I don’t get your logic. The insurance industry suffers from a lot of misconceptions and unfavorable public opinion.
How did you get to the conclusion that People’s Trust got it right???
Weren’t they just shut down by the insurance dept in Florida after only one year in operations? Didn’t the insurance dept say they were skirting Florida law by selling policies through unlicensed sales people? Didn’t the also get tagged for improper claims handling, inadequate insurance experience for their executives, and inadequate reinsurance to back up their claims?
I don’t think Pople’s Trust got anything right. They botched it in a big way.
About 10 days before Peoples Trust was shut down, they wrote one our clients we had insured that had a frame home, gable roof, & was classified as a PC10. Unfortunately for the client, these rating factors were correct. When the client showed us the Peoples Trust dec page, it was rated masonary, hip, & PC3. They have no idea what they’re doing and I am sure their reinsurance carriers now probably know it.
Yeah sure, they are solvent until the next 25mph wind comes. Come back here the day *AFTER* a storm to see if they will be around. You, I and Demotech know they can’t pay damages from a major storm.
I guess People’s Trust COULD be solvent depending on what the definition of “solvent” would be. You know, they can handle a small storm, few lightning strikes, etc.
However we ARE certain that they don’t know much about what they’re doing, their advertising is deceptive, and ethics are questionable. Jake, you should leave there as soon as possible.
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I don’t get your logic. The insurance industry suffers from a lot of misconceptions and unfavorable public opinion.
How did you get to the conclusion that People’s Trust got it right???
Weren’t they just shut down by the insurance dept in Florida after only one year in operations? Didn’t the insurance dept say they were skirting Florida law by selling policies through unlicensed sales people? Didn’t the also get tagged for improper claims handling, inadequate insurance experience for their executives, and inadequate reinsurance to back up their claims?
I don’t think Pople’s Trust got anything right. They botched it in a big way.
About 10 days before Peoples Trust was shut down, they wrote one our clients we had insured that had a frame home, gable roof, & was classified as a PC10. Unfortunately for the client, these rating factors were correct. When the client showed us the Peoples Trust dec page, it was rated masonary, hip, & PC3. They have no idea what they’re doing and I am sure their reinsurance carriers now probably know it.
Peoples is paying claims and is solvent.
Yeah sure, they are solvent until the next 25mph wind comes. Come back here the day *AFTER* a storm to see if they will be around. You, I and Demotech know they can’t pay damages from a major storm.
I guess People’s Trust COULD be solvent depending on what the definition of “solvent” would be. You know, they can handle a small storm, few lightning strikes, etc.
However we ARE certain that they don’t know much about what they’re doing, their advertising is deceptive, and ethics are questionable. Jake, you should leave there as soon as possible.