For 1.5 years State Farm denied payable claims and now they are settling them. There should be automatic interest and penalites on any and all of these DELAYED settlements. Btt you know they, SF, were right. It is just a shame they now have to pay what should have been paid over one year ago.
Why do you assume that all these cases are State Farm related? Nowhere does this article mention the companies involved in the settlement. State Farm had approximately 650 cases left to settle. According to this article, there are 3,381 cases in arbitration. Contrary to what many people have been posting, it looks like it was not just State Farm that didn\’t pay all their claims.
Of course what this article doesn\’t tell us is how many of these settled claims should have been denied anyway.
Good point Mark….Maybe the Insurance Journal can post an article advising that State Farm has settled all their claims. Then all future articles everyone can start bashing the other companies or maybe all the State Farm bashers will actually go back to work for their employers and actually be productive. I have found thru reading most of the posted comments from people they really don\’t know what their talking about. Most of the information is media driven and only stirs up contraversy.
The insurance policy is a contract that has been approved by the insurance commissioners of each state. They are aware of the language in the policy and yet they still approved it. State Farm had actuaries set a premium based on the policy. It\’s not State Farm or other insurance companies don\’t want to cover this damage, they just want to be able to apply the correct premium to cover such a catastrophe. It now appears because of the courts uncertainity to apply the contract language, the citizens of Mississippi will be left with a few less insurance providers which will cause an increase in all lines of insurance due to less competition and the coastal prices will go thru the roof. Good job Senter, and Hood…..best get your resume\’s updated because you will be looking for a new job when this all settles down.
Jewel…those of us that live in the real world understand your point and happen to agree. Adjusterjoe appears to be an independent and all he does is write estimates all day long. He really doesn\’t have a clue about what happens in the courts and how BIG companies make cost effective decision. By settling these cases isn\’t admitting fault (contrary to joe\’s loud mouth opinion). He appears to have some basic knowledge of the courts but fails to recognize the big picture that some issues, even though they were addressed in one state (LA) court should and still needs to be addressed in others (MS). He would also understand the political nature of some sensitive issues may have to be re-addressed (concurrent clauses in policies) as being against public policies. But I\’m sure being the \”astute\” individual he is, he has a pulse of what is going on in Texas, Louisiana, Mississippi, Alabama, Georgia, Florida, South Carolina, North Carolina and every other state that could be effected by a hurricane. All joe wants to do is say how State Farm is denying slab cases in their entirity. First, he has no proof that the claims were denied in full. He keeps saying they were and that he proof. Please provide us with your information. If you can\’t provide us with names then shut the hell up. There are a lot of people with every insurance company that has a helluva lot more knowledge, experience and pulse on what is going on in these areas than just some independent loud mouth. I\’m insured with State Farm and happen to believe they are making the best decisions for the good of the company. I\’m sure on the surface level (yours) it might appear they are a bunch of nimwits making decisions but you don\’t get to be the largest insurer in the US (twice size of #2) without doing things right. I would suggest Adjuster Joe start his own company with his own actuaries and write about 5 policies so he can adjust claims and go broke by the end of the year. Look forward to seeing you at the next Katrina posting when you start with your same old argument all over again.
Mark and David: Let us place the shoe on the other foot. Please provide proof of other companies who 100% denied slab cases other than State Farm and Nationwide. I know you both are State Farm employees and will be on welfare soon when State Farm leaves Mississippi. But is that reason to belittle & deny homowners what they are legally entitled to. You contimue to try to put down others who support the homowners as unknowledgable, without providing any proof that they are unknowledgable. You do not know me nor I you, but b/c I do not agree with your sheltered views, I am not knowledgable. Again, why not place the shoe on the other foot? Why is it that only State Farm and its employees are knowledgable? I know the area extensively, I know many adjusters who worked Katrina and I worked Katrina. How can you say I do not know?
I have asked repeatedly for anyone to provide documentation that there are other companies which denied slab cases 100%. You cannot provide this information as did none of the other blind supporters of State Farm. Also please name another carrier whose CEO was brought before a grand jury and was to be indicted. The only way Mr. Rust got out of the indictment was to agree to pay the rightfully owed claims. Please, oh please, provide me the names of the other carriers whose CEO was brought up on criminal charges.
As an adjuster for several decades, it appears that I have been an adjsuter longer than you have been alive. I have handled hurricane claims since the 1970\’s and never seen a company CEO brought up on criminal charges. I have never denied a slab case in its entireity for any company. You have no proof other than your limited blind support of State Farm. It is sad that you and many others will lose your job with State Farm in Mississippi, b/c the unemployment rate is so low. I hear the construction jobs are paying well. When Northrup Gruman gets of strike, maybe you can apply for the apprenticeship porgram. I know some people that could possibly help you get in. Please refrain from making a bigger fool of yourself.
Why does State Farm now think they should take credt for a SBA loan? Isn\’t that in effect just anothr mortgagee? It appears that State Farm is in their own world as some have stated.
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For 1.5 years State Farm denied payable claims and now they are settling them. There should be automatic interest and penalites on any and all of these DELAYED settlements. Btt you know they, SF, were right. It is just a shame they now have to pay what should have been paid over one year ago.
Why do you assume that all these cases are State Farm related? Nowhere does this article mention the companies involved in the settlement. State Farm had approximately 650 cases left to settle. According to this article, there are 3,381 cases in arbitration. Contrary to what many people have been posting, it looks like it was not just State Farm that didn\’t pay all their claims.
Of course what this article doesn\’t tell us is how many of these settled claims should have been denied anyway.
Good point Mark….Maybe the Insurance Journal can post an article advising that State Farm has settled all their claims. Then all future articles everyone can start bashing the other companies or maybe all the State Farm bashers will actually go back to work for their employers and actually be productive. I have found thru reading most of the posted comments from people they really don\’t know what their talking about. Most of the information is media driven and only stirs up contraversy.
The insurance policy is a contract that has been approved by the insurance commissioners of each state. They are aware of the language in the policy and yet they still approved it. State Farm had actuaries set a premium based on the policy. It\’s not State Farm or other insurance companies don\’t want to cover this damage, they just want to be able to apply the correct premium to cover such a catastrophe. It now appears because of the courts uncertainity to apply the contract language, the citizens of Mississippi will be left with a few less insurance providers which will cause an increase in all lines of insurance due to less competition and the coastal prices will go thru the roof. Good job Senter, and Hood…..best get your resume\’s updated because you will be looking for a new job when this all settles down.
Adjusterjoe was recently fired by State Farm or so it appears. He was fired for the inability to read and enforce the contract presented before him.
Jewel…those of us that live in the real world understand your point and happen to agree. Adjusterjoe appears to be an independent and all he does is write estimates all day long. He really doesn\’t have a clue about what happens in the courts and how BIG companies make cost effective decision. By settling these cases isn\’t admitting fault (contrary to joe\’s loud mouth opinion). He appears to have some basic knowledge of the courts but fails to recognize the big picture that some issues, even though they were addressed in one state (LA) court should and still needs to be addressed in others (MS). He would also understand the political nature of some sensitive issues may have to be re-addressed (concurrent clauses in policies) as being against public policies. But I\’m sure being the \”astute\” individual he is, he has a pulse of what is going on in Texas, Louisiana, Mississippi, Alabama, Georgia, Florida, South Carolina, North Carolina and every other state that could be effected by a hurricane. All joe wants to do is say how State Farm is denying slab cases in their entirity. First, he has no proof that the claims were denied in full. He keeps saying they were and that he proof. Please provide us with your information. If you can\’t provide us with names then shut the hell up. There are a lot of people with every insurance company that has a helluva lot more knowledge, experience and pulse on what is going on in these areas than just some independent loud mouth. I\’m insured with State Farm and happen to believe they are making the best decisions for the good of the company. I\’m sure on the surface level (yours) it might appear they are a bunch of nimwits making decisions but you don\’t get to be the largest insurer in the US (twice size of #2) without doing things right. I would suggest Adjuster Joe start his own company with his own actuaries and write about 5 policies so he can adjust claims and go broke by the end of the year. Look forward to seeing you at the next Katrina posting when you start with your same old argument all over again.
Mark and David: Let us place the shoe on the other foot. Please provide proof of other companies who 100% denied slab cases other than State Farm and Nationwide. I know you both are State Farm employees and will be on welfare soon when State Farm leaves Mississippi. But is that reason to belittle & deny homowners what they are legally entitled to. You contimue to try to put down others who support the homowners as unknowledgable, without providing any proof that they are unknowledgable. You do not know me nor I you, but b/c I do not agree with your sheltered views, I am not knowledgable. Again, why not place the shoe on the other foot? Why is it that only State Farm and its employees are knowledgable? I know the area extensively, I know many adjusters who worked Katrina and I worked Katrina. How can you say I do not know?
David:
I have asked repeatedly for anyone to provide documentation that there are other companies which denied slab cases 100%. You cannot provide this information as did none of the other blind supporters of State Farm. Also please name another carrier whose CEO was brought before a grand jury and was to be indicted. The only way Mr. Rust got out of the indictment was to agree to pay the rightfully owed claims. Please, oh please, provide me the names of the other carriers whose CEO was brought up on criminal charges.
David:
As an adjuster for several decades, it appears that I have been an adjsuter longer than you have been alive. I have handled hurricane claims since the 1970\’s and never seen a company CEO brought up on criminal charges. I have never denied a slab case in its entireity for any company. You have no proof other than your limited blind support of State Farm. It is sad that you and many others will lose your job with State Farm in Mississippi, b/c the unemployment rate is so low. I hear the construction jobs are paying well. When Northrup Gruman gets of strike, maybe you can apply for the apprenticeship porgram. I know some people that could possibly help you get in. Please refrain from making a bigger fool of yourself.
Why does State Farm now think they should take credt for a SBA loan? Isn\’t that in effect just anothr mortgagee? It appears that State Farm is in their own world as some have stated.
Don\’t companies sometimes settle simply because it is easier, less time consuming and less expensive?
It doesn\’t mean these companies (or apparently just State Farm according to some of you) did anything wrong denying these claims in the first place.
Of course, on the flip side, it also doesn\’t mean they weren\’t wrong.
But, really, stop telling just one side of a story.