CGWC Orlando Injury Attorney Blog
Orlando, Florida
Prepare For Hurricane Season - Sunday, May 31, 2009
Hurricane Season begins Monday and Floridians know from recent hurricane activity that you have to plan for the worst while hoping for the best. Proper planning before the hurricane season can save heartache and pain after a storm strikes.
Stock your home with emergency supplies including a 3-5 day supply of water and non-perishable food. Make sure you have an extra supply of prescription medications, baby supplies, or other items necessary to meet your family's medical needs. Battery operated flashlights, lamps, and radios will be needed when the storm shuts down power in the area, which often can last for days. Have a first aid kit on hand.
For more information on hurricane preparedness and to develop your own family plan for the season, visit the websites of the National Hurrican Center, the Federal Emergency Management Agency, the U.S. Department of Health and Human Services, and the Florida Division of Emergency Management.
After the storm, if your insurance company denies you coverage for damage to your home, car or personal property, call CGWC for a free consultation with our experienced insurance coverage attorneys about your legal rights.
Labels: Insurance and Consumer Rights
Choose The Right Insurance Coverage Carefully - Saturday, May 30, 2009
We've all been there. You are pestered for months by an insurance salesman for an appointment. Then, in a rushed meeting, knowing you need the insurance, you sign the last one or two pages of a lengthy application for the policy, after a half hour of mostly friendly banter, checkered with questions about your health or the number of cars you drive or the number of drivers in your household. The salesman completes the application during this seemingly social chat session, and you sign the last page without carefully reading over the whole document and the answers the salesman checked on the preprinted form. Then you bid the insurance salesman a friendly farewell and assume you've got the "full coverage" you needed.
A few months later, the worst happens. An auto accident that's not your fault. It turns out the other driver is uninsured. Medical bills are going into collection and you're out of work with no end in sight. You finally meet with a lawyer for help. And you learn, you don't have the right insurance to cover your accident - - uninsured motorist coverage -- which pays you when the other driver has no insurance. Or, you die unexpectedly, having thought that you had protected your family with life insurance. Your wife files a claim, and the insurance company investigates the application the salesman filled out and learns a question was answered incorrectly about your health history. The life insurance company denies your claim and returns to your wife only the premiums you paid. And you're not alive to tell anyone that you didn't fill out the application, the agent did.
Bottom line? Applying for insurance is serious business, perhaps one of the most serious meetings you'll ever have. And the insurance agent or broker is first and foremost a salesman, who wants your signature on the dotted line as fast as he can get it, so he can move on to the next prospect. READ YOUR APPLICATION CAREFULLY before signing ANY application for automobile insurance or life insurance. Insist that any errors, mis-statements or false statements be corrected. And make sure you haven't signed anything rejecting important coverage, like uninsured motorist coverage.
If your insurance company has denied a claim, you need an experienced insurance attorney to help you navigate the legal system to get the benefits you paid for. Call CGWC for a free consultation.
A few months later, the worst happens. An auto accident that's not your fault. It turns out the other driver is uninsured. Medical bills are going into collection and you're out of work with no end in sight. You finally meet with a lawyer for help. And you learn, you don't have the right insurance to cover your accident - - uninsured motorist coverage -- which pays you when the other driver has no insurance. Or, you die unexpectedly, having thought that you had protected your family with life insurance. Your wife files a claim, and the insurance company investigates the application the salesman filled out and learns a question was answered incorrectly about your health history. The life insurance company denies your claim and returns to your wife only the premiums you paid. And you're not alive to tell anyone that you didn't fill out the application, the agent did.
Bottom line? Applying for insurance is serious business, perhaps one of the most serious meetings you'll ever have. And the insurance agent or broker is first and foremost a salesman, who wants your signature on the dotted line as fast as he can get it, so he can move on to the next prospect. READ YOUR APPLICATION CAREFULLY before signing ANY application for automobile insurance or life insurance. Insist that any errors, mis-statements or false statements be corrected. And make sure you haven't signed anything rejecting important coverage, like uninsured motorist coverage.
If your insurance company has denied a claim, you need an experienced insurance attorney to help you navigate the legal system to get the benefits you paid for. Call CGWC for a free consultation.
Labels: Insurance and Consumer Rights
Punta Gorda Fires Destroy Homes And More - Sunday, March 29, 2009
A devastating brush fire ran out of control recently in Punta Gorda. Despite the best efforts of the fire department and its brave firefighters, the fire invaded residential areas severely damaging and destroying homes, cars, boats and more. And it destroyed not just material things, but countless family memories and heirlooms valuable more in what they meant to families than in their tangible worth.
At CGWC our experienced insurance attorneys are skilled at forcing reluctant homeowners insurance companies to pay families what they deserve when their homes and belongings are destroyed by fire or storm. If you've been the victim of a storm or fire, don't rely on the insurance company to treat you fairly. Get an attorney and make sure you're getting the insurance benefits you paid for. Contact CGWC to speak to one of our insurance attorneys.
Labels: Insurance and Consumer Rights
Insurance Attorney A Wolf In Sheep's Clothing - Friday, September 26, 2008
Recently, a Florida appeals court reversed a jury's verdict against an accident victim because the defendant's lawyer, hired by the defendant's insurance company to defend the case, misled the jury. Many people don't know that in Florida a state statute prohibits the lawyers and judges from telling the jury that defendants have insurance to cover the claim, and if so, the amount of insurance money available to settle the claim. Insurance companies lobbied for this statute many years ago. They hope that jurors will be hoodwinked into feeling sorry for defendants who have been sued and fooled intobelieving every defendant had no insurance. Of course, defendants are rarely uninsured since attorneys cannot afford to take cases against uninsured defendants on a contingency fee basis when they can't expect to collect on successful lawsuits.
In the recent Florida case, the defendant's attorney actually told the jury that he was a "consumer justice attorney". He even said he didn't represent "some fancy company or conglomerate". In fact, he was being paid by an insurance company. This lawyer purposefully tried to leave the jury with the impression that the defendant was uninsured and paying for his own defense, a consumer who was seeking justice. This was not the case at all. Indeed, this insurance paid lawyer was a wolf in sheep's clothing.
The fact is that almost all personal injury or wrongful death cases are brought against insured defendants. Companies or people who have paid for insurance to cover exactly the kind of claim that is being brought before the jury.
If you have questions about your claim, call CGWC for a free consultation.
In the recent Florida case, the defendant's attorney actually told the jury that he was a "consumer justice attorney". He even said he didn't represent "some fancy company or conglomerate". In fact, he was being paid by an insurance company. This lawyer purposefully tried to leave the jury with the impression that the defendant was uninsured and paying for his own defense, a consumer who was seeking justice. This was not the case at all. Indeed, this insurance paid lawyer was a wolf in sheep's clothing.
The fact is that almost all personal injury or wrongful death cases are brought against insured defendants. Companies or people who have paid for insurance to cover exactly the kind of claim that is being brought before the jury.
If you have questions about your claim, call CGWC for a free consultation.
Labels: Insurance and Consumer Rights
Fire Losses Often Disputed By Insurers - Saturday, May 17, 2008
Literally hundreds of homes have been damaged or destroyed by fire in the last several weeks in Central Florida. One hundred sixty (160) were damaged or destroyed in Palm Bay alone in Brevard County. Total losses there were estimated at over 9.5 million dollars.While you would think that it would be simple for your insurance company to come to the decision to pay you for your home if it burned to the ground, it is often just another opportunity for them to dispute the amount of your claim. Knowing that fire victims are desperate and scared, insurance claims adjusters and appraisers get set to do their job: save the insurance companies money. If you don't like what your homeowners' insurance company is telling you about your fire loss claim, call CGWC for a free consultation. Homeowners and fire insurance claims can often be handled on a contingent fee basis. In addition, the law often holds the insurance company responsible for your attorneys' fees.
Labels: Insurance and Consumer Rights
Business Group's Study Shows Tort Reform Laws Dont Work - Saturday, March 29, 2008
The pro-business think tank, Pacific Research Institute, recently released a report ranking the legal climates of all 50 states. According to an article in Insurance Journal, the study is intended for use by governors and state legislators in assessing their tort laws and their state's business climate. The study ranks states as saints, sinners, sucker, or salveables based on their supposed tort costs and litigation risks.In fact, this study proves that tort reform laws are a scam on consumers that don't make for better business climates and only harm consumers. American Association of Justice President, Jon Haber, says the rankings in the report show no correlation between tort reform and litigation costs. For example, the PRI study ranks Colorado as first in tort reform laws, but it is ranked eight in litigation costs. New Mexico is ranked 44th in tort reform laws but is sixth lowest in litigation costs. According to Jon Haber, tort reform laws are simply schemes by lobbyists funded by powerful insurance and big business interests to stack the deck against everyday Americans and avoid accountability in courtrooms, the only place where the playing field of justice is level.
When a legislator in your state touts a new tort reform idea, you can bet that only YOUR legal rights are restricted and that insurance companies and big business profit from it. Legislators who get their contributions from the big business lobby never seek to cap damages that a business can be awarded, for example. They only want to cap the damages a jury of YOUR peers can award YOU. Don't buy into the rhetoric of the big business lobby when they cite trumped up studies like this one. They're just trying to manipulate the public into supporting laws that allow them to escape legal responsibility. American civil justice is about personal, and corporate, responsibility. No one should be above the law. Especially at the expense of their dead or injured victims.
Labels: Insurance and Consumer Rights
The Good Hands People? - Friday, January 18, 2008
The Florida Insurance Commissioner suspended Allstate Insurance Company from selling new policies in Florida this week. Why? Because Allstate has refused to produce subpoenaed documents after it requested authority to hike consumers' insurance rates as much as 42%.The State of Florida wants to know why Allstate thinks such exorbitant rate hikes are necessary after years of massive profits and in a year when property insurers should be lowering rates.
Subpoenas issued by the Office of Insurance Regulation seek disclosure of the so-called McKinsey documents in which McKinsey & Company instructed Allstate how to systematically underpay claims starting in the mid-1990's. The content of these internal documents is so explosive that Allstate has ignored a fine of $ 25,000 per day in a similar Missouri case to avoid disclosure. Among those reports are documents that apparently reflect a scheme by Allstate to reduce rates by purposefully and systematically refusing to examine the validity of each individual claim.
The Florida Insurance Commissioner says these claims handling practices violate Florida's Unfair Insurance Trade Practices Act and are harmful to Florida's Allstate customers. Governor Crist says Florida Allstate customers should "fire Allstate" because they charge incredibly high rates, are withholding documents relevant to their claim to a rate hike entitlement and are behaving in a "beyond inappropriate" manner.
Are you in good hands?
Labels: Insurance and Consumer Rights
Allstate Has Record $ 5 Billion Profit - Friday, October 19, 2007
After the killer hurricane season of 2005, Allstate Insurance Company pulled back from insuring many risky areas, such as coastal homes and now expects to make record breaking profits in excess of $ 5 billion.Criticism from consumer groups has been harsh. The Consumer Federation of America says Allstate has reaped these profits by price-gouging. Even Alabama Senator Trent Lott has been critical of the company's self-interested policies and business strategy.
Allstate increased homeowners insurance premium rates by double digits during the two years after Hurricane Katrina. Big increases in premiums continue in coastal states. In some states, such as Florida, Allstate has simply refused to renew policies insuring some coastal homes, focusing on more risk free inland homes for the sake of profit, leaving some longtime customers without Allstate policies.
Yet, Allstate and other insurers have fought tooth and nail to not only protect this business strategy against intervention by state governments, but to also continue to battle to restrict the rights of policy holders by seeking insurance and "tort" reform that benefits their company but leaves consumers and state governments exposed to financial losses formerly borne by the insurance industry for profit. Reforms such as their fight to refuse to renew or extend automobile no-fault coverage in Florida which leaves hospital emergency rooms and taxpayers exposed to bear the loss of unpaid hospital bills of accident victims who have no health insurance. Are you really in good hands?
Labels: Insurance and Consumer Rights
Property Insurers Cheat Customers - Tuesday, September 04, 2007
According to a Bloomberg Report, thousands of complaints filed with state insurance departments and court records show that insurance companies pay only 30-60% of what it costs to rebuild homes following catastrophes like fires, hurricanes and tornadoes. These insurance companies do this after having assured homeowners before the disasters that they were fully covered. These insurance companies then make record profits by paying out less to their customers, victims of natural disasters.During the past dozen years, property and casualty insurance company profits have soared. This is true even after the worst natural disaster in U.S. history, Hurricane Katrina. Those insurance companies posted their highest profits ever in 2006, about $ 73 billion. There are about 60 million homeowners in America who pay about $ 50 billion in homeowners insurance premiums annually. Property insurers routinely and methodically deny and reduce homeowners claims in the wake of these natural catastrophes, heaping profits onto their bottom lines. They regularly refuse to pay market prices for homes, routinely decline to pay replacement cost of the homes' contents, change or ignore engineering reports, change policy coverages, and even ask their adjusters to lie to customers.
Labels: Insurance and Consumer Rights
8.6 Million Dollar Verdict Against State Farm - Sunday, June 03, 2007
According to The Consumerist, a consumer advice website, State Farm is not such a good neighbor to its customers. Recently, in Kansas, a jury returned a verdict of 8.6 million dollars for malicious prosecution and intentional infliction of emotional distress against State Farm and in favor of their customer, Jeannie Hampton. It all started when Ms. Hamptons Toyota was stolen and later found burned to a total loss on a rural road.
Two separate law enforcement authorities investigated and concluded that Ms. Hampton was not involved in the arson and theft. And what did the good neighbor do? They not only refused to pay for the Toyota, but they conducted their own internal investigation and concluded that Ms. Hampton was guilty of insurance fraud. They then threatened her with criminal prosecution when she filed her lawsuit for breach of contract. State Farm turned over its investigative information to the National Insurance Crime Bureau who convinced prosecutors to bring criminal charges of insurance fraud, a felony, against Ms. Hampton. Later, it was determined that the information provided to the NICB was a bit tainted. State Farm had threatened one witness to solicit perjury, concealed and disregarded exculpatory evidence, and directed the conclusions of their mechanical expert. In the criminal trial, Ms. Hampton was acquitted.
Ms. Hampton then proceed to trial on her breach of contract claim and also brought suit for malicious prosecution and intentional infliction of emotional distress. Including punitive damages, the verdict in their favor in the civil case was over 8.6 Million dollars.
Labels: Insurance and Consumer Rights
Insurers Dupe Florida Doctors - Wednesday, May 16, 2007
Florida doctors who often complain about the expense of medical malpractice insurance actually had an average claims payment significantly below the national average last year according to new data from the Kaiser Family Foundation. The average payment in Florida was $ 241,800, well below the national average of $ 308,600. Payments in 33 states were higher than Florida. Illinois' $ 629,100 was the highest. View the full report for all the details.
The data comes from the National Practitioner Data Bank, a federal registry of medical malpractice claims paid on behalf of physicians and other health care providers. Insurance companies paid a total of $ 198.7 million arising from 822 claims in Florida last year. That is 14.6 claims per 1,000 doctors. Hardly a "litigation crisis."
These numbers come as no surprise to CGWC attorney, Ron Gilbert. The cap imposed the Florida Legislature in 2003 on damages in medical malpractice cases has reduced the potential exposure of doctors and insurance companies to verdicts hight enough to truly compensate victims of medical negligence. Naturally, the amount of the average claims payment will decrease when the potential outcome is limited by law.
This report would suggest that doctors' insurance premiums should be lower. But that hasn't happened. And it is unlikely to happen. Mr. Gilbert believes that the record profits of medical malpractice insurers should be investigated. The insurance industry continues to blame the fictional "lawsuit crisis" for high malpractice premiums. The real culprit has been and remains the greed of the medical malpractice insurers who charge exorbitant premiums while the average payment and quantity of medical malpractice claims decrease due to legislated restrictions on the patients' legal rights.
Labels: Insurance and Consumer Rights
Florida Homeowners Duped By Insurance Industry - Monday, April 23, 2007
Big insurance companies are fighting homeowners insurance reform in legislative sessions in Tallahassee claiming they can't afford to write policies for Florida properties. But Florida homeowners, as well as legislators, have good reason to feel duped.
According to ISO, a New Jersey risk information service, the net income of insurers rose from 44.2 Billion Dollars in 2005 to 63.7 Billion Dollars in 2006. Insurance companies respond that this increase is due both to growth in premiums and a decrease in losses. They claim total premiums increased 18.3 Billion Dollars in 2006 to a total of 443.8 Billion Dollars.
And where do the increased premiums come from? Likely, high growth states like Florida, where homeowners insurance rates have skyrocketed in receent years. Legislators and homeowners have ample basis for believing insurance companies are "profiteering" when they are raking in these kinds of profits.
If a homeowner has a dispute with their homeowners' insurance company, they should hire an attorney with the resources, experience, and knowledge to fight and win in court. Colling Gilbert Wright & Carter handles all kinds of insurance disputes all over Florida. If you have questions about any kind of insurance dispute, call or email for a free consultation.
According to ISO, a New Jersey risk information service, the net income of insurers rose from 44.2 Billion Dollars in 2005 to 63.7 Billion Dollars in 2006. Insurance companies respond that this increase is due both to growth in premiums and a decrease in losses. They claim total premiums increased 18.3 Billion Dollars in 2006 to a total of 443.8 Billion Dollars.
And where do the increased premiums come from? Likely, high growth states like Florida, where homeowners insurance rates have skyrocketed in receent years. Legislators and homeowners have ample basis for believing insurance companies are "profiteering" when they are raking in these kinds of profits.
If a homeowner has a dispute with their homeowners' insurance company, they should hire an attorney with the resources, experience, and knowledge to fight and win in court. Colling Gilbert Wright & Carter handles all kinds of insurance disputes all over Florida. If you have questions about any kind of insurance dispute, call or email for a free consultation.
Labels: Insurance and Consumer Rights
Auto Insurers Play Hardball - Wednesday, February 14, 2007
According to an investigative report by CNN, auto insurers play hardball in defending minor automobile accident claims, regardless of the severity of the injuries claimed and even if the accident was clearly the fault of their policyholder.
CNN reviewed more than 6,000 documents and court records and interviewed former insurance company employees and accident victims to find that the message from auto insurers is crystal clear in so-called MIST (minor impact soft tissue injury) cases. If you challenge them, you will be left with no option but to go to court and they will drag you through the wringer. In an affidavit in a New Mexico lawsuit, one of the insurance companies' former employees testified that the strategy is to drive lawyers out of these cases by making the process so time-consuming and so expensive, that lawyers will start choosing to turn such clients away.
While the insurance companies are engaged in an orchestrated effort to make it appear to the public that the victims are trying to defraud insurers, CNN says it is profit, not fraud, that motivates insurers to play hardball on these cases. According to former Allstate and State Farm employee Jim Mathis, "The profits are good, and as long as the community, the public, allows this to occur, the insurance companies will get richer and people...will not get a fair and reasonable settlement."
Trials are risky business and many many completely legitimate MIST claims are lost at trial as a result of these hardball tactics. Make sure your attorney has experience taking cases to trial and a reputation that the insurance companies must consider when evaluating your claim.
CNN reviewed more than 6,000 documents and court records and interviewed former insurance company employees and accident victims to find that the message from auto insurers is crystal clear in so-called MIST (minor impact soft tissue injury) cases. If you challenge them, you will be left with no option but to go to court and they will drag you through the wringer. In an affidavit in a New Mexico lawsuit, one of the insurance companies' former employees testified that the strategy is to drive lawyers out of these cases by making the process so time-consuming and so expensive, that lawyers will start choosing to turn such clients away.
While the insurance companies are engaged in an orchestrated effort to make it appear to the public that the victims are trying to defraud insurers, CNN says it is profit, not fraud, that motivates insurers to play hardball on these cases. According to former Allstate and State Farm employee Jim Mathis, "The profits are good, and as long as the community, the public, allows this to occur, the insurance companies will get richer and people...will not get a fair and reasonable settlement."
Trials are risky business and many many completely legitimate MIST claims are lost at trial as a result of these hardball tactics. Make sure your attorney has experience taking cases to trial and a reputation that the insurance companies must consider when evaluating your claim.
Tornadoes Damage 1,500 Central Florida Homes - Sunday, February 04, 2007
The fierce Groundhog Day Tornado Storm that so quickly struck parts of Central Florida, particularly in Lake, Sumter and Volusian Counties, damaged or destroyed approximately 1,500 homes. The Villages, Lady Lake, and Deland, among other Central Florida towns sustained major damage to property, as well as, tragically, loss of life.
While the total damage estimate has not yet been tallied, damage estimates from Volusion County are $ 80 million with approximately 500 damaged properties. Lake County officials estimate about $ 10 million in property damage to about 100 homes. These damage estimates are preliminary and probably cover only about half the property damage done by this unforgettable and unforgivable Groundhog Day Tornado storm.
Sadly, many lost their lives. Officials in communities with fabricated homes and trailer parks should reconsider utilizing emergency tornado alarm warning systems for those vulnerable areas. Property wouldn't be saved, but lives might be.
Despite history making record profits, it is unfortunately predictable that homeowners insurance companies providing coverage for the damaged homes will not live up to their contract obligations to pay victims of these storms. Colling Gilbert Wright & Carter handle all types of insurance disputes, including storm damage disputes with homeowners insurance carriers. Often, if disputes lead to litigation, the homeowner is entitled to have the insurance company pay his/her attorneys' fees.
Insurance contracts are among the most complex of legal agreements in American society, and experienced legal counsel is necessary to assure homeowners reap the benefits of the insurance coverage they paid for when Mother Nature strikes. Remember, the insurance companies look at the big picture, that they are looking at over $ 100 million in property damage losses they are obligated to pay!! So, they set out, in the beginning, to save their company and shareholders money when they begin receiving claims. These insurance companies employe fulltime professionals, and homeowners need to know that experienced and skilled insurance dispute attorneys are their best source of professional help.
While the total damage estimate has not yet been tallied, damage estimates from Volusion County are $ 80 million with approximately 500 damaged properties. Lake County officials estimate about $ 10 million in property damage to about 100 homes. These damage estimates are preliminary and probably cover only about half the property damage done by this unforgettable and unforgivable Groundhog Day Tornado storm.
Sadly, many lost their lives. Officials in communities with fabricated homes and trailer parks should reconsider utilizing emergency tornado alarm warning systems for those vulnerable areas. Property wouldn't be saved, but lives might be.
Despite history making record profits, it is unfortunately predictable that homeowners insurance companies providing coverage for the damaged homes will not live up to their contract obligations to pay victims of these storms. Colling Gilbert Wright & Carter handle all types of insurance disputes, including storm damage disputes with homeowners insurance carriers. Often, if disputes lead to litigation, the homeowner is entitled to have the insurance company pay his/her attorneys' fees.
Insurance contracts are among the most complex of legal agreements in American society, and experienced legal counsel is necessary to assure homeowners reap the benefits of the insurance coverage they paid for when Mother Nature strikes. Remember, the insurance companies look at the big picture, that they are looking at over $ 100 million in property damage losses they are obligated to pay!! So, they set out, in the beginning, to save their company and shareholders money when they begin receiving claims. These insurance companies employe fulltime professionals, and homeowners need to know that experienced and skilled insurance dispute attorneys are their best source of professional help.
Labels: Insurance and Consumer Rights
Insurance Companies Gouging Consumers? - Wednesday, January 31, 2007
More and more, critics of the insurance industry are saying that insurers are gouging consumers while running away from increased risks along America's coastline. This has been evident in Tallahasee this legistlative session as Governor Crist and the largely Republican, and historic insurance industry allied, legislature wrestle with how to force insurance carriers to deal more even-handedly with Florida consumers.
Fueling this firestorm, Allstate Insurance Company, the second largest writer of personal lines policies in America (State Farm is the largest), just reported that its fourth quarter profits in 2006 rose 17% to a record of $ 1.21 Billion.
Fueling this firestorm, Allstate Insurance Company, the second largest writer of personal lines policies in America (State Farm is the largest), just reported that its fourth quarter profits in 2006 rose 17% to a record of $ 1.21 Billion.
Labels: Insurance and Consumer Rights
State Farm Sues Florida Hospital - Thursday, January 25, 2007
Florida's largest automobile insurer, State Farm, has sued the state's largest hospital corporation, Florida Hospital, alleging excessive and unreasonable billing to automobile accident victims. The suit claims Florida Hospital marks up its charges by 225% to 1000% to automobile accident victims, causing State Farm to pay excessive medical charges for its policyholders under its autmobile no-fault coverage required in Florida, which for many years has required companies to issue policies with $ 10,000 in coverage for medical bills and lost wages caused by auto accidents.
The real story behind this headline is the war that some insurers will be waging this year over the sunset, or expiration, of the no fault law. State Farm does not want this law renewed and wants injured victims to be required to rely on their own health insurance or the liability coverage of the driver at fault. The problem with that is that a huge percentage of drivers carry little or no liability insurance, and many citizens of Florida have no health insurance coverage or poor coverage. This could leave the taxpayers and Medicaid system footing the bill for large numbers of accident victims. Another story behind this headline is that hospitals are coming under increasing attack nationwide for charging uninsured patients far more than they charge the insurance companies who insure those fortunate enough to have health insurance.
State Farm insures 3 million cars in Florida. Florida Hospital is the state's largest hospital chain and runs approximately 30 facilites statewide. The public should follow this battle of the gargantuan and politically powerful companies closely. If the no fault law is allowed to expire, the legislature must require all drivers to carry certain minimum levels of liability insurance coverage and mandatory uninsured or underinsured motorist coverage to protect the citizens of Florida and the public from injuries caused by uninsured or underinsured drivers.
The real story behind this headline is the war that some insurers will be waging this year over the sunset, or expiration, of the no fault law. State Farm does not want this law renewed and wants injured victims to be required to rely on their own health insurance or the liability coverage of the driver at fault. The problem with that is that a huge percentage of drivers carry little or no liability insurance, and many citizens of Florida have no health insurance coverage or poor coverage. This could leave the taxpayers and Medicaid system footing the bill for large numbers of accident victims. Another story behind this headline is that hospitals are coming under increasing attack nationwide for charging uninsured patients far more than they charge the insurance companies who insure those fortunate enough to have health insurance.
State Farm insures 3 million cars in Florida. Florida Hospital is the state's largest hospital chain and runs approximately 30 facilites statewide. The public should follow this battle of the gargantuan and politically powerful companies closely. If the no fault law is allowed to expire, the legislature must require all drivers to carry certain minimum levels of liability insurance coverage and mandatory uninsured or underinsured motorist coverage to protect the citizens of Florida and the public from injuries caused by uninsured or underinsured drivers.
Labels: Insurance and Consumer Rights
Insurance Industry Rakes in Record Profits Again In 2006 - Sunday, December 10, 2006
According to the Center for Justice & Demcracy recent data shows that the insurance industry will reap record profits in 2006 again, far exceeding the near record 43 billion dollars in profits in 2005. The profits in 2005 broke records despite the economic devastation of Hurrican Katrina on the Gulf Coast. The trend of high profitability applies to all lines of coverage, including automobile insurance where motorists are paying historically high premiums despite lower payouts by insurers.Nationally, the property and casualty insurance industry, which includes automobile insurance companies, is expected to report record net income of $ 60 Billion in 2006. According to theCenter for Justice & Democracy, consumers continue to suffer with oppressive premiums while the insurance industry rakes in record profits on the backs of its policyholders, even on the heels of the worst national disaster in U.S. history, Hurricane Katrina.
Labels: Insurance and Consumer Rights
Record Profits For Insurance Industry - Monday, October 16, 2006
The Insurance Information Institute is reporting that insurance companies expect record profits that may reach $ 60 Billion in 2006. Strong investment returns and higher premiums charged especially along the coasts have combined to make it a record-breaking year for profits. The insurers also had high profits on liability insurance like automobile, workers' compensation, and general liability insurance.These record profits follow a 2005 that brought payouts of $ 61 Billion for hurricane and storm damage, including Katrina's devastating damage to the Gulf Coast. But even with 2005 being one of the worst years for natural disasters in recorded U.S. history, the year was a good one for insurance companies who made $ 43 Billion in profits with good investment results, profits on liability insurance premiums, and declining claims under homeowners' policies on homes away from coastlines.
Labels: Insurance and Consumer Rights
The Real Reason For Insurance Rate Hikes - Saturday, September 30, 2006
The so-called insurance crises, such as the medical malpractice crisis, have been blamed on continually rising premiums due to runaway jury verdicts and awards to the injured. But the American Medical Association (AMA) surveys of self-employed physicians from 1970 to 2000 indicate that insurance premiums rose until 1986, then declined until 1996, rose thereafter, but were lower in 2000 than in 1986. There is no evidence that links the rise in premiums to an increase in payment of medical malpractice claims.There is, however, evidence that supports a link between investment results by the insurance companies and the premiums they charge their physician customers. A report of this comprehensive survey may be found at 25 Health Affairs 750 (2006).
For more information from this journal visit the website at http://www.healthaffairs.org/. Additional information may also be found at www.AMA-assn.org.
The same must be true for automobile insurance rates, homeowners insurance rates, etc. Insurance companies increase their rates primarily to make up for investment losses. Not to make up for casualty losses that they predict before they ever set their premium price or sell a policy. After all, insurance companies are in the business of accurately calculating their worst potential losses, and they do this based on decades of industry and national statistics. Before they ever issue a policy, they know where to set the premium price to assure a profit. What they don't know, is how their investments of those premium dollars are going to perform.
So don't buy the insurance companies' cries of "wolf!" that always translate into taking away more of your legal rights.
Labels: Insurance and Consumer Rights
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