I work in the P&C market in Oklahoma as an Adjuster. I have worked mainly in Commercial, but also have worked in the Residential Market. I am at large disgusted with the industry I work in. I am witness to simple Property losses that carrier’s wait 9 month before making an ACV payment. They don’t have a good reason. They can’t even provide one reason as to why it takes 9 months to make an ACV payment once I and the insured have agreed. A lot of Tort Reform is passed under the guise that it will enable a state to be “pro Business” that that’s a Pie in the Sky promise. Business is hurt when they can’t get their carriers to pay a $200,000.00 claim when the insured paid out a premium in excess of $1.2 million for their portfolio. Business is hurt when these carrier’s roll the dice and want to see if the owner will file suit to recover money that is owed. I met with someone who is a fund raiser for Mr. Heitt the other day. While we were having lunch, it became necessary for his secretary to run some papers to him to sign. She was knew to Downtown OKC and had no idea where to go or where to park she finally found the corner we were on. Well, there were no spaces, but he advised her to park in the no parking zone, if the meter maid was around, it was only going to be roughly a $10 fine. Small change in consideration for the profits he would make off of his signed contracts. If we pass “tort reform” which is little more than a free pass to the industry. There is no incentive for a carrier to even be worried about paying claims, despite their liability, because if by chance an owner were to file suit and 2-3 years down the road they make it into court and win a verdict the maximum in punitive damages would only be $250,000.00. Well, to a Company that makes hundreds of millions a year, ya know that just a like a $10 parking ticket. At the end of the day they make a lot of money doing it. Here is an idea, maybe we should look at insurance reform rather than changing a legal system. We want relief from high premiums. The legal system just happens to be a good scape goat.
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I work in the P&C market in Oklahoma as an Adjuster. I have worked mainly in Commercial, but also have worked in the Residential Market. I am at large disgusted with the industry I work in. I am witness to simple Property losses that carrier’s wait 9 month before making an ACV payment. They don’t have a good reason. They can’t even provide one reason as to why it takes 9 months to make an ACV payment once I and the insured have agreed. A lot of Tort Reform is passed under the guise that it will enable a state to be “pro Business” that that’s a Pie in the Sky promise. Business is hurt when they can’t get their carriers to pay a $200,000.00 claim when the insured paid out a premium in excess of $1.2 million for their portfolio. Business is hurt when these carrier’s roll the dice and want to see if the owner will file suit to recover money that is owed. I met with someone who is a fund raiser for Mr. Heitt the other day. While we were having lunch, it became necessary for his secretary to run some papers to him to sign. She was knew to Downtown OKC and had no idea where to go or where to park she finally found the corner we were on. Well, there were no spaces, but he advised her to park in the no parking zone, if the meter maid was around, it was only going to be roughly a $10 fine. Small change in consideration for the profits he would make off of his signed contracts. If we pass “tort reform” which is little more than a free pass to the industry. There is no incentive for a carrier to even be worried about paying claims, despite their liability, because if by chance an owner were to file suit and 2-3 years down the road they make it into court and win a verdict the maximum in punitive damages would only be $250,000.00. Well, to a Company that makes hundreds of millions a year, ya know that just a like a $10 parking ticket. At the end of the day they make a lot of money doing it. Here is an idea, maybe we should look at insurance reform rather than changing a legal system. We want relief from high premiums. The legal system just happens to be a good scape goat.