Bad Insurance Agents

OK, I am catching up on my reading of the insurance information service, FC&S (National Underwriter Company).



A few minutes ago I blogged about bad adjusters.  Now its my turn to take a swipe at agents.



Here is the question asked:



A hit-and-run driver hit a car, which in turn was pushed into a building. The building and the personal property inside were damaged. The car was covered by uninsured motorists insurance, and the insurance company is paying for the car. However, the auto insurer will not pay for the building and personal property damage, stating that "as the driver was not in the car at the time of the accident and therefore we [the insurer] are not liable, the hit-and-run driver is." The car caused the direct physical damage to the building, the hit-and-run driver did not hit or even touch the building. Wouldn't the car insurance be responsible for the damages as the car hit the building, not withstanding it was unoccupied? 



AHHHHHHHHHHH!



The agent is asking about LIABILITY coverage.  Liability insurance responds when the insured is responsible for the damage or injuries caused.



Why would anyone think that a parked car is responsible for damage caused by another car?  Basically the agent is taking the position that there was an accident and the insurance should pay.  



No.



There has to be liability before a liability policy will pay.  Insurance 101, day one - maybe hour two.



Of course if some lunatic court says that the parked car is responsible for the accident, then matters change.  The insurance policy does not have a lunatic court exclusion (that I have ever seen).

Bank Insurer Ratings

I work with a variety of insurers in my efforts for my bank clients. I review coverage, help with claims, and manage bids for community banks.

Here are the latest ratings by AM Best and Weiss Ratings for a sample of the insurers who work with banks.

.		Q3 2011
.		A.M. Best Rating	Weiss Ratings
.	ABA Insurance Services - Everest Re Group Ltd	A+ XV	C
.	BancInsure Inc	B++ VI	C
.	Chubb Group of Insurance Companies	A++ XV	B
.	Cincinnati Insurance Companies	A+ XV	A-
.	FinSecure - StarNet Insurance Company - W. R. Berkley Group	A+ XV	C
.	Kansas Bankers Surety - Berkshire Hathaway Insurance Group	A++ VII	B
.	OneBeacon Insurance Company - White Mountains Insurance Group	A XI	B-
.	Travelers Group of Insurance Companies	A+ XV	B
.	Zurich Financial Services Ltd	A+ XV	C
.
.

Uncovered Claims

I have been talking with a banker.  He emails the following: 

"Most of our renewals are in the fall.  I may give you a call prior to those renewals to talk."

My reply: 

"Always glad to talk.  Renewals are best managed when started 120 days ahead.  Of course a coverage review catches uninsured/underinsured areas at any time - perhaps just before a loss."

The holes in your insurance do not wait for renewal.  Claims occur whenever...

Coverage problems are discovered either when a claim isn't covered or when someone discover the coverage gap.

I'm asked when is the best time to review insurance coverage.

My answer is, "just before an uncovered claim."

How To Fins Atlanta Private Money Lenders

The private money lender is a company or person who is able to lend a particular financial sum according to a deal or trust and often used for real estate. With a large number of consumers struggling to obtain the necessary finances from a conventional institution such as a bank, there are alternative sources available for funding. It is important to determine how to find the right Atlanta private money lenders.

Private lending is regarded a preferred option for individuals and entrepreneurs with poor credit ratings. This is because lending through a bank is becoming more difficult due to the restrictions that have been placed on loan approval. In a tough economy it is possible for individuals to obtain the desired funds for various financial purposes whether you possess bad FICO scores or not.

A lender may offer small finances to attend to individual needs in comparison to the hard money lender where funds are often provided for purchasing property. One may seek financial solutions from friends and family members, but this can often result in bad deals where payments default or poor interest is provided. It may be a better decision to consult with third parties that are accredited and where there is no connection on a personal level to prevent unpleasant results.

When looking at real estate investors, it is important to consider how to obtain the necessary finances. When looking to borrow a specified sum be sure to complete your research. An accredited company should be sought as this will ensure fair interest rates and prevent against the possibility of falling victim to a scam.

It is important to take some time to shop between lenders before entering into an agreement. Be sure to visit a few financial companies and evaluate interest rates. Individuals with poor or no credit may be charged higher interest, but it should prove affordable.

For entrepreneurs, private lending can be sought from businessmen and investors looking to receive a fair return on their investment. When investing in real estate a large number of businessmen are more likely to provide the funds as property is a more secure and valuable option. Like any other loan, such lending solutions will include a contract and payment of installments.

In the search for the Atlanta private money lenders it is necessary to take some time to research the options available. Consider risk exposure and the interest that is charged on borrowed amounts to ensure that it can be afforded. By looking around and consulting with accredited lenders, only then can the right deal be sought.