated area in Florida this year. This projection was provided by a third party during a presentation by CFO Sink earlier this year and was not corrected in any way. We are all hoping this season remains uneventful.
They are funded… by assessments on your children and grandchildren. They don’t vote yet, so it’s a win/win for politicians and and (who cares, noone else counts).
Someone should challenge the legality based on the principal of taxation without representation.
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Pools also aren’t known for underwriting discipline, so the values on the books are understated.
…and Obama wants to create a government plan for health insurance? …and Medicare is a good model? Medicare is in the same shape as these underpriced adversely selected propery plans are, and with a rapidly approaching Baby Boomer tsunami of increased claims, decreased payroll revenue, hey the perfect storm to bankrupt a nation. Wonder what the flag will look like of the region we end up in when its done.
I have been told by some FL agents that if a major loss were to occur (property wise) that the State Fund could assess Fl residents up to $5000 to cover these losses. Any clue as to the validity of this? Thank you
Let’s see — China owns how much of our debt? Perhaps that’s a good clue.
It’s quite true. The assessments were set up by the legislature to assess EVERY insurance policy except workers comp and med mal. That means even with every Floridian kicking in on the auto, boat, GL, etc. policy there will be literal hell to pay. $5,000 each might not even make it work. Disaster…
What’s worse is the Citizens clients can be assessed up to 50% of their policy premium! Yikes!
Anytime someone has a takeout offer I tell them that it likely won’t be worse than Citizens…but frankly it’s not comforting to most people.
What do you personal lines agents tell your insured’s when they are offered a takeout from Citizens? I am not on the personal lines end but do not think I could as a good agent recommend a move to an unrated underfunded alternative-
Possible the legislators should concentrtate on “Global Warming” and possible that will resolve the bail out of sinking economies by the Federal Reserve Corporation by amassing all economies under their control, “One World Order” with governments doing their bidding known as “World Healthcare!”.
Further what needs to be realized is that assessment(I believe up to 45% assessment of current policy premium for citizens policy holders)can be for multiple years until the debt is paid. Projection is that assessment could be as much as 10 to 15 years if we have a one direct hit by a Category 3 storm of a heaviliy populated area in Florida this year. This projection was provided by a third party during a presentation by CFO Sink earlier this year and was not corrected in any way. We are all hoping this season remains uneventful.
They are funded… by assessments on your children and grandchildren. They don’t vote yet, so it’s a win/win for politicians and and (who cares, noone else counts).
Someone should challenge the legality based on the principal of taxation without representation.