I have read very similiar comments on this web site a few years ago about Poe and what I don\’t see now is the idiots who were defending the Poe Group saying anything.
It\’s interesting to note that the people who have no guts to step up to the plate and do something besides complain call people who try and provide insurance at a solvent price greedy. Then they call the people who try to provide coverage at more affordable prices Pigs when those programs fail.
I\’d have some respect for NoGuts if he\’d \”do it right\” and start the perfect insurance company.
To those who think the Poe carriers had decent financial stability for the last 3 or 4 yrs. should ck in to the looney asylum. $30-60 mill in surplus (So Fam) is peanuts compared to the many Billions of dollars in exposure in Florida. I give Bill credit for what he did. He saw an opportunity to make money and did it with the blessings of the DFS. Nothing new to this, the problems is the DFS did not exercise control in letting a small company write this volume of business.
To be blunt any Agent with brains that played in this area knew that it would happen. To the Poe defenders, how many of you that live in a house with values that substantially exceed the FIGA $300k limit would have bought their carriers on their HO coverage? Poe\’s \”ideal\” Agents were the ones that didn\’t know what they were selling or former used car salespeople.
Whatever. If Poe was allowed to increase rates, they would be in business today. I\’ve had it with people attempting to demonize any investor that tries to give Floridians an alternative to Citizens. Once these Poe Insureds get their renewal bill from Citizens, they will pray that they could go back in time and pay higher rates with an admitted carrier.
And nice try on slamming agents in the process. What would you have done? Quote Citizens illegally when standard markets exist? Quote E&S, with no FIGA backing and at a much higher rates with less coverage. Oh yeah, you would probably only quote AMBest A rated admitted companies. They are all gone, and have been for some time. That is why they are still rated A. Do your homework before you slam enitre industries.
You are clueless. With their exposure higher rates would not have been saved them, they were probably broke after Charley hit Punta Gorda. I\’m not slamming all Agents, I am slamming the ones that misreprented the carrier. \”They have excellent reinsurance, don\’t worry the Poes\’ will make good the shortfalls.\” Some Agents were honest on presenting the financial facts and let the insured make the decision.
You are an idiot. I asked you point blank what alternatives existed, and you present none. Rate relief would allow these carriers to secure better reinsurance, and increase their surplus. Higher rates=good. Get it? Get help if you don\’t. Since you seem to have predicted the whole mess, I\’m sure you went short on P&C stocks prior to the storms. Right??
Having dealt with a lot of Poe insureds after Wilma, a great many of these people didn\’t know who their insurance company was. Their original mortgage paperwork showed one thing, but in some cases, the mortgages had been sold several times, or the carrier had been changed, and they had no idea who their carrier was.
Claims were originally reported to State Farm or Citizens bsed on the current paperwork the insured had.
So in many cases, neither the insured nor an agent ever had the opportunity to examine the qualifications of Poe.
Your kidding right? In what capacity did you deal with many Poe policyholders? The selling or changing of mortgage company\’s has nothing to do with an insured or agent knowing who the insurance carrier is. Even if the insured escrowed the insurance premium, the insured and agent receives proper notice. All carriers have some form of rating albeit AM Best, Demotech, etc. It is not difficult to obtain this information. Any agent worth his/her salt should know or kow how to obtain this information. Any agent who contracted with POE, before signing the contract could have asked these questions.
Any insured who does not know if he/she is insured with State Farm, CPIC, Poe, etc. is probably the same insureds the state developed the checklist, outline of coverage, and the other worthless 12 notifications required at new and renewal. Next requirement will be a company rep will have to read the policy to the insured. Get real.
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I have read very similiar comments on this web site a few years ago about Poe and what I don\’t see now is the idiots who were defending the Poe Group saying anything.
It\’s interesting to note that the people who have no guts to step up to the plate and do something besides complain call people who try and provide insurance at a solvent price greedy. Then they call the people who try to provide coverage at more affordable prices Pigs when those programs fail.
I\’d have some respect for NoGuts if he\’d \”do it right\” and start the perfect insurance company.
Yeah, great idea. Do you work for Citizens??
To those who think the Poe carriers had decent financial stability for the last 3 or 4 yrs. should ck in to the looney asylum. $30-60 mill in surplus (So Fam) is peanuts compared to the many Billions of dollars in exposure in Florida. I give Bill credit for what he did. He saw an opportunity to make money and did it with the blessings of the DFS. Nothing new to this, the problems is the DFS did not exercise control in letting a small company write this volume of business.
To be blunt any Agent with brains that played in this area knew that it would happen. To the Poe defenders, how many of you that live in a house with values that substantially exceed the FIGA $300k limit would have bought their carriers on their HO coverage? Poe\’s \”ideal\” Agents were the ones that didn\’t know what they were selling or former used car salespeople.
Whatever. If Poe was allowed to increase rates, they would be in business today. I\’ve had it with people attempting to demonize any investor that tries to give Floridians an alternative to Citizens. Once these Poe Insureds get their renewal bill from Citizens, they will pray that they could go back in time and pay higher rates with an admitted carrier.
And nice try on slamming agents in the process. What would you have done? Quote Citizens illegally when standard markets exist? Quote E&S, with no FIGA backing and at a much higher rates with less coverage. Oh yeah, you would probably only quote AMBest A rated admitted companies. They are all gone, and have been for some time. That is why they are still rated A. Do your homework before you slam enitre industries.
You are clueless. With their exposure higher rates would not have been saved them, they were probably broke after Charley hit Punta Gorda. I\’m not slamming all Agents, I am slamming the ones that misreprented the carrier. \”They have excellent reinsurance, don\’t worry the Poes\’ will make good the shortfalls.\” Some Agents were honest on presenting the financial facts and let the insured make the decision.
You are an idiot. I asked you point blank what alternatives existed, and you present none. Rate relief would allow these carriers to secure better reinsurance, and increase their surplus. Higher rates=good. Get it? Get help if you don\’t. Since you seem to have predicted the whole mess, I\’m sure you went short on P&C stocks prior to the storms. Right??
He doesn\’t have the guts to actually do his imagined \”perfect insurance company\”, all he can do is kibitz. That\’s why he\’s
NoGuts
….a cautionary tale.
Having dealt with a lot of Poe insureds after Wilma, a great many of these people didn\’t know who their insurance company was. Their original mortgage paperwork showed one thing, but in some cases, the mortgages had been sold several times, or the carrier had been changed, and they had no idea who their carrier was.
Claims were originally reported to State Farm or Citizens bsed on the current paperwork the insured had.
So in many cases, neither the insured nor an agent ever had the opportunity to examine the qualifications of Poe.
Your kidding right? In what capacity did you deal with many Poe policyholders? The selling or changing of mortgage company\’s has nothing to do with an insured or agent knowing who the insurance carrier is. Even if the insured escrowed the insurance premium, the insured and agent receives proper notice. All carriers have some form of rating albeit AM Best, Demotech, etc. It is not difficult to obtain this information. Any agent worth his/her salt should know or kow how to obtain this information. Any agent who contracted with POE, before signing the contract could have asked these questions.
Any insured who does not know if he/she is insured with State Farm, CPIC, Poe, etc. is probably the same insureds the state developed the checklist, outline of coverage, and the other worthless 12 notifications required at new and renewal. Next requirement will be a company rep will have to read the policy to the insured. Get real.