Simply the Golden Rule - "He who has the gold - rules"
Insurance companies will be the second people up against the wall come the
-------------- Original message --------------
From: "Jim Jarvis" <email@example.com>
> Although insurance companies are in business to make money,
> they've gone through a distinct change in the last few years.
> In part, this is due to another profit-seeking enterprise,
> called CLUE... Comprehensive Loss Underwriting Exchange.
> It gathers data from all sources about....YOU....and
> shares it across the industry. Actually, it SELLS it to whomever
> is willing to pony up. For 39 bucks, I can find out your complete
> credit history, licensing history (cars, boats, planes, radios),
> any interaction with law enforcement...any judgements, etc.
> The insurance industry was riding high, reaping major profits from
> invested premiums, until the big hurricanes of the 90's years
> rolled across Florida and racked up tons of damage. Then there w
> as the billion dollar loss from 9/11, which wracked the reserves
> of the co-insurance companies. (yes, even insurance companies lay-off risk)
> So...the pot of premium cash is pretty thin these days, and
> investment profits are way down.
> The result? In the US at least, if you've had a claim on
> your homeowners policy...and it's significant...prepare to
> be cancelled. Have two claims in a year? I guarantee you'll
> be cancelled.
> Now, that's well and good...but it goes beyond that. I had my home,
> auto, boat, and umbrella liability policies with Aetna for 30+ years.
> They sold to Travellers. THEN I had a claim...backwash of a hurricane
> rolled through Vermont, broke off stuff from high pines which damaged
> my roof, and knocked over a big oak which wiped out a tower guyset,
> totalling that.
> They counted it as two claims, although from the same event. They paid.
> I was cancelled. But they also sent notice of refusal to renew my auto,
> or liability umbrella. Poof. 30+ claimless years, and off you go.
> THAT wouldn't be so bad, but they saw fit to share that information with
> the rest of the insurance industry via CLUE....so I'm finding it difficult
> to get coverage for home or liability umbrella, even at rates which are 2-3x
> that of market.
> I would be careful of even reporting a POSSIBLE claim, even though your
> sales agent encourages you to do so, and then vacate it. I had a big tree
> hit the VT house, and reported it. Two days later, when we had cleared the
> debris, I advised them that I was vacating the claim, that no real damage
> done. When they cancelled my contract, they indicated the counted that
> against me, as well.
> This is NOT a homeowner friendly industry.
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