New Insurance Co. Demanding 3 Liability Policies on One Property.

[cheyennein]

As my new Brooker who was an underwriter for 20 yrs explained to me, Here's where the problems come from.......Everything is run through computers which cannot decypher buildings from numbers from tress or rocks......Then one computer talks to another computer & spits out a rate.......Then, that's what you pay....No body sits down to look at a situation,....That takes time & they won't expend it....It also takes talent & they don't have it....As I was informed by someone very high up in the food chain in one of the biggest in the industry. They only have a limited need for underwriters.....There biggest need is for compewter programmers & paper pushers........Today everything is about making the shareholders happy & keeping the board quiet...........

 

[djs]

........Today everything is about making the shareholders happy & keeping the board quiet...........

True in any business.....

 

[cheyennein]

UPDATE......Well I've been expecting this, the Insurer that I got stuck with demanding 3 liability policies on 1 property just sent me 3 bills for cancellation....The bills total is 40% of what the annual rate would have been or 70% of the annual rate I'm paying now......Bear in mind I only had the policies for 13 days.......This is so laughable it's stupid........They are entitled to something , But not 40% I guess they figured they would just send the bills to the bank & get paid ***SURPRISE *** I can't wait to get a phone call.......

 

[Milkman1265]

was it a excess line policy?

i was under the impression that if its admitted, they can not charge a min. earn.

 

[cheyennein]

What is an excess line policy..........What does admitted mean...........The first post should explain the types of policies I had & now have....................

 

[Milkman1265]

What is an excess line policy..........What does admitted mean...........The first post should explain the types of policies I had & now have....................

Oh sorry, i thought you were an agent for a second.

Basically, some policies have a fee they take if you cancel early. No matter when. Usually its 25% + taxes and fees. So if your policy is 1000 + 100 tax, and you cancel the 2nd day, they take 250+100tax as a fee so you only get back 750.

Regular preferred insurance carriers in your state usually dont do that but refund the unused portion of the insurance pro rated or short rated depends on company.