How could they agree to those kinds of fees when things are so automated??? Something is going on in that relationship because that is excessive. Hats off to ICAT, I am sure they are celebrating!
1)What about properties in excess of $1 mill? What are the owners going to do when their mortgagee holders find out they have no wind coverage? 2)How does the rates compare to those in the Wind Pool. Especially in S/E Florida.
ICAT\’s minimum monthly compensation will be the greater of 11 percent of the gross written premiums or $100,000. In addition, it will collect a policy fee ($175), inspection fee ($100), claims filing fee ($450) and a producer appointment fee ($125).
AND AGENTS GET 5% TO DO 5 TIMES MORE WORK THAN THEY WOULD WITH ANY OTHER COMPANY AT 15%.
I can just see agents lining up to sell this crap. It is not worth an agents time to pay his employees for the 4 hours it will take, the rent, the overhead, the headaches. Sorry for the big commercial agents that can not charge fees in Florida.
It is time for agents to rise up in protest that our pay should not get screwed with when the ICAT carrier is getting upto $850 + 11%. Real Estate agents are making a killing at 7% of the total sales price, who is going to tell them they are not worth this. why is it that insurance agents can have caps on revenue but no one else does????
Have you bought gas lately??? how much profit are they making. The rent on our office space has gone up 83% in 2 years, property taxes are up 400% and we need more employees just to handle the additional workload the state and companies have put on us just to handle the customers we have before we can worry about new clients. The savings will not go back to the insureds, it will stay in the pockets of the carriers. Through the tea in the harbor.
I\’m an owner operator in need of a comercial insurance for myself. Offers from insurance companies are at a highly cost (unafordable). Others denied insurance due to traffic tickets and 2 claims in my record. Please give me a sugestion
A ONE MILLION DOLLAR STRUCTUAL LIMIT OR COMBINED PROPERTY LIMIT OF $2 Million is a far cry from the amount actually needed to assist our FL businesses. The JUA’s 100% ITV requirement will close out other viable avenues. JUA should be utilized and considered as a first layer option after the insured’s selected deductibles. The stable option of the JUA may bring back “Standard Carriers” for subsequent layers of coverage.
Maximum Structural Limits of $1,000,000 are reprehensible…If JUA administraters were purchasing Wind & Hail in FL this limit would likely be revisited.
SURGERY IS ESSENTIAL AND A BANDAID JUST WON’T DO…
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How could they agree to those kinds of fees when things are so automated??? Something is going on in that relationship because that is excessive. Hats off to ICAT, I am sure they are celebrating!
$850 in fees.
ack. ack. ack.
$1,000,000 limit is just kind of a suggested guideline right?
Will I be reimbursed for a rental car in the event of a cease bind?
But the losses will still be paid with FL Tax payers money – correct ??
1)What about properties in excess of $1 mill? What are the owners going to do when their mortgagee holders find out they have no wind coverage? 2)How does the rates compare to those in the Wind Pool. Especially in S/E Florida.
ICAT\’s minimum monthly compensation will be the greater of 11 percent of the gross written premiums or $100,000. In addition, it will collect a policy fee ($175), inspection fee ($100), claims filing fee ($450) and a producer appointment fee ($125).
AND AGENTS GET 5% TO DO 5 TIMES MORE WORK THAN THEY WOULD WITH ANY OTHER COMPANY AT 15%.
I can just see agents lining up to sell this crap. It is not worth an agents time to pay his employees for the 4 hours it will take, the rent, the overhead, the headaches. Sorry for the big commercial agents that can not charge fees in Florida.
It is time for agents to rise up in protest that our pay should not get screwed with when the ICAT carrier is getting upto $850 + 11%. Real Estate agents are making a killing at 7% of the total sales price, who is going to tell them they are not worth this. why is it that insurance agents can have caps on revenue but no one else does????
Have you bought gas lately??? how much profit are they making. The rent on our office space has gone up 83% in 2 years, property taxes are up 400% and we need more employees just to handle the additional workload the state and companies have put on us just to handle the customers we have before we can worry about new clients. The savings will not go back to the insureds, it will stay in the pockets of the carriers. Through the tea in the harbor.
I\’m an owner operator in need of a comercial insurance for myself. Offers from insurance companies are at a highly cost (unafordable). Others denied insurance due to traffic tickets and 2 claims in my record. Please give me a sugestion
A ONE MILLION DOLLAR STRUCTUAL LIMIT OR COMBINED PROPERTY LIMIT OF $2 Million is a far cry from the amount actually needed to assist our FL businesses. The JUA’s 100% ITV requirement will close out other viable avenues. JUA should be utilized and considered as a first layer option after the insured’s selected deductibles. The stable option of the JUA may bring back “Standard Carriers” for subsequent layers of coverage.
Maximum Structural Limits of $1,000,000 are reprehensible…If JUA administraters were purchasing Wind & Hail in FL this limit would likely be revisited.
SURGERY IS ESSENTIAL AND A BANDAID JUST WON’T DO…