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Archive for the ‘Insurance Industry’ Category

The National Association of Public Insurance Adjusters Teams Up With the Coalition Against Insurance Fraud

In Insurance Industry, Insurance News on August 18, 2014 at 1:32

When speaking about insurance there are always two sides of the business, one side includes the person with the insurance, while the other side underwrites the risks of that insurance and supervises the insurance for the policy holder. For the first time ever both sides have become one, to combat against insurance fraud. The Coalition Against Insurance Fraud is America’s only anti-fraud alliance speaking for consumers, insurance companies, government agencies and other insurance partners.

The Coalition supports and strengthens the mission to provide information, research and data, services and insight to define the voice of the anti-fraud community. As NAPIA joins as a new member of the Coalition Against Insurance Fraud, a new chapter of insurance protection begins. NAPIA is dedicated to their involvement in coalition activities and is enthusiastic about the new alliance.

For more information on this Coalition visit:

http://www.insurancefraud.org/about-us.htm#.U6GXtCjEZI4

 

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Florida’s Insurance Industry Well Prepared for Hurricane Season

In Florida, Insurance, Insurance Industry, Natural Disasters on July 8, 2014 at 1:32

Florida has made it to its eighth year being hurricane-free which leaves room to rejoice considering Florida’s size and geographical position reaching into the warm waters of the Atlantic creates a risky spot for hurricanes to form. Despite the high risk location, the condo market is booming.

More than 200 new residential towers near the Atlantic waters have been anticipated for South Florida since 2011. Since then, nearly 50 new high-rises have been built, some already completed. The increase in condos along the coast illustrates the insatiable appetite for coastal living.

This year Florida supposedly is benefiting  from an El Nino weather patterns which forecasters believe will produce a below average number of storms. However, precautions still must be taken since forecasters believe that one large storm can make for a disastrous season.

Almost 80 percent of Florida’s residential and commercial property valued around $3 trillion – lies in susceptible coastal areas. Since Florida has not had a major hurricane since Wilma in 2005, Florida’s Hurricane Catastrophe Fund has collected $13 billion.

To read more on insurance policies and precautions click here. 

The National Association of Public Insurance Adjusters Teams Up With the Coalition Against Insurance Fraud

In Insurance Fraud, Insurance Industry, Insurance News, Interesting News on June 19, 2014 at 1:32

When speaking about insurance there are always two sides of the business, one side is the policyholder, the other side underwrites the risks of that insurance and supervises the insurance for the policy holder. For the first time ever both sides have become one, to combat against insurance fraud. The Coalition Against Insurance Fraud is America’s only anti-fraud alliance speaking for consumers, insurance companies, government agencies and other insurance partners.

The Coalition supports and strengthens the mission to provide information, research and data, services and insight to define the voice of the anti-fraud community. As NAPIA joins as a new member of the Coalition Against Insurance Fraud, a new chapter of insurance protection begins. NAPIA is dedicated to their involvement in coalition activities and is enthusiastic about the new alliance.

For more information on this Coalition click here.  

 

Buying Homeowners Insurance is Confusing, 4 Tips for First-Time Buyers

In homeowner's insurance, Homeowners' Policy, Insurance Industry on March 7, 2014 at 1:32

When it comes to searching for the right homeowner’s insurance policy, the experience can be overwhelming but the wrong coverage can end up causing more harm than good when you need it the most. Here are four tips for first-time buyers to guide them to getting the best coverage for their needs:

1. Compare coverage from at least three companies. It’s a buyer’s market out there for those looking to buy insurance and insurance companies are fighting for your business. Shop around and compare coverage, price and customer reviews for the best value for your money, not just the cheapest price.

2. Escrow your insurance payments with your mortgage payments. Lenders prefer you to tack on your monthly insurance payments onto your mortgage check. This lets them know your insurance premiums are being paid, and their investment is protected.

Read the last two tips!

Fraud Will be Punished

In Insurance Fraud, Insurance Industry, Insurance law on January 16, 2014 at 1:32

The healthcare industry is cracking down on Medicare Fraud.  The auto industry has long been battling fraud.   Now homeowners’ insurance industry is making fraud detection a major effort. It’s been a serious issue for a while, and unscrupulous public adjusters add to the criminality.

Recently, Jorge Fausto Espinosa, a Florida public adjuster, was charged with conspiring to commit wire fraud and using fire to commit a felony.  In short, he was an arsonist looking to generate $2.3 million from insurance companies.  He was abetted by a convicted Medicare fraud offender.

Fraud is fraud, and the authorities will catch up to criminals.  Insurance fraud costs billions.   It is one of the leading causes of premium hikes.  It’s worth it to everyone to crack down – today.

Jason Wolf Makes Claims Journal’s Top 10 Legal Articles of 2013 List

In Contributing Writer, Firm News, Insurance Industry, Insurance law on January 10, 2014 at 1:32

Attorney Jason Wolf’s article Why Do People Keep Suing Property Insurance Companies? made Claims Journal’s Top 10 Legal Articles of 2013. Jason’s article was the 6th most popular article authored by industry legal experts. Jason has contributed to Claims Journal multiple times regarding Property Insurance Law.

Click here to see the full list and read Jason’s article.

Lawsuits + Settlements = More Lawsuits

In Insurance Companies, Insurance Industry, Insurance law on January 6, 2014 at 1:32

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Why do people keep suing property insurance companies?  It’s a question with a lot of replies.  Here’s mine.  They do it because plaintiff’s attorneys can get paid fees, and insurance companies are quick to settle.  What can be done?  Defend those cases and let the plaintiff’s attorneys and the homeowners think twice before they sue frivolously because they’ve heard it’s easy to get settlement payments.

Claims Journal thought it was worth considering. Read my article here.

New Insurers on the Scene

In Insurance Industry, Insurance law, Insurance News on December 16, 2013 at 1:32

EPIC Insurers, based on the acronym Elements Property Insurance Co. is now a player in the Florida market.  The Florida Office of Insurance Regulation has licensed the company to write homeowners insurance in Florida.  With hurricanes and fraud being so prevalent, a new company is always welcome.

Property Casualty360 discusses why the company decided to come aboard.  Read more here.

Don’t Make Claims on Small Losses

In Insurance Claims, Insurance Industry, Insurance News, Interesting News, News Article on November 25, 2013 at 1:32

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Here are some interesting statistics listing the five states where the premium increases would be the highest for a single claim and the five states where the premium increase would be the smallest:

The five states where the premium increases would be the highest for a single claim are:
• Minnesota: 21 percent.
• Connecticut: 21 percent.
• Maryland: 19 percent.
• California: 18 percent.
• Oregon: 17 percent.

The five states where the premium increase would be the smallest are:
• Texas: 0 percent.
• New York: 1 percent.
• Florida: 2 percent.
• Vermont: 2 percent.
• Massachusetts: 2 percent.

For this study, Insurance Quotes calculated rates for six large insurers based on a single-family residence insured for $144,000 with the initial claim of up to $30,000.

Click here to read more about this study and click here to see the complete lists of states.

Flood Insurance Hits Hard Across the Nation

In Insurance Industry, Insurance News on November 11, 2013 at 1:32

While Florida leads the nation in hurricanes – this season notwithstanding – floods are an issue in many, many states.  Gulf Coast states, Atlantic and Pacific coasts are all vulnerable to storms and flooding.  Property owners are feeling the pains with the Biggert – Waters Flood Insurance Reform Act.

Partially due to the impact of Superstorm Sandy, the Act was passed in 2012 to help the government eliminate a $25 billion shortfall in flood claims.  The concerns about this Act have been felt in Mississippi, New York, California.

Forbes Magazine explains it all, with an explanation of the 1968 National Florida Insurance Program.  Many things have changed in 45 years.

Click here for more information.