Insurance comnpanies demand \”on-time\” premium payments or policies get CANCELLED! When will the public realize that insurance companies \”run the country\” and \”ruin the special relationships\” with policyholders with such actions of delay, deny, diffuse. Example: Citizens Insurance (risk pool) established by other insurance carriers, so they don\’t have to write the risk, suffer the loss. State run insurance companies, in my opinion, are coming and ordinary citizens are at risk, with no redress. Caveat Emptor!
What if Citizens had not come into existence? What is all standrad carries had left La. three years earlier? What if, because of that, Citizens would have been the ONLY carrier doing business? Speaking as a displaced agent and homeowner, we should be thankful there were still some choices. Sure it was big, sure it is slow. But this is not time to whine. Pick up your boot straps and get involved.
People, as an insurance agent for the last 27 years with the largest P&C carrier in the U.S., believe me….state run insurance (risk pool) is not what you want. It unfortunately IS becoming THE LAST RESORT. Insurance companies ARE developing these high risk pools, through various state departments of insurance. Example: California. Earthquake 1990\’s. The California Earthquake Authority (CEA) Insurance Commissioner Quackenbush. Earthquake damages in the billions. The insurance companies negotiated a deal for claims payments of only a few million. Quackenbush retires, and the insurance companies set up, by way of investing millions, a foundation for Quackenbush to \”study earthquakes and insurance.\”…IN LIEU of paying claims they owed. Take heed.
State run Insurance Pools will never work.
Why don\’t Insurance Companies want that business? Because the State won\’t let them charge what is needed to cover the losses and still make a profit. Sure an Insuror of last resort is cheaper, but now they can\’t pay their claims because
they didn\’t charge enough on thier insurance premiums for the risk involved.
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Insurance comnpanies demand \”on-time\” premium payments or policies get CANCELLED! When will the public realize that insurance companies \”run the country\” and \”ruin the special relationships\” with policyholders with such actions of delay, deny, diffuse. Example: Citizens Insurance (risk pool) established by other insurance carriers, so they don\’t have to write the risk, suffer the loss. State run insurance companies, in my opinion, are coming and ordinary citizens are at risk, with no redress. Caveat Emptor!
What if Citizens had not come into existence? What is all standrad carries had left La. three years earlier? What if, because of that, Citizens would have been the ONLY carrier doing business? Speaking as a displaced agent and homeowner, we should be thankful there were still some choices. Sure it was big, sure it is slow. But this is not time to whine. Pick up your boot straps and get involved.
Caveat Emptor doesn\’t come into it, if you are with the insurer of last resort. It\’s either that, or self insure.
People, as an insurance agent for the last 27 years with the largest P&C carrier in the U.S., believe me….state run insurance (risk pool) is not what you want. It unfortunately IS becoming THE LAST RESORT. Insurance companies ARE developing these high risk pools, through various state departments of insurance. Example: California. Earthquake 1990\’s. The California Earthquake Authority (CEA) Insurance Commissioner Quackenbush. Earthquake damages in the billions. The insurance companies negotiated a deal for claims payments of only a few million. Quackenbush retires, and the insurance companies set up, by way of investing millions, a foundation for Quackenbush to \”study earthquakes and insurance.\”…IN LIEU of paying claims they owed. Take heed.
Cliff must be a democrat. He needs to check into how the LA pool works.
State run Insurance Pools will never work.
Why don\’t Insurance Companies want that business? Because the State won\’t let them charge what is needed to cover the losses and still make a profit. Sure an Insuror of last resort is cheaper, but now they can\’t pay their claims because
they didn\’t charge enough on thier insurance premiums for the risk involved.