State Farm Faces Criminal Probe Regarding Roof Claim Handling
Posted on September 10th, 2012
State Farm advertises extensively to promote an image of providing “Good Neighbor” service. Since many insurance companies have a less than sterling reputation, this marketing strategy is important. So, when ABC News has a headline that reads, , you can bet executives at State Farm’s home office are asking its claims department, “what the heck is going on?”
The news report is fairly straight forward:
State Farm Insurance, the nation’s largest home insurer, faces a new criminal investigation in Texas related to how it handled potentially tens of thousands of hurricane claims there, ABC News has learned exclusively.
Gregg Cox, who leads the public integrity unit of the Travis County District Attorney’s office in Austin, confirmed to ABC News his investigators recently launched the probe after reviewing newly released communications from top State Farm managers in Texas.
Tags: Farm, State Farm
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Making the Most of your Car Insurance Policy
Posted on August 22nd, 2012
The purpose of car insurance is to have a policy that works for you, when you need it. There are many variables that affect coverage and pricing, so no two policies are the same. With the right knowledge, you can work with your insurer to get the most out of your car insurance.
When buying car insurance, you should always shop around to get the price and coverage you need. Insurers determine your rate based on a number of factors. Some factors are more important to some insurers than they are for others, which is why rates vary among providers. AIS provides rates from multiple California insurance companies so you can quickly see which is best for you.
Tags: Car Insurance, Policy
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Insurance Industry Shifts The Blame – Understanding Business Interruption Claims
Posted on August 15th, 2012
Last week, I posted . This week, A.M. Best Company – one of the world’s oldest and most authoritative insurance rating and information source- released similar content in a white paper titled “Emerging Opportunities in Business Interruption Coverages for Insurance Agents and Brokers.”
White papers are traditionally published to present solutions to arising issues, concerns or problems in a specific sector (i.e., public policy solutions in government). White papers are not open-ended or consultation documents – they identify specific problems and propose solutions that typically favor or benefit the drafter. In this c
Report: Initial quality stellar among vehicle brands
Posted on August 9th, 2012
Consumers who are in the market to buy a new car may be delighted to know that the vehicle they end up purchasing is of superior craftsmanship, as indicated by a recent initial quality report.
Overall initial quality improved 5 percent, according to J.D. Power and Associates* 2012 U.S. Initial Quality Study, as there were fewer problems discovered for every 100 vehicles when compared with last year.
In-vehicle technology quality dwindles
However, there were some specific areas in which quality did not improve. All of them were unrelated to how the car actually drove, as there was an 8 percent uptick in the number of problems experienced with audio, entertainment and navigation systems.
Tags: Initial Quality, Vehicle
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Benjamin Franklin is the Father of American Insurance
Posted on July 15th, 2012
Philadelphia is a fun city that brings back a lot of memories for me. I took a deposition of an insurance claims manager from Maiden Re yesterday and then spent some time with Kevin Healey of my firm wandering around Philadelphia thinking about the history of our country and this great historical American city.
Benjamin Franklin, a citizen of Philadelphia, has long been one of my favorite American heroes. In my mind, he is should be considered “the Father” of American insurance. A
Tags: Insurance
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Compact vehicles” popularity gaining on midsize-sedans
Posted on July 6th, 2012
Based upon car sales data over the past several years, midsize sedans—like the Toyota Camry, Honda Accord and Ford Fusion—have consistently been the favorite class of vehicles for people who are in the market to buy a new car. But recent sales trends suggest consumers are opting for smaller models.
According to The Associated Press, compact models have become hot commodities, with more car enthusiasts snapping them up because of their fuel efficiency and affordability.
The trend toward smaller vehicles isnt likely to abate any time soon. In fact, according to a study cited by the AP from marketing information firm J.D. Pow
Law and Ordinance Coverage C Limits of Coverage—How Much to Obtain?
Posted on June 23rd, 2012
Law and Ordinance Coverage (often referred to as “Code Upgrade Coverage”) can be extremely complicated for those involved in any aspect of property insurance coverage. From a policyholder’s standpoint, Law and Ordinance Coverage is a counterintuitive riddle.
It is nearly impossible for policyholders to participate in a meaningful way in the determination of how much Law and Ordinance Coverage C should be obtained. I have always thought it is unfair that most policyholders purchase Replacement Cost insurance, which typically excludes the increased costs of repair due to compliance with building laws and ordinances.
My reasoning is twofold:
1.