I wonder if they have a Catastrophe Plan in place and have enough qualified CAT TEAM Adjusters to handle a basic CAT 1 or CAT 2 coastal storm (i.e. Pinellas County)
Tom only missed one item – Pay taxes as well. This is the only tax exempt ins. co. in the state. Even then they can\’t get it right. I wish I had a 36% head start.
Nice sentiment, but it takes more than public meetings and press releases to operate like a business. Since this is an alleged \”insurance company\”, let\’s start with adequate surplus to support the written premium. Then, let\’s be sure claim reserves are sufficient to meet exposure. Don\’t forget rates – they have to be acturially sound. Oh, yes, don\’t forget, you can\’t be exempted from all the other insurance laws. Finally, maybe try buying real reinsurance, instead of just waiting to impose the ultimate costs on taxpayers. This isn\’t a real business and nobody should forget it – it\’s nothing but make-believe, and if Florida experiences a normal storm season, it will quickly turn into a nightmare.
I believe Tom covered the issues very
precise and accurately. What more could be said, except maybe that the constant issue of too many claims and no one to work them. And that\’s before the storm.
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I wonder if they have a Catastrophe Plan in place and have enough qualified CAT TEAM Adjusters to handle a basic CAT 1 or CAT 2 coastal storm (i.e. Pinellas County)
Tom only missed one item – Pay taxes as well. This is the only tax exempt ins. co. in the state. Even then they can\’t get it right. I wish I had a 36% head start.
Nice sentiment, but it takes more than public meetings and press releases to operate like a business. Since this is an alleged \”insurance company\”, let\’s start with adequate surplus to support the written premium. Then, let\’s be sure claim reserves are sufficient to meet exposure. Don\’t forget rates – they have to be acturially sound. Oh, yes, don\’t forget, you can\’t be exempted from all the other insurance laws. Finally, maybe try buying real reinsurance, instead of just waiting to impose the ultimate costs on taxpayers. This isn\’t a real business and nobody should forget it – it\’s nothing but make-believe, and if Florida experiences a normal storm season, it will quickly turn into a nightmare.
I believe Tom covered the issues very
precise and accurately. What more could be said, except maybe that the constant issue of too many claims and no one to work them. And that\’s before the storm.