[TowerTalk] insurance companies in general

[John Silberman]

I'm really sick and tired of hearing about the insurance companies 9-11 losses.  Look at all the years they didn't have losses like that and ending up buying big parcels in big cities and
building hugh buildings so the don't show an enormous profit.  When they have a hugh loss, they should sell one of their skyscrapers to foot the bill, but they won't.  Wonder what the
Transamerica building in Chicago is worth?  How about Prudential's buildings?  They love to tell you that they lose money because they are paying out more than they collected in premiums.
Another slight of hand.  They don't tell you of the money they made from investing the billions of dollars in premiums before they had to pay out. They may keep you on the line for a year
before you collect what they should have paid up front, why? Because they are earning money with your premium dollars while they keep you waiting.  If you have a $10,000 claim, at 5% (they
do make at lease that) they make $500 a year or $1.37 a day not paying you.  Not much? How many claims from home, car accidents, thefts, etc do you think are pending?  10,000?  20,000?
probably closer to 500,000. at $1.37 a day is $685,000 A DAY. Not chump change.

By the way, the insurance industry has re-couped it's 9-11 loses already.  We should all be in the insurance industry.

I'll stop before my ranting goes too far.  The insurance thread got me started, sorry.

If you've put up with me this far, I have a suggestion that could save/bring you some money.  When the insurance company finally pays you, it's the dollar amount of the loss, no matter how
far down the line it is. In some states, maybe all but I'm not sure, if you file a lawsuit to collect your money from the insurance company, interest for you starts as soon as the suit is
filed.  Just file the suit, don't spend a  lot of dollars on the lawyer for anything else.  Don't use a lawyer who gets a percentage, just one who will see you for a half hour and do the
filing. They if they drag it out, you get more interest.  This usually gets your payment much earlier; they hate to pay interest.

John

Jim Jarvis wrote:

> There was an interesting thread starting regarding ARRL insurance,
> homeowners and auto coverage.  This is a tad afield, but may be worthwhile.
>
> I have an important message for you:  THINGS HAVE CHANGED SINCE YOU
> LAST CHECKED.
>
> Go to Google, and search on CLUE, Or Comprehensive Loss Underwriters
> Exchange.
> Look around a bit.
>
> Every insurance company knows every thing about you.
>
> I had a tower loss, up in VT last year.  Hurricane backwash blew an oak
> across a guyset.  It was a $5,000 claim, to remove the dangerous/hanging
> stuff, and rebuild/reinstall the antennas.  About two months later, a branch
> from a 150' high white pine came through the roof of my house, causing a
> major
> leak...an $8,000 claim before we were done.
>
> The result?  The insurance company which had had my car, homeowners, and
> excess liability insurance decided they didn't want to cover me, when I
> moved
> to Maryland.  Had them for 25 years.  Never a claim.  I now pay 4x more for
> car insurance...and the reason is?  "we see you had two insurance claims
> within
> the last three years".  but not on my car...."yes, well, that doesn't
> matter."
>
> Insurance companies are reeling from 911 losses, as well as stock market
> losses
> in invested premiums, over the past 4 years.  As a result, they are finding
> any
> and all reasons to eliminate potential claims.
>
> OH...and if you go to CLUE's website...you might notice that all sorts of
> information about you is for sale.  Try also looking on whitepages.com.
> Poke
> around a bit, and it will take you to another site....where your age is
> visible,
> and for 10, 30 or 60 bucks, you can obtain your credit history, driving
> record,
> list of outstanding judgements, etc.
>
> If you think about this a bit, it's scary.  What if your medical history
> were
> available, too?  What's keeping an insurance company from revealing that
> claims
> history?
>
> Back to the tower thread, does the ARRL insurance provide any liability
> coverage?
> If not, I STILL need to make sure my tower is covered under my homeowners
> policy.
>
> N2EA
> jimjarvis at ieee.org
>
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