Podcasts about policyholders

You might be surprised to learn that most Americans are satisfied with their healthcare insurance. But the rest are more than a little dissatisfied.A vocal minority of health insurance policyholders are frustrated with their insurers for any number of legitimate reasons. If you're in this group, you don't want to miss today's show. Lauren Gajdek joins us with details about an efficient, affordable alternative to health insurance.Lauren Gajdek is the Vice President of Communications and Media at Christian Healthcare Ministries (CHM), an underwriter of Faith & Finance. Why Are People Frustrated with Traditional Health Insurance?Healthcare is a significant concern for many families, especially as costs continue to rise. Christian Healthcare Ministries (CHM) offers an alternative rooted in faith and community support for those who feel frustrated with traditional health insurance. Some of the most common frustrations they see are:Complicated Policies—Many insurance plans have intricate rules and coverage limitations, making it difficult to understand what is actually covered. Lack of Pricing Transparency—Patients often have no idea what they are being charged for healthcare services, which leads to higher costs that insurance companies pass along to policyholders. High Deductibles—It's not uncommon to see deductibles of $5,000, $10,000, or even $15,000, leaving families struggling to afford necessary care.At CHM, transparency is a priority. Members clearly understand what will be shared, making healthcare costs more predictable and manageable.A recent Kaiser Family Foundation survey found that most Americans rate their health insurance as "good" or even "excellent." However, people generally seem to be pretty happy with their insurance—if they haven't had to use it. Many individuals benefit from government subsidies or employer-sponsored plans, but satisfaction drops significantly when it comes time to submit claims and navigate the system. The more people engage with their insurance provider, the more dissatisfied they tend to become.How Does Medical Cost Sharing Work?CHM stands apart as an alternative to health insurance. Since their founding in 1981, they have shared nearly $12 billion in medical bills for its members. People are looking for something that aligns with their faith and upholds their values, and that's where CHM steps in.With over 40 years of experience, CHM provides a trusted solution for Christians who want a healthcare option that reflects their beliefs.Unlike traditional insurance, CHM is a healthcare cost-sharing ministry. Members are considered self-pay, meaning they pay medical providers directly, but CHM shares 100% of qualifying medical bills based on established guidelines.Key features of CHM include:Flexible Program Options—Monthly contributions range from $98 to $255 per person, allowing families to tailor their plans to their needs and budget. No Network Restrictions—Members can choose their own providers and are not limited to specific hospitals or doctors. Community of Support—Members help bear one another's burdens, fulfilling a biblical model of care and stewardship.While the concept may initially seem unfamiliar, CHM's long track record of faithfulness and financial stewardship reassures members that their medical needs will be met.A Faith-Based Healthcare AlternativeFor many believers, CHM has proven to be a perfect fit, providing financial relief and peace of mind. To learn more about how medical cost-sharing could benefit your family, visit chministries.org/faith.If you've felt burdened by the complexities of traditional insurance, CHM may be the blessing you've been looking for.On Today's Program, Rob Answers Listener Questions:I'm trying to find out if there is anything available, like a lower-interest loan, to help me pay off my credit card debt. I have about $45,000 in debt, and I'm okay with paying it down, but I'd like to find a lower interest rate than the 14% I'm currently paying.My husband and I are both 77 years old, and I'm totally blind and he has several health problems. We'd like to set up an irrevocable trust to avoid probate when one of us passes away, but we don't have a lot of money. I'm not sure how to go about getting an elder law attorney to help us with this.I'm wondering if I should consider purchasing a long-term care insurance policy. I'm 77 years old, and I know that the majority of Americans over 65 will need some form of long-term care, which can be very expensive. I'm trying to figure out if getting a long-term care policy makes sense for my situation.I'm retiring soon and have a lump sum of money from my company's retirement plan. I don't want to take the lump sum and have 20% withheld in taxes. Instead, I'd like to roll the money over into a CD or similar safe investment where it can grow, but my company doesn't allow that. I'm not comfortable investing in stocks, so I'm looking for a way to keep the money safe and growing.Resources Mentioned:Faithful Steward: FaithFi's New Quarterly MagazineChristian Healthcare Ministries (CHM)Christian Credit CounselorsBankrate.com Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money (Pre-Order)Look At The Sparrows: A 21-Day Devotional on Financial Fear and AnxietyRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

In episode 59 of Venture Everywhere is hosted by Scott Harley, Co-founder and Managing Partner of Everywhere VC, chats with Arianna Armelli, founder and CEO of Dorothy, a startup revolutionizing disaster recovery by streamlining post-disaster navigation for policyholders. Arianna shares how her background in urban planning and firsthand experience with disaster response inefficiencies inspired her to launch Dorothy. Arianna also discusses the company's pivot to advocating for homeowners in disputes and explains how AI and automation are driving a more proactive and accessible approach to disaster recovery.In this episode, you will hear:Dorothy's shift on enhancing public adjusters' roles to secure fair homeowner settlements.How delayed insurance payouts create financial hardship for homeowners.Policyholders' challenges in understanding coverage and resolving claim disputes.Community-led efforts can sometimes be more effective than government response.Conflict between fair settlements for policyholders and insurers' profit motives.Learn more about Arianna Armelli | DorothyLinkedin: https://www.linkedin.com/in/ariannaarmelli/Website: https://www.hidorothy.com/Learn more about Scott Hartley | Everywhere VCLinkedin: https://www.linkedin.com/in/scotthartley/ Website: https://everywhere.vc/

Sachin Govender, Managing Director at Fulcrum Premium Finance, unpacks the concept of premium financing, a solution that offers structured payment methods for annual insurance premiums. He explains its wide-ranging benefits for policyholders, brokers, underwriters, and insurers, such as improved cash flow, reduced administrative burdens, and faster premium collection. Govender highlights the growing demand in sectors like heavy commercial vehicles, where high premiums necessitate financing options. He emphasises Fulcrum's quick approval process, with quotes delivered in under a day, and a customer-focused approach, enabling clients to optimise their cash flow while brokers enhance their value proposition through flexible payment options. 

What's in the Hamas-Israel ceasefire and hostage release deal? Insurers' rule change puts California homeowners on the hook for LA fire. Fire destroyed livelihoods of gardeners, nannies, housekeepers in hours.

In this episode, we explore some of the current talking points for policyholders in the energy sector which were explored at a session we co-hosted with Airmic (the UK association of Insurance and Risk) at the Onshore Energy Conference in London in November 2024: • LEG clauses – which we cover in detail in Episode 1 of Insurance Bites https://soundcloud.com/herbert-smith-freehills/insurance-bites-ep1 • A recently certified competition case – Spottiswoode v Nexans France SAS & others [2024] CAT 31 • The first case on section 11 of the Insurance Act - MOK Petro Energy FZC v Argo [2024] EWHC 1935 (Comm) • PFAS or "forever chemicals"

Starting July 1, 2026, Ontario will change auto insurance policies, making benefits like income replacement optional. Policyholders must actively choose these coverages to maintain protection, impacting all drivers. Click here to contact Pace Law to get support to navigate these changes and ensure adequate coverage. Pace Law Firm City: Toronto Address: 191 The West Mall Website: https://pacelawfirm.com Phone: +1 844 943-2983 Email: info@pacelawfirm.com

In this episode, we dive into the recent exit of Sublimity Insurance from the Oregon market, a change affecting homeowners and drivers alike. We'll explore why Sublimity decided to leave, what it means for policyholders across the state, and what options are available for those impacted by this shift. Tune in to get the inside scoop on how you can navigate this transition, protect your assets, and find a reliable insurance provider in these uncertain times. If you're feeling the impact of a hard insurance market in Oregon, this episode is for you. www.bancorpinsurance.com

Future partnerships between insurers and policyholders aim to improve mutual understanding and create comprehensive cyber coverage, enhancing protection against evolving threats. In this clip, Elizabeth Blosfield talks with … Read More » The post Insurers and Policyholders Collaborate for Enhanced Cybersecurity appeared first on Insurance Journal TV.

Future partnerships between insurers and policyholders aim to improve mutual understanding and create comprehensive cyber coverage, enhancing protection against evolving threats. In this clip, Elizabeth Blosfield talks with … Read More » The post Insurers and Policyholders Collaborate for Enhanced Cybersecurity appeared first on Insurance Journal TV.

Future partnerships between insurers and policyholders aim to improve mutual understanding and create comprehensive cyber coverage, enhancing protection against evolving threats. In this clip, Elizabeth Blosfield talks with … Read More » The post Insurers and Policyholders Collaborate for Enhanced Cybersecurity appeared first on Insurance Journal TV.

Today on “Don't Take No for an Answer,” hosts Lynda A, Bennett and Eric Jesse discuss what they see as an increase in insurers acting in bad faith trying to avoid their coverage obligations, with more roadblocks, more requests for perfect information, and more entrenched positions than ever before, and insurers trying to abandon their insureds even when there is a meaningful settlement opportunity to resolve the underlying case. They explain the covenant of good faith and fair dealing, the importance of choice of law, and how policyholders can protect themselves, particularly regarding the appointment and management of panel defense counsel, and in determining who has the ultimate authority to settle a case. Speakers: Lynda A. Bennett, Partner and Chair, Insurance RecoveryEric Jesse, Partner, Insurance Recovery

Every American who has a mortgage is required by their bank to have homeowners insurance, but getting it and keeping it is becoming a challenge. In this episode, hear the highlights of a Senate hearing examining the problems in the homeowners insurance market and why they might lead to much bigger problems next time disaster strikes. Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via Support Congressional Dish via (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: Please make checks payable to Congressional Dish Thank you for supporting truly independent media! Background Sources Effects of Climate on Insurance Christopher Flavelle and Mira Rojanasakul. May 13, 2024. The New York Times. Chris Van Hollen et al. September 7, 2023. Chris Van Hollen, U.S. Senator for Maryland. Alice C. Hill. August 17, 2023. Council on Foreign Relations. Insurance Information Institute. Antonio Grimaldi et al. November 19, 2020. McKinsey & Company. Lobbying OpenSecrets. OpenSecrets. OpenSecrets. Heritage Foundation SourceWatch. Demotech William Rabb. April 15, 2024. Insurance Journal. Parinitha Sastry et al. December 2023. Fannie Mae Adam Hayes. May 17, 2023. Investopedia. Hurricanes National Oceanic and Atmospheric Administration. National Oceanic and Atmospheric Administration. Audio Sources Senate Committee on the Budget June 5, 2024 Witnesses: Glen Mulready, Insurance Commissioner, State of Oklahoma Rade Musulin, Principal, Finity Consulting Dr. Ishita Sen, Assistant Professor of Finance, Harvard Business School Deborah Wood, Florida Resident , Research Fellow, Heritage Foundation's Grover Hermann Center for the Federal Budget Clips 23:05 Sen. Sheldon Whitehouse (D-RI): In 2022 and 2023, more than a dozen insurance companies left the Florida residential market, including national insurers like Farmers. Residents fled to Citizens Property Insurance, the state backed insurer of last resort, which ballooned from a 4% market share in 2019 to as much as 17% last year. If it has to pay out claims that exceed its reserves, citizens can levy a surcharge on Florida insurance policy holders across the state. Good luck with that. Particularly if the surcharge grows to hundreds or even thousands of dollars to depopulate its books. Citizens has let private insurers cherry pick out its least risk policies. Those private insurers may have problems of their own, as we will hear today. 25:10 Sen. Sheldon Whitehouse (D-RI): The federal budget takes a hit because these insurers and their policies are accepted by Freddie Mac and Fannie Mae, who either own or guarantee a large part of our $12 trillion mortgage market. This all sounds eerily reminiscent of the run-up to the mortgage meltdown of 2008, including a role of potentially captive or not fully responsible rating agencies. 25:45 Sen. Sheldon Whitehouse (D-RI): Florida is far from alone. A New York Times investigation found that the insurance industry lost money on homeowners coverage in 18 states last year, and the states may surprise you. The list includes Illinois, Michigan, Utah, Washington, and Iowa. Insurers in Iowa lost money each of the last four years. This is a signal that hurricanes and earthquakes, once the most prevalent perils, are being rivaled by hail, windstorms, and wildfires. 28:00 Sen. Sheldon Whitehouse (D-RI): This isn't all that complicated. Climate risk makes things uninsurable. No insurance makes things unmortgageable. No mortgages crashes the property markets. Crashed property markets trash the economy. It all begins with climate risk, and a major party pretending that climate risk isn't real imperils our federal budget and millions of Americans all across the country. 33:45 Sen. Chuck Grassley (R-IA): Insurance premiums are far too high across the board and may increase after the recent storms, including those very storms in my state of Iowa. Climate change isn't the primary driver of insurance rate hikes and collapse of the insurance industry isn't imminent. Although I'll have to say, Iowa had six property and casualty companies pull out of insuring Iowans. Climate change doesn't explain why auto insurance premiums in 2024 have increased by a whopping 20% year over year. It also doesn't account for the consistent failure of liberal cities to fight crime, which has raised insurance risk and even caused insurers to deny coverage. Expensive liberal policies, not climate change, are much to blame for these market dynamics. 39:00 Sen. Sheldon Whitehouse (D-RI): The first witness is Rade Musulin. Rade is an actuary with 45 years of experience in insurance, specializing in property pricing, natural perils, reinsurance, agriculture, catastrophe, risk modeling, public policy development, and climate risk. Specifically, he spent many years working in Florida, including as chair of the Florida Hurricane Catastrophe Fund Advisory Council during the time in which Citizens Property Insurance Corporation was established. 39:35 Sen. Sheldon Whitehouse (D-RI): Our second witness is Dr. Ishida Sen. Dr. Sen is an Assistant Professor at Harvard Business School. Her recent research examines the pricing of property insurance and the interactions between insurance and mortgage markets. This includes the role that institutions and the regulatory landscape play and the broader consequences for real estate markets, climate adaptation, and our overall financial stability. 40:00 Sen. Sheldon Whitehouse (D-RI): Our third witness is Deb Wood. Ms. Wood and her husband Dan McGrath are both retired Floridians. They moved to South Florida in 1979 and lived in Broward County, which includes Fort Lauderdale for 43 years until skyrocketing insurance premiums became too much. They now reside in Tallahassee, Florida. 40:35 Sen. Chuck Grassley (R-IA): Dr. EJ Antoni is a Research Fellow at the Heritage Foundation Grover M. Hermann Center for the Federal Budget. His research focuses on fiscal and monetary policy, and he previously was an economist at the Texas Public Policy Foundation. Antoni earned his Master's degree and Doctor's degree in Economics from Northern Illinois University. 41:10 Sen. Chuck Grassley (R-IA): Commissioner Glen Mulready has served as Oklahoma's 13th Insurance Commissioner and was first elected to this position in 2019. Commissioner Mulready started his insurance career as a broker in 1984, and also served in the Oklahoma State House of Representatives. 42:15 Rade Musulin: Okay. My name is Ray Muslin. I'm an actuary who has extensive experience in natural hazard risks and funding arrangements for the damage and loss they cause. I've worked with many public sector entities on policy responses to the challenges of affordability, availability of insurance, and community resilience. This work included participating in Florida's response to Hurricane Andrew, which included the creation of the Florida Hurricane Catastrophe Fund and Citizens Property Insurance Corporation. The Cat Fund and Citizens can access different forms of funding than traditional insurance companies. Instead of holding sufficient capital or reinsurance before an event to cover the cost of potential losses, both entities use public sources of capital to reduce upfront costs by partially funding losses post-event through bonding and assessments. All property casualty insurance policy holders, whether in Citizens or not, are subject to its assessments. While the Cat Fund can also assess almost all policies, including automobile, this approach exposes Floridians to debt and repayment if large losses occur, and it subsidizes high risk policies from the entire population. These pools, others like them in other states, and the NFIP have contributed to rapid development in high risk areas driving higher costs in the long run. In Florida, national insurers have reduced their exposure as a significant proportion of the insurance market has moved to Citizens or smaller insurers with limited capital that are heavily dependent on external reinsurance. To date, Florida's system has been successful in meeting its claims obligations, while improvements in building codes have reduced loss exposure. However, for a variety of reasons, including exposure to hurricanes, claims cost inflation, and litigation, Florida's insurance premiums are the highest in the nation, causing significant affordability stress for consumers. According to market research from Bankrate, the average premium for a $300,000 home in Florida is three times the national average, with some areas five times the national average. A major hurricane hitting a densely populated area like Miami could trigger large and long lasting post-event assessments or even exceed the system's funding capacity. Continued rapid exposure growth and more extreme hurricane losses amplified by climate change will cause increasing stress on the nation's insurance system, which may be felt through solvency issues, non-renewals, growth of government pools, and affordability pressure. 44:55 Rade Musulin: Evidence of increasing risk abounds, including Hurricane Otis in 2023, which rapidly intensified from a tropical storm to a cat. five hurricane and devastated Acapulco in Mexico last summer. Water temperatures off Florida exceeded a hundred degrees Fahrenheit last week. As was alluded to earlier, NOAA forecast an extremely active hurricane season for '24. We've seen losses in the Mid-Atlantic from Sandy, record flooding from Harvey, and extreme devastation from Maria, among others. In coming decades, we must prepare for the possibility of more extreme hurricanes and coastal flooding from Texas to New England. 46:50 Dr. Ishita Sen: Good morning Senators. I am Ishita Sen, Assistant Professor at Harvard Business School and my research studies insurance markets. In recent work with co-authors at Columbia University and the Federal Reserve Board, I examine how climate risk creates fiscal and potentially financial instability because of miscalibrated insurer screening standards and repercussions to mortgage markets. 47:15 Dr. Ishita Sen: Insurance is critical to the housing market. Property insurers help households rebuild after disasters by preserving collateral values and reducing the likelihood that a borrower defaults. Insurance directly reduces the risks for mortgage lenders and the Government-Sponsored Enterprises (GSEs) such as Fannie Mae and Freddie Mac Mortgage Lenders therefore require property insurance and the GSEs only purchase mortgages backed by insurers who meet minimum financial strength ratings, which measure insurer solvency and ability to pay claims. The GSEs accept three main rating agencies AM Best, S & P and, more recently, Demotech. And to provide an example, Fannie Mae requires insurers to have at least a B rating from AM Best, or at least an A rating from Demo Tech to accept a mortgage. Now, despite having this policy in place, we find a dramatic rise in mortgages backed by fragile insurers and show that the GSEs and therefore the taxpayers ultimately shoulder a large part of the financial burden. Our research focuses on Florida because of availability of granular insurance market data, and we show that traditional insurers are exiting and the gap is rapidly being filled by insurers, rated by Demotech, which has about 60% market share in Florida today. These insurers are low quality across a range of different financial and operational metrics, and are at a very high risk of becoming insolvent. But despite their risk, these insurers secure high enough ratings to meet the minimum rating requirements set by the GSEs. Our analysis shows that many actually would not be eligible under the methodologies of other rating agencies, implying that in many cases these ratings are inflated and that the GSEs insurer requirements are miscalibrated. 49:20 Dr. Ishita Sen: We next look at how fragile insurers create mortgage market risks. So in the aftermath of Hurricane Irma, homeowners with a policy from one of the insolvent Demotech insurers were significantly more likely to default on their mortgage relative to similar borrowers with policies from stable insurers. This is because insurers that are in financial trouble typically are slower to pay claims or may not pay the full amounts. But this implies severe economic hardships for many, many Floridians despite having expensive insurance coverage in place. However, the pain doesn't just stop there. The financial costs of fragile insurers go well beyond the borders of Florida because lenders often sell mortgages, for example, to the GSEs, and therefore, the risks created by fragile insurers spread from one state to the rest of the financial system through the actions of lenders and rating agencies. In fact, we show two reasons why the GSEs bear a large share of insurance fragility risk. First is that lenders strategically securitize mortgages, offloading loans backed by Demotech insurers to the GSEs in order to limit their counterparty risk exposures. And second, that lenders do not consider insurer risk during mortgage origination for loans that they can sell to the GSEs, even though they do so for loans that they end up retaining, indicating lax insurer screening standards for loans that can be offloaded to the GSEs. 50:55 Dr. Ishita Sen: Before I end, I want to leave you with two numbers. Over 90%. That's our estimate of Demotech's market share among loans that are sold to the GSEs. And 25 times more. That's Demotech's insolvency rate relative to AM Best, among the GSE eligible insurers. 57:15 Glen Mulready: As natural disasters continue to rise, understanding the dynamics of insurance pricing is crucial for both homeowners and policymakers. Homeowners insurance is a fundamental safeguard for what is for many Americans their single largest asset. This important coverage protects against financial loss due to damage or destruction of a home and its contents. However, recent years have seen a notable increase in insurance premiums. One significant driver of this rise is convective storms and other severe weather events. Convective storms, which include phenomena like thunderstorms, tornadoes, and hail, have caused substantial damage in various regions. The cost to repair homes and replace belongings after such events has skyrocketed leading insurance companies to adjust their premiums to cover that increased risk. Beyond convective storms, we've witnessed hurricanes, wildfires, and flooding. These events have not only caused damage, but have also increased the long-term risk profile of many areas. Insurance companies are tasked with managing that risk and have responded by raising premiums to ensure they can cover those potential claims. 58:30 Glen Mulready: Another major factor influencing homeowner's insurance premiums is inflation. Inflation affects the cost of building materials, labor, and other expenses related to home repair and reconstruction. As the cost of living increases, so does the cost of claims for insurers. When the price of lumber, steel, and other essential materials goes up, the expense of repairing or rebuilding homes also rises. Insurance companies must reflect these higher costs in their premiums to maintain financial stability and ensure they can meet those contractual obligations to policyholders. 59:35 Glen Mulready: I believe the most essential aspect of managing insurance premiums is fostering a robust, competitive free market. Competition among insurance companies encourages innovation and efficiency, leading to better pricing and services for consumers. When insurers can properly underwrite and price for risk, they create a more balanced and fair market. This involves using advanced data analytics and modeling techniques to accurately assess the risk levels of different properties. By doing so, insurance companies can offer premiums that reflect the true risk, avoiding excessive charges for low risk homeowners, and ensuring high risk properties are adequately covered. Regulation also plays a crucial role in maintaining a healthy insurance market. Policyholders must strike a balance between consumer protection and allowing insurers the freedom and flexibility to adjust their pricing based on the risk. Overly stringent regulations can stifle competition and lead to market exits, reducing choices for consumers. We've seen this play out most recently in another state where there were artificial caps put in place on premium increases that worked well for consumers in the short term, but then one by one, all of the major insurers began announcing they would cease to write any new homeowners insurance in that state. These are all private companies, and if there's not the freedom and flexibility to price their products properly, they may have to take drastic steps as we've seen. Conversely, a well-regulated market encourages transparency and fairness, ensuring that homeowners have access to the most affordable and adequate coverage options. 1:02:00 Dr. EJ Antoni: I'm a public finance economist and the Richard F. Aster fellow at the Heritage Foundation, where I research fiscal and monetary policy with a particular focus on the Federal Reserve. I am also a senior fellow at the Committee to Unleash Prosperity. 1:02:15 Dr. EJ Antoni: Since January 2021, prices have risen a cumulative 19.3% on average in the American economy. Construction prices for single family homes have risen much faster, up 30.5% during the same time. 1:03:20 Dr. EJ Antoni: Actuarial tables used in underwriting to estimate risk and future losses, as well as calculate premiums, rely heavily on those input costs. When prices increase radically, precisely as has happened over the last several years, old actuarial tables are of significantly less use when pricing premiums because they will grossly understate the future cost to the insurer. The sharp increase in total claim costs since 2019 has resulted in billions of dollars of losses for both insurers and reinsurers prompting large premium increases to stop those losses. This has put significant financial stress on consumers who are already struggling with a cost of living crisis and are now faced with much higher insurance premiums, especially for homeowners insurance. 1:05:10 Dr. EJ Antoni: The increase in claims related to weather events has undoubtedly increased, but it is not due to the climate changing. This is why the insurance and reinsurance markets do not rely heavily on climate modeling when pricing premiums. Furthermore, climate models are inherently subjective, not merely in how the models are constructed, but also by way of the inputs that the modeler uses. In other words, because insufficient data exists to create a predictive model, a human being must make wide ranging assumptions and add those to the model in place of real world data. Thus, those models have no predictive value for insurers. 1:07:40 Sen. Sheldon Whitehoue (D-RI): You say that this combination of demographics, development, and disasters poses a significant risk to our financial system. What do you mean by risk to our financial system Rade Musulin: Well, Senator, if you look at the combination, as has been pointed out, of high growth and wealth accumulation in coastal areas, and you look at just what we've observed in the climate, much less what's predicted in the future, there is significant exposure along the coastline from Maine to Texas. In fact, my family's from New Jersey and there is enormous development on the coast of New Jersey. And if we start to get major hurricanes coming through those areas, the building codes are probably not up to the same standards they are in Florida. And we could be seeing some significant losses, as I believe was pointed out in the recent Federal Reserve study. Sen. Sheldon Whitehoue (D-RI): And how does that create risk to the financial system? Rade Musulin: Well, because it's sort of a set of dominoes, you start with potentially claims issues with the insurers being stressed and not able to pay claims. You have post-event rate increases as we've seen in Florida, you could have situations where people cannot secure insurance because they can't afford it, then that affects their mortgage security and so on and so forth. So there are a number of ways that this could affect the financial system, sir. Sen. Sheldon Whitehoue (D-RI): Cascading beyond the immediate insurer and becoming a national problem. Rade Musulin: Well, I would just note Senator, that in Florida, the real problems started years after we got past Andrew. We got past paying the claims on Andrew, and then the big problems occurred later when we tried to renew the policies. 1:10:50 Sen. Sheldon Whitehouse (D-RI): And you see in this, and I'm quoting you here, parallels in the 2008 financial crisis. What parallels do you see? Dr. Ishita Sen: So just like what happened during the financial crisis, there were rating agencies that gave out high ratings to pools of mortgages backed by subprime loans. Here we have a situation where rating agencies like Demotech are giving out inflated ratings to insurance companies. The end result is sort of the same. There is just too much risk and too many risky mortgages being originated, in this case backed by really low quality insurers that are then entering the financial system. And the consequences of that has to be born by, of course the homeowners, but also the mortgage owners, GSCs (Government Sponsored Enterprises), the lenders, and ultimately the federal and state governments. Sen. Sheldon Whitehouse (D-RI): You say, this will be my last question. The fragility of property insurers is an important channel through which climate risk might threaten the stability of mortgage markets and possibly the financial system. What do you mean when you refer to a risk to the financial system? Dr. Ishita Sen: Well, as I was explaining the GSEs, if there are large losses that the GSEs face, then those losses have to be plugged by somebody. So the taxpayers, that's one channel through which you've got risk to the financial system and the GSE's serve as a backstop in the mortgage market. They may not have the ability or capacity to do so in such a scenario, which affects mortgage backed security prices, which are held by all sorts of financial institutions. So that starts affecting all of these institutions. On the other hand, if you've got a bunch of insurers failing, another channel is these insurers are one of the largest investors in many asset classes like corporate bonds, equities, and so on. And they may have to dump these securities at inopportune times, and that affects the prices of these securities as well. 1:12:45 Sen. Chuck Grassley (R-AI): Dr. Antoni, is there any evidence to support the notion that climate change is the greatest threat to the insurance market? Dr. EJ Antoni: No. Senator, there is not. And part of that has to do again, with the fact that when we look at the models that are used to predict climate change, we simply don't have enough empirical data with which we can input into those models. And so as a result of that, we have to have human assumptions on what we think is going to happen based essentially on a guess. And as a result of that, these models really are not of any predictive value, and that's why these models for the last 50 years have been predicting catastrophic outcomes, none of which have come true. 1:14:45 Glen Mulready: This focus on the rating agencies, I would agree with that if that were the be all end all. But the state insurance commissioners in each 50 states is tasked with the financial solvency of the insurance companies. We do not depend on rating agencies for that. We are doing financial exams on them. We are doing financial analysis every quarter on each one of them. So I would agree if that was the sort of be all end all, forgive that phrase, but it's not at all. And we don't depend very much at all on those rating agencies from our standpoint. 1:22:15 Dr. Ishita Sen: On the point about regulators looking at -- rating agencies is not something that we need to look at. I would just point out that in Florida, if you look at the number of exams that the Demotech rated insurers, that by the way have a 20% insolvency rate relative to 0% for traditional insurers, they get examined at the same rate as the traditional insurers like Farmers and AllState get examined, which is not something that you would expect if you're more risky. You would expect regulators to come look at them much, much more frequently. And the risk-based capital requirements that we have currently, which were designed in the 1980s, they're just not sensitive enough to new risks like wildfire and hurricanes and so on. And also not as well designed for under-diversified insurance companies because if so, all of these insurers were meeting the risk-based capital requirements, however, at the same time going insolvent at the rate of 20%. So those two things don't really go hand in hand. 1:23:25 Dr. Ishita Sen: Ultimately what the solution is is something that is obviously the main question that we are here to answer, but I would say that it is extremely hard to really figure out what the solution is, in part because we are not in a position right now to even answer some basic facts about how big the problem is, what exactly the numbers look like. For instance, we do not know basic facts about how much coverage people have in different places, how much they're paying. And when I say we don't know, we don't know this at a granular enough level because the data does not exist. And the first step towards designing any policy would be for us to know exactly how bad the problem is. And then we come up with a solution for that and start to evaluate these different policy responses. Right now we are trying to make policy blindfolded. 1:23:50 Sen. Ron Johnson (R-WI): So we've had testimony before this committee that we've already spent $5-6 trillion. That's 5,000 to 6,000 billion dollars trying to mitigate climate change. We haven't made a dent in it. Their estimates, it's going to cost tens of trillions of dollars every year to reach net zero. So again, this is not the solution for a real problem, which is the broken insurance market. I have enough Wisconsin residents who live on the Gulf Coast in Florida to know after Hurricane Ian, you got some real problems in Florida. But fixing climate change isn't the solution. 1:33:15 Sen. Jeff Merkley (D-OR): In looking at the materials I saw that Citizens Property Insurance Company, I gather that's Louisiana and Florida, that have a completely state backed program. Well, alright, so if the state becomes the insurer of last resort and they now suffer the same losses that a regular private insurance company is suffering, now the folks in the state are carrying massive debt. So that doesn't seem like a great solution. Dr. Ishita Sen: That's definitely a problem, right? The problem is of course, that whether the state then has the fiscal capacity to actually withstand a big loss, like a big hurricane season, which is a concern that was raised about Citizens. And in such a scenario then in a world where they do not have enough tax revenue, then they would have to go into financial markets, try to borrow money, which could be very costly and so on. So fiscally it's going to be very challenging for many cities and many municipalities and counties and so on. 1:36:40 Sen. Mitt Romney (R-UT): I wish there were something we could do that would reduce the climate change we're seeing and the warming of the planet. But I've seen absolutely nothing proposed by anyone that reduces CO2 emissions, methane gases and the heating of the planet. Climate change is going to happen because of the development in China and Indonesia and Brazil, and the only thing that actually makes any measurable impact at all is putting a price on carbon, and no one seems to be willing to consider doing that. Everything else that's being talked about on the climate — Democratic Senator: I got two bills. Sen. Mitt Romney (R-UT): I know you and I are, but you guys had reconciliation. You could have done it all by yourselves and you didn't. So the idea that somehow we're going to fix climate and solve the insurance problem is pie in the sky. That's avoiding the reality that we can't fix climate because that's a global issue, not an American issue. Anyway, let me turn back to insurance. 1:38:30 Sen. Mitt Romney (R-UT): So the question is, what actions can we take? Fiscal reform? Yes, to try and deal with inflation. Except I want to note something, Mr. Antoni, because you're esteemed at the Heritage Foundation. 72% of federal spending is not part of the budget we vote on. So we talk about Biden wants to spend all this.... 72% we don't vote on; we only vote on 28%. Half of that is the military. We Republicans want more military spending, not less. So that means the other 14%, which the Democrats want to expand, there's no way we can reduce the 14% enough to have any impact on the massive deficits we're seeing. So there's going to have to be a broader analysis of what we have to do to reign in our fiscal challenges. I just want to underscore that. I would say a second thing we can do, besides fiscal reform and dealing with inflation, is stopping subsidizing high risk areas. Basically subsidizing people to build expensive places along the coast and in places that are at risk of wildfire. And we subsidize that and that creates huge financial risk to the system. And finally, mitigation of one kind or another. That's the other thing we can do is all sorts of mitigation: forestry management, having people move in places that are not high risk. But if you want to live in a big house on the coast, you're gonna have to spend a lot of money to insure it or take huge risk. That's just the reality. So those are the three I come up with. Stop the subsidy, mitigation, and fiscal reform. What else am I missing, Mr. Musulin? And I'm just going to go down the line for those that are sort of in this area to give me your perspectives. Rade Musulin: Well, thank you, Senator. And I'd agree with all those things. And I'd also add that we need to start thinking about future-proofing our building codes and land use policies. The sea levels are rising. If you're going to build a house that's supposed to last 75 years, you ought to be thinking about the climate in 75 years when you give somebody a permit to build there. So I'd say that's important. I'd also say that large disasters also drive inflation because it puts more pressure and demand on labor and materials. More disasters means supplies that could have been used to build new homes for Americans or diverted to rebuild homes in the past. So certainly doing things to reduce the vulnerability of properties and improve their resilience is important. And I do think, sir, that there are things we can do about climate change with respect over periods of decades that can make a difference in the long run. Thank you. Sen. Mitt Romney (R-UT): Thank you. Yes. Dr. Ishita Sen: So before that, the one point about inflation that we are missing, which is without doubt it is a contributing factor, but the US has had inflation in the past without such an acute crisis in insurance markets. So whether that is the biggest cause or not is up for debate. I don't think we have reached a conclusion on inflation being the biggest contributor of rising insurance cost. Sen. Mitt Romney (R-UT): It's just a big one. You'd agree It's a big one? Dr. Ishita Sen: I agree. It's a big one, but I wouldn't say it's the biggest one in terms of policy solutions. I completely agree with you on, we need to stop subsidizing building in high risk areas. That's definitely one of the things we need to do that. Mitigation, another point that you bring up. And on that, I would say not only do we need to harden our homes, but we also need to harden our financial institutions, our banks, and our insurance companies in order to make them withstand really large climate shocks that are for sure coming their way. Sen. Mitt Romney (R-UT): Thank You, Ms. Wood. I'm going to let you pass on this just because that's not your area of expertise. Your experience was something which focused our thinking today. Mr. Mulready. Glen Mulready: Thank you, Senator. I would say amen to your comments, but I'll give you three quick things. Number one, FEMA has a survey out that states that every $1 spent in mitigation saves $6 in lost claims. It pays off. Number two, unfortunately, a lot of communities have to have a disaster happen. In Moore, Oklahoma, back a dozen years ago, an EF5 (tornado) hit, it was just totally devastating. After that, the city of Moore changed their zoning, they changed their building zoning codes, and then third, the city of Tulsa, back in the eighties, had horrible flooding happened. So they invested over decades in infrastructure to prevent flooding. Now we're one of only two communities in the country that are Class one NFIP rated. 1:45:40 Sen. Chris Van Hollen (D-MD): One way to address this, and I think it was discussed in a different matter, is the need to get the data and to get consensus on where the risks lie, which is why last year Senator Whitehouse, Senator Warren and I sent a letter to the Treasury Department, to the Federal Insurance Office (FIO), urging them to collect information from different states. I'm a supporter of a state-based insurance system for property and casualty insurance, but I do think it would benefit all of us to have a sort of national yardstick against which we can measure what's happening. So Dr. Sen, could you talk a little bit about the benefit of having a common source of insurance data through the FIO and how that could benefit state regulators and benefit all of us? Dr. Ishita Sen: Yeah, absolutely. Thanks for bringing that up. That's just the first order importance, I think, because we don't even know the basic facts about this problem at a granular enough level. The risks here are local, and so we need to know what's going zip code-by-zip code, census tract-by-census tract, and for regulators to be able to figure out exactly how much risk is sitting with each of these insurance companies they need to know how much policies they're writing, what's the type of coverage they're selling in, what are the cancellations looking like in different zip codes. Only then can they figure out exactly how exposed these different insurers are, and then they can start designing policy about whether the risk-based capital ratios look alright or not, or should we put a surcharge on wildfires or hurricanes and so on? And we do need a comprehensive picture. We just can't have a particular state regulator look at the risks in that state, because of course, the insurer is selling insurance all over the country and we need to get a comprehensive picture of all of that. 1:47:40 Sen. Chris Van Hollen: I appreciate that. I gather that the Treasury Department is getting some resistance from some state insurance regulators. I hope we can overcome that because I'm not sure why anyone would want to deny the American people the benefit of the facts here. 1:48:45 Rade Musulin: I will just note that sometimes climate change itself can contribute to the inflation we've been talking about. For example, there were beetle infestations and droughts and fires in Canada, which decimated some of the lumber crop and led to a fivefold increase in the cost of lumber a few years ago. So some of this claims inflation is actually related to climate change, and I think we need to address that. 1:49:35 Glen Mulready: If you didn't know, the NAIC, National Association of Insurance Commission is in the midst of a data collection right now that will collect that data for at least 80% of the homeowner's market. And we have an agreement with FIO (Federal Insurance Office) to be sharing that data with them. They originally came to us, I got a letter from FIO and they were requesting data that we did not actually collect at the zip code level, and they had a very stringent timeline for that. So my response, it wasn't, no, it was just, look, we can't meet that timeline. We don't collect that today. We can in the future. But from that is where this has grown the data called by the NEIC. Sen. Chris Van Hollen (D-MD): So I appreciate, I saw that there had been now this effort on behalf of the....So has this now been worked out? Are there any states that are objecting, to your knowledge at this point in time, in terms of sharing data? Glen Mulready: I don't know about specific states. We will be collecting data that will represent at least 80% of the market share. Music by Editing Production Assistance

Today, hosts Lynda A. Bennett and Eric Jesse discuss a recent decision that addresses broker malpractice – a common claim for policyholders to pursue after learning insurance protection is unavailable or insufficient to cover claim. Although the Lowenstein partners call the opinion a situation where “bad facts making bad law,” they do advise policyholders to take away certain key lessons, including the need, and how to create a record to establish the existence of a special relationship with the broker which in turn imposes a fiduciary duty on the broker. Policyholders also should be responsive when brokers make inquiries designed to understand and value the risks that are intended to be insured not only to confirm the existence of a special relationship but also to avoid the need to sue the broker because the right coverage is placed in the first instance.  

Insurance companies and hospitals are mostly at loggerheads when it comes to claims settlement. While insurance companies are regulated by IRDAI, healthcare industry is unregulated. The government is rightfully mulling over having a health regulator. Dr. S Prakash, CEO/MD Designate at Galaxy Health and Allied Insurance, joined Aprajita Sharma in this episode to shed light on the same.

There must be provisions against mis-selling – for instance, measures to say that a 10-year premium payment policy cannot be sold to someone over the age of 60 years. If there is mis-selling, then there should be a mechanism to give the entire premium back to policyholders, says Kamlesh Rao, MD and CEO, Aditya Birla Sunlife Insurance. Tune into Simply Save for details.

The podcast episode features Amy Bach, the executive director of United Policyholders, an insurance consumer advocacy group. The host introduces Amy as an advocate for policyholders and discusses her background as an attorney. Amy shares her insights on insurance claims and the importance of policyholders being informed and empowered. Throughout the conversation, Amy and the host discuss various topics related to insurance, including the challenges policyholders face during claims, the need for fair claim handling, and the impact of changes in insurance laws. They also touch on the current state of the insurance market, particularly in wildfire-prone areas like California, and the importance of wildfire prevention measures for homeowners. Amy emphasizes the importance of risk reduction and disaster preparedness, highlighting the role of technology and innovation in assessing and mitigating risks. She also discusses the work of United Policyholders in providing resources and support to policyholders, including their Find Help directory and educational materials. The host encourages listeners to support United Policyholders and Amy's advocacy efforts by donating, sharing information, and getting involved in their communities. They emphasize the importance of education and proactive measures in addressing insurance challenges and promoting resilience against disasters like wildfires. Overall, the episode provides valuable insights into insurance issues, policyholder advocacy, and the importance of community engagement in disaster preparedness and recovery efforts. Highlights: The podcast welcomes Amy Bach, the executive director of United Policyholders, an insurance consumer advocate group. Amy's extensive experience and expertise in advocating for policyholders make her an invaluable guest on the show. Advocating for Policyholders: Amy's advocacy work focuses on empowering policyholders to understand their rights and navigate insurance claims effectively. She emphasizes the importance of policyholders having a voice in the insurance industry, especially when it comes to claim settlements. The Disaster Recovery Handbook: Amy co-authored "The Disaster Recovery Handbook and Household Inventory Guide," a comprehensive resource for homeowners dealing with insurance claims after a disaster. The book provides practical guidance on preparing for and navigating the claims process. Shift to Risk Prevention: With the increasing challenges in the insurance market, including rising premiums and policy cancellations, Amy highlights the importance of risk prevention for homeowners. This includes measures like wildfire prevention, water damage prevention, and seismic safety measures. Supporting United Policyholders: Listeners are encouraged to support United Policyholders by donating, contributing information, or spreading awareness. Amy emphasizes the organization's commitment to providing free resources and support to policyholders, empowering them to make informed decisions and protect their homes effectively. Whether you're passionate about environmental sustainability, intrigued by technological advancements, or simply eager to learn about the latest developments in wildfire prevention, this episode is a must-listen. Don't miss out on this exclusive opportunity to gain firsthand knowledge from one of the brightest minds in the field.

Are you prepared for the unexpected in the world of insurance? What happens to your policy if your agent quits or is no longer in the picture?   In this episode of Cover Your Assets, Billy explains the concept of orphaned policyholders in the insurance world and the challenges they face without an assigned agent. He also underscores the importance of having a knowledgeable broker to guide you through policy provisions and assist in claims. Listeners will gain valuable insight into the potential pitfalls of being an orphaned policyholder and how to address the situation proactively.  Episode Highlights: The role of a broker in securing and maintaining a disability insurance policy. (00:51) The potential drawbacks of dealing directly with insurance companies as an orphaned policyholder. (2:55) Seeking assistance in finding a new agent to take over your policy. (4:20) The impact of having a specialized broker with established relationships in the insurance industry. (4:59)  The Cover Your Assets Podcast is on a mission to help physicians like you get their disability insurance right. You've spent years of your life and hundreds of thousands of dollars to become a physician – this is the career that will give you and your family everything you've dreamed of! Don't let accidents, illness, or injury destroy your hard work and the life you deserve. You know you need to be insured, but how do you sort through the mountains of information when you barely have enough time to eat? On the Cover Your Assets Podcast, host Billy Gwaltney, head of Professional Planning Group, Inc., shows you exactly what you need to do to protect your income and way of life.  For more tips and advice, connect with the CYA Podcast on YouTube and visit the Professional Planning Group online. Stay up to date with Billy on ⁠Facebook⁠ and ⁠LinkedIn⁠.  If you have questions, feedback, or just want to connect, email Billy at ⁠billy@ownoccdisability.com.⁠  --- Send in a voice message: https://podcasters.spotify.com/pod/show/billy-gwaltney/message

02-07-2024 Brian I. Gordon Learn more about the interview and get additional links here: https://usabusinessradio.com/when-ltci-policyholders-make-poor-decisions/ Subscribe to the best of our content here: https://priceofbusiness.substack.com/ Subscribe to our YouTube channel here: https://www.youtube.com/channel/UCywgbHv7dpiBG2Qswr_ceEQ

Lawyer Chris Otten shares his journey switching from being an insurance defense lawyer to serving policyholders. He underlines the importance of empathy and honesty when interacting with clients. Chris finds his past as a defense lawyer beneficial in his present role, often mediating between clients and insurance companies. He mentions his passion for teaching and community engagement, aims to positively impact people's lives, and is always open to new endeavors. Besides his legal practice, he is also a part owner of a restaurant. Chris believes in continually striving for excellence and delivering outstanding outcomes for his clients. Who's the Guest? Christopher G. Otten joined Hair Shunnarah Trial Attorneys in 2022. Prior to that, Chris represented plaintiffs for personal injury and property casualty claims, as well as in the insurance defense field, where his practice was primarily focused on health care and professional liability issues. A member of the Louisiana State Bar Association and the State Bar of Texas, Chris is also admitted to practice before the United States District Courts for the Eastern, Middle, and Western Districts of Louisiana, the United States Court of Appeals, Fifth Circuit, and the United States Supreme Court. Born and raised in Hoboken, NJ, Chris came to New Orleans to attend Tulane University in 2001, graduating in 2005 with a B.S.M. in Legal Studies, German, and a minor in Political Science. In 2009, Chris earned his Juris Doctor from Loyola University New Orleans, College of Law. Highlights Chris' transition from New Jersey to Louisiana, his involvement in law since college, and the effects of Hurricane Katrina on his life The balance between understanding and letting the clients express their unique experiences Galen remembers his encounter with Chris in a courtroom and reflects on his effective courtroom skills His admiration for women who continue to succeed in managing their various responsibilities, including those who are pregnant or have young children His daily routine between his academic office, attending to client matters, and managing his restaurant The importance of maintaining good relations with people and making a difference in their lives The value of understanding and empathizing with clients to better solve their legal matters The role of empathy in attaining successful outcomes in the legal profession What it means for Chris to level up': Honesty, empathy, and delivering outstanding results for clients Episode Resources Connect with Galen M. Hair https://insuranceclaimhq.com hair@hairshunnarah.com https://levelupclaim.com/ Connect with Chris Otten https://insuranceclaimhq.com/attorney/christopher-g-otten/ https://www.linkedin.com/in/chrisotten 

Today on “Don't Take No for An Answer,” Eric Jesse and Heather Weaver of Lowenstein Sandler's Insurance Recovery Group continue their discussion about the property and casualty insurance market. With guests Josh Weisberg, Chief Risk Officer at SterlingRisk, and Brad Barron, partner and managing Deputy General Counsel at Conner Strong & Buckelew, Eric and Heather explore how insurers are reacting to challenging market conditions including inflation and supply chain delays, and the increased claims arising therefrom. They explain the shift from blanket limits in commercial property insurance towards the increased use of sublimits, larger deductibles, and co-insurance; where there may be room for pushback and negotiation with the insurers; and what policyholders may expect in the future from possible rate increases to a more stringent underwriting process.  Speakers: Eric Jesse, Partner, Insurance RecoveryHeather Weaver, Counsel, Insurance RecoveryBradford Barron, Partner, Managing Deputy General Counsel, Conner Strong & Buckelew LLPJosh Weisberg, Chief Risk Officer, Sterling Risk Insurance

Today, Eric Jesse and Heather Weaver of Lowenstein Sandler's Insurance Recovery Group sit down with executives from two major insurance brokerage firms: Josh Weisberg, Chief Risk Officer at SterlingRisk, and Brad Barron, partner and managing Deputy General Counsel at Conner Strong & Buckelew, to discuss recent developments in the property and casualty insurance market, including the current state of the market, major drivers, new coverage restrictions, ways policyholders can improve their risk profiles, and where they think the market is going over the next few years. The conversation touches on the impact of the plaintiff's bar, supply chain issues, and inflation, as well as climate change and population densities; and the rising costs of reinsurance. Speakers: Eric Jesse, Partner, Insurance RecoveryHeather Weaver, Counsel, Insurance RecoveryBradford Barron, Partner, Managing Deputy General Counsel, Conner Strong & Buckelew LLPJosh Weisberg, Chief Risk Officer, Sterling Risk Insurance

AI is changing risk selection, marketing and policyholder relations. Regulators are increasingly skeptical of insurers who can't explain how their own algorithms work.

Galen Hair interviews Jason Manten, an attorney with Insurance Claim HQ, who shares his insights on the insurance claims process based on his experiences on both sides of the defense and plaintiff spectrum. Manten previously worked in-house for insurance companies, which gives him a unique understanding of their delay tactics.  Who's the Guest? Jason Manten began his career in construction defect litigation, focusing on defending developers, product manufactures, general contractors, design professionals, environmental consultations, and subcontractors. These representations included construction and design defect disputes, construction payment disputes, and catastrophic construction accidents. Mr. Manten then moved in-house with Florida's largest homeowners insurance carrier, specializing in insurance defense. During this time, Mr. Manten learned how insurance companies operate, including their litigation strategies and how they evaluate claims. He now pursues claims on behalf of the insureds and helps policyholders navigate the complex legal issues involved in presenting and litigating against insurance companies, helping insureds recover what is owed to them.   Highlights Jason talks about his journey into law and his initial jobs in eDiscovery and litigation. The struggles of representing large insurance companies and their practices. Jason shares his experience in adjusting claims while working in-house. Common tactics of insurance carriers to delay payouts on claims. Conversation about the aftermath of Hurricane Ian and implementing an overhaul package in Florida. The tactics deployed by insurance companies concerning claim estimates. The interrelation between mortgages, insurance and the housing market. His prediction about the future of the legislation in Florida. The implications of removing one way attorney fees for insurance claim cases. Pointing out possible upcoming issues due to benefits given to carriers. Bringing up an example of unfair treatment of policyholders by insurance carriers. The public perception of insurance carriers in Florida.   Episode Resources Connect with Galen M. Hair https://insuranceclaimhq.com hair@hairshunnarah.com Connect with Jason Manten https://insuranceclaimhq.com/attorney/jason-manten/  

VTDigger's health reporter explains the new relationship between the Berlin, Vt.-based private health insurance company and a larger subsidiary in Michigan.

NewsRadio WFLA Anchor Chris Trenkmann runs through today's top stories, including important information for more than 300,000 Citizens policyholders, a Tampa Bay lawmaker's bill to weaken child labor laws, and a new development in the 'Take Care of Maya' trial involving Johns Hopkins All Children's Hospital.

As Farmers Insurance gets ready to leave the state and AAA announces plans not to renew some Florida home insurance policies, tens of thousands of Citizens policyholders may now lose their coverage.

Insurance Claim FAQs: Top Questions Answered for Policyholders & Public Adjusters! Are you a policyholder with burning questions about your insurance claims? Or maybe a Public Adjuster seeking guidance on how to answer these frequent queries? Dive into this comprehensive guide as we break down the top three questions everyone's asking about property insurance claims! From potential rate hikes, and the intricate claim process, to the benefits of hiring a public adjuster – we've got it all covered. With insights based on real-world experiences, this video is a must-watch for anyone in the property insurance realm. TIMESTAMPS: 00:00 Introduction 2:00 - What are policyholders' top three questions? 2:08 - Will filing a claim raise my rates? 2:49 - Why do insurance rates increase? 3:57 - How do industry events affect my rates? 4:37 - Should I ask my agent about rate hikes? 5:21 - Does litigation influence my rates? 5:44 - What's the post-filing claim process? 7:12 - How long does a claim process last? 7:32 - Why hire a public adjuster? 8:57 - Public adjuster vs. doing it myself: Which is better? #publicadjuster #insuranceclaim #homeinsurance ===========================

As a roofing company owner, seeing your customers dealing with an insurance company that denies or underpays claims can be challenging. Insurance companies must investigate and pay claims promptly. However, sometimes they fall short. Attorneys like Phillip Sanov can help level the playing field and represent the policyholders directly, ensuring their interests comes first. Tune in to hear Phillip discuss the various options available to policyholders and how roofing contractors can utilize this information to assist their customers effectively.

In this episode of “Don't Take No for an Answer,” hosts Lynda A. Bennett and Eric Jesse of Lowenstein's Insurance Recovery Group discuss the difference between a duty to defend versus a duty to reimburse. They explain why policyholders may intentionally choose one option over the other, what each option covers, and how much say in choice of counsel and legal strategy a policyholder maintains under each. Speakers: Lynda A. Bennett, Partner and Chair, Insurance RecoveryEric Jesse, Partner, Insurance Recovery

Danielle Kunkle Roberts is a founding partner of Boomer Benefits, a national insurance agency specializing in Medicare since 2005. She is the author of the best-selling book, “10 Costly Medicare Mistakes You Can't Afford to Make.” Danielle helps educate Medicare recipients about their supplemental insurance options so that they can confidently choose the plan that best fits them. Policyholders have access to a customer client service team that helps them with Medicare appeals, claim denials, drug exceptions, annual Part D analysis, and much more. Boomer Benefits specializes in Medicare insurance-related products with more than 50,000 policyholders across the nation. They rank among the top national Medicare supplement producers.  Listen in for some great takeaways about Danielle's journey as an entrepreneur and her mission to educate and help the public make better Medicare decisions that will help them today and onward.  You will want to hear this episode if you are interested in... Learn more about Danielle and why she founded Boomer Benefits [3:18]  Why Danielle wrote 10 Costly Medicare Mistakes You Can't Afford to Make [7:50] Why is Medicare so confusing for the millions of Medicare beneficiaries? [10:12]  The biggest challenge that new Medicare beneficiaries face [13:10] How to prepare for enrolling in Medicare and choose suitable insurance [16:57] The tools that exist to help people learn about Medicare [21:39]  The Medicare enrollment process and the “annual election period” [22:40]  How much does Medicare cost and what does it cover? [29:13]  How Danielle grew such a large Baby Boomer following online [34:41]  Why you need to focus on your people and your processes [39:37] What Danielle did today that put her in the right mindset for success [44:00] Resources & People Mentioned Medicare: https://medicare.gov/ Social Security: https://www.ssa.gov/ Set up a Medicare account The Medicare Q&A with Boomer Benefits Facebook Group 10 Costly Medicare Mistakes You Can't Afford to Make Connect with Danielle Kunkle Roberts The website On Instagram On Twitter On Linkedin On Facebook On YouTube Connect With Mitlin Financial podcast*at*mitlinfinancial(dot)com - email us with your suggestions for topics or guests If you would like to learn more schedule a call: https://mitlin.us/FitCall https://mitlinfinancial.com  Follow on Twitter Follow on Instagram Subscribe on Youtube Follow on Linkedin Follow on Facebook Guests on the Mitlin Money Mindset Show are not affiliated with CWM, LLC, and opinions expressed herein may not be representative of CWM, LLC. CWM, LLC is not responsible for the guest's content linked on this site. Subscribe to Mitlin Money Mindset™ on Apple Podcasts, Spotify, Google Podcasts

In today's episode, we'll be discussing a topic that has generated a lot of buzz and intrigue in the life insurance industry: Variable Universal Life Insurance. Is it a smart investment or a costly gamble that could leave you empty-handed? We'll break down the ins and outs of this complex product, comparing it to popular alternatives like whole life insurance and indexed universal life insurance. First, we'll explore the allure of variable universal life insurance. At first glance, this type of policy seems appealing due to its premium flexibility and potential cash value accumulation. Policyholders can allocate their premiums to various sub-accounts, including stocks, bonds, and money market funds. This feature allows for the potential of higher returns compared to the guaranteed interest rate offered by whole life insurance or the non-guaranteed interest of indexed universal life insurance. However, this increased potential for returns comes with a higher level of investment risk. Our host will discuss the implications of this risk and how it could impact your policy's cash value and death benefit. Next, we'll examine the double-edged sword of premium flexibility. While it may seem like an attractive feature, it comes with hidden dangers, such as the potential for a policy lapse. If your policy's cash value is not sufficient to cover the expenses, your policy could lapse, leaving you without coverage. Our host will discuss the importance of lapse protection riders and their associated costs, as well as the requirements needed to maintain this protection. The episode will then shift focus to safer alternatives: whole life insurance and indexed universal life insurance. Both offer permanent coverage, tax-deferred growth, and flexible death benefit options. Whole life insurance provides a guaranteed cash value accumulation and a guaranteed interest rate, while indexed universal life insurance offers a non-guaranteed interest rate tied to a market index with a guaranteed minimum rate. We'll discuss the benefits of these policies and their suitability for different financial goals and risk tolerances. As we wrap up the episode, we'll weigh the risks of variable universal life insurance and emphasize the importance of making an informed decision. While variable universal life insurance may seem enticing due to its potential for higher returns and premium flexibility, it's crucial to carefully consider the risks involved, such as market volatility, policy loans, and surrender charges. Don't miss this in-depth analysis of variable universal life insurance. Whether you're considering purchasing a policy or simply want to learn more about it, this episode is packed with valuable information that will help you navigate the world of life insurance with confidence. Join us and empower yourself with the knowledge you need to protect your family's financial future. _________________________ If you'd like to explore whole life insurance, indexeded universal life insurance or are looking for ways to generate guaranteed retirement income, we can help. Please click here to get in touch with us.  

In this episode, Jake and Gino discuss dividend-paying whole life insurance policies through mutually-owned insurance companies. Since a mutually-owned insurance company is owned by its whole life insurance policyholders, it is customary for these mutual insurers to pay dividends annually back to its whole life policyowners. They talk about why you need a 100 Year structured policy in your portfolio. The insurance companies used by the 100 Year Team in designing your 100 Year Savings Solution have paid a dividend for over 160 years straight, since before the Civil War, never missing a year. Policyholders can use the cash value as an investment-like savings account and take money from it. Further, the cash value of your whole life insurance policy will not be taxed while it's growing. This is known as “tax deferred,” and it means that your money grows faster because it's not being reduced by taxes each year. Jake and Gino discuss why high net worth individuals prefer whole life insurance over other savings vehicles and note it's tax-advantaged benefits as one of the top reasons. They share how this strategy has helped them both create wealth and retain it. They also discuss the benefits of leveraging the Dual Asset Strategy, with a 100 Year structured whole life policy. Plus, learn how the ‘bucket system' can help you manage your savings, cash, and real estate, to protect your wealth and legacy long term. Key Moments: 00:00 Introduction 01:05 Why continue to roll the dice or lose money in the stock market? 01:20 Gino utilizing the Dual Asset Strategy: Using cash value whole life insurance to invest in real estate 04:27 Stock trading vs overfunded whole life insurance – which has more consistent dividends? 05:30 Tax advantages of whole life insurance as a savings vehicle 07:52 Equity build-up vs buying something 09:51 How IRAs pension system started and how it works 12:59 Where do banks invest their money? Mutually-owned whole life insurance. 15:20 Three pillars of wealth: Own real estate, have a small business, and get a whole life insurance 15:47 Wrap up If you're looking for an investment with guaranteed growth, talk to our Team today about a whole life insurance policy to protect the legacy you are working so hard to build. They can walk you through your options, and how each compares to the other. They can also explain how to reinvest your dividends! SCHEDULE A Call: https://100yearrei.com/callnow/ Check out our podcast for more episodes comparing whole life to other savings vehicles like 401(k) and IRA's: https://100yearrei.com/podcast/ Bonus resources: DOWNLOAD our Dual Asset Strategy ebook and learn how YOU can leverage cash value life insurance and become your own source of financing: https://100yearrei.com/ebook-download/ About The 100 Year Real Estate Investor The Whole Life Insurance Policies offered by the 100 Year Real Estate Investor are specially-designed. This means they work harder toward achieving your financial objectives, no matter what they may be. Check out this blog for 7 facts about our specially-designed strategies that may not be true about typical whole life policies: https://100yearrei.com/7-facts-about-... #legacywealth #lifeinsurance #financialplanning #personalfinancialengineering #generationalwealth The contents of this video are for informational and educational purposes only. They should not be considered investment, financial, legal or tax advice. Jake and Gino are not licensed in the insurance or securities industries and is not in the business of selling, soliciting or negotiating the sale of any insurance contract, security or other investment vehicle. [yotuwp type="videos" id="loisArAo1g8" player="width=0"]

John Wells joins Tommy to talk about insurance policyholders in Louisiana and insurance bailouts. 

Florida property insurance companies, their policyholders, and repair contractors are starting the New Year with a new law designed to reform an out-of-control marketplace.  The Florida Legislature in December passed comprehensive measures to stem high insurance and reinsurance rates, carrier insolvencies, inflated claims, excessive litigation, and an overly-competitive residual market.Former Florida Deputy Insurance Commissioner Lisa Miller talks with Citizens Property Insurance President & CEO Barry Gilway, insurance agency executive Andy McGuire, and reinsurance broker Adam Schwebach about the new law and the expectation it will help rebalance Florida's decimated property insurance market.Show NotesHost Miller was joined in the podcast by Barry Gilway, President, CEO, and Executive Director of Citizens Property Insurance; Adam Schwebach, Executive Vice President of reinsurance broker Gallagher Re; and Andy McGuire, Co-CEO of PEAK6 InsurTech, which includes an insurance agency representing more than 100,000 policyholders.  (For full Show Notes, visit https://lisamillerassociates.com/episode-42-barry-gilway-floridas-new-law-is-a-profound-change/) The major provisions of the new law (SB 2-A) cover:Attorney Fees: Ends one-way attorney fees in residential and commercial property insurance policy lawsuits;Offers of Judgment: Reinstates the civil offer of judgment statute (also known as Proposals for Settlement) and makes attorney fees available for the prevailing party, while also allowing for joint offers of judgment;AOBS: Prohibits Assignment of Benefits (AOB) contracts of residential and commercial property insurance policies issued on or after January 1, 2023;Bad Faith: Prohibits the filing of a bad faith lawsuit until a final judgement is issued against the insurance company in the original claim dispute;Citizens Property Insurance Reforms: Makes many essential improvements to current laws governing the state-backed “insurer of last resort,” Citizens Property Insurance Corporation, including:- Changing the eligibility to remain a Citizens policyholder, by requiring that private insurance company coverage has to be 20% more expensive (up from 15%, to match current rules on new policies) and likewise for commercial residential policies;- Ending capped rates (the so-called “glide-path”) and requiring its rates be actuarially-sound and be “non-competitive” with admitted companies' market rates;- Defining and allowing higher rates for second (non-homesteaded) homes; and- Requiring personal lines policyholders purchase flood insurance to become or remain a Citizens policyholder.Reinsurance: Establishes a second optional hurricane reinsurance fund (The Florida Optional Reinsurance Assistance Program) for carriers, offering rates of 50% to 65% of the cost of on-line rates, while maintaining the Reinsurance to Assist Policyholders (RAP) program created in the May special session;Arbitration: Allows carriers to offer mandatory binding arbitration in their policies with a resulting premium discount;Claims Handling: Reduces from 90 days to 60 days the time insurance companies have to pay or deny a claim, unless extended by regulators; and reduce from 14 days to 7 days the time a carrier has to review and acknowledge a claim communication and begin an investigation, along with other time requirement changes;Claim Filing: Further tightens deadlines for policyholders to report a claim from 2 years to 1 year for a new or reopened claim, and from 3 years to 18 months for a supplemental claim; andGreater OIR Regulation: Allows the Florida Office of Insurance Regulation (OIR) to withdraw approval of policies with an appraisal clause for companies that routinely invoke it; allows OIR to do market conduct exams after a hurricane on those companies in the top 20% of claims filed or DFS complaints and to include an examination of their MGAs; and requires companies begin monthly reporting of the numbers of claims opened, closed, pending, and those seeking alternative dispute resolution and of which type.You can read a more detailed list of major provisions here of the December 2022 law, built upon previous measures passed in the May 2022 legislative special session.Attorney Fees & AOBs: Gilway, a 46-year veteran of the property insurance industry, called the law “historic,” for repealing the state's one-way attorney fee statute which he blamed for putting seven insurance companies out of business in 2022, reducing the availability and affordable of insurance for consumers.  “From a Citizens Insurance standpoint, our average litigation payment is $77,000 and the attorney fee associated with that payment is $39,000.  I'm paying more than 1,000 attorneys to defend the 20,000 outstanding lawsuits we have, brought because there's an automatic payment under the one-way statute.  You have to admit (the new law) is going to make a profound change in whether an attorney brings a suit or not.”  According to the Florida Office of Insurance Regulation, Florida has 7% of the nation's homeowners insurance claims yet 76% of the nation's homeowners insurance lawsuits.   The new law also eliminates AOBs, which Gilway said are responsible for 47% of all Citizens litigation and 35% of the industry litigation.  “These two provisions alone I think will have a profound impact on the industry's claims going forward,” said Gilway.  He predicted this will draw capital back into the marketplace.  “The bottom line is more and more calls every single day from investors saying how do I get in, because on a going forward basis, if I can leave the development of losses behind, and I can charge rates that that are based upon historic litigation rates, when the litigation rate is going to drop like a rock, then it's time for me to enter this marketplace.”  Gilway said he believes it will take 12-18 months for the law's changes to impact the market.McGuire, whose business includes capital management and consulting, said that although he's excited and proud of the legislature's success, he's still “a little worried,” too.  “With the cost of capital where it is right now, I'm still a little bit on the fence to see how things kind of wash through especially on the reinsurance side,” McGuire said, in sentiments echoed by Schwebach, a reinsurance broker for almost 20 years.  “There needs to be a period right now of kind of proving out the results of this legislation before reinsurers really get on board,” Schwebach said.  Past reforms haven't shown results in the inflated hurricane claims from Florida's primary insurance companies still being passed along to reinsurance companies to pay.  “Will reinsurance prices come down immediately?  I don't think so.  Will reinsurers be more willing to commit capacity to the Florida market?  I think there's a strong possibility,” he added.  Nevertheless, Schwebach said the reinsurance market “thinks that this was a tremendous bill,” with McGuire anticipating many benefits for Florida policyholders.  “This is going to unlock the opportunity for rates to be able to come down over time,” said McGuire, who has 150 insurance agents in Florida through the Team Focus Insurance Group and WeInsure, representing 100,000 policyholders.  “It's also going to decrease the dependency of all of our agents on Citizens and really unlock consumer choice.”Gilway said the new law's litigation reform does not eliminate a policyholder's right to sue their insurance company.  Allowing proposals for settlement and optional arbitration will allow lawsuits to be resolved more quickly, he said.  “I believe it will be a huge advantage that could reduce the average length of a lawsuit from 750 days down to 310 to 320.  It'll cut the length of the suit process in half and it will eliminate the suit process if they accept the arbitration language in the policy,” Gilway pointed out.  He said one private company that has used optional arbitration has been able to reduce those policy rates by 20% for certain insurance policies.Claims Handling & Filing: Host Miller noted that the new law has a lot of changes to the way companies have to respond to claims going forward.  McGuire said the requirement for faster claims handling is going to increase costs, something he's okay with.  “I'm actually hopeful that these regulations combined with the elimination of AOBs and one-way attorney fees, that we can actually create a better consumer experience through insurance, and get away from what's been an almost adversarial claim experience and at the point of sale or at the point of claim create a much better customer experience,” said McGuire, who started his career 27 years ago working insurance claims.Schwebach agreed, adding that the law's requirement reducing the claim filing deadline from three years to one year will help, too.  “If you don't understand that you have a claim within a year, it's probably not a claim,” he said, adding that this is another part of the new law where the reinsurance community is taking note, designed to make sure claims are legitimate and paid accurately and fairly.  “At the end of the day, that's what reinsurers are basing their reinsurance pricing on.  They go through a tremendous amount of analysis to try to understand in a hurricane scenario, the estimated loss, down to the policy level.  When they're going back and reviewing that and seeing thousands and hundreds of thousands of dollars of litigation fees being added on to what was in some instances, a very minor actual property loss, and they're being stuck with the bill for all of that, it throws their analysis out the window,” Schwebach said.  Citizens Property Insurance Reforms: Another big part of the new law makes significant reforms to Citizens Property Insurance, the legislatively created and taxpayer-backed insurer of last resort for homeowners and businesses that can't find coverage in the private open market.  “Citizens is ridiculously competitive.  It's not the market of last resort, it has become the market of first resort,” said Gilway, who has headed Citizens since June 2012 and recently announced his retirement upon the successful changes in the new law that he has long advocated.  He said Citizens' policy count has grown from 414,000 in 2019 to nearly 1.2 million today, in part due to private companies going out of business.  “But there's a secondary issue, and the issue is, in some territories around the state, we're 50% below the market.  So we're competing openly with the private market.  That makes no sense whatsoever,” Gilway said.The new law changes the eligibility to remain a Citizens policyholder, ends capped rates, requires actuarially-sound and non-competitive rates with the private market, and allows higher rates for second homes – “all good, interim steps to get us back to the role that we were meant to operate in,” said Gilway.  He said he hopes the private market will be in a better financial situation to resume depopulating Citizens' policy count by the end of 2023.“Who's going to come in and try to compete with a government entity?” agreed McGuire.  “Why would you commit capital to that?  Florida has now solved both of those and being able to talk to consumers about that is really, really important.  And that's how this market is going to change.”  McGuire said setting expectations that rates aren't going to go down immediately is part of that.  “This is not a little speedboat here that we can just turn.  This is a big aircraft carrier and it's going to take a little bit to get there, but we're going to get there,” he said.Reinsurance Help: Schwebach shared his insight on the Florida Optional Reinsurance Assistance Program created under the new law, to help insurance companies that cannot find affordable reinsurance in the private market.  “I think the jury to a certain extent is very much out on how effective this reinsurance offering is going to be from the state,” he said.  And while the market is appreciative of the effort, “I think they are trying to determine if there's true value in what's being offered, the capacity being provided relative to the price,” Schwebach said.  He also discussed the important role reinsurance plays in the Florida insurance market and how consumers benefit from its availability.Host Miller stressed that the new law should mark a new beginning among consumers, agents, insurance companies, contractors, investors, reinsurers, legislators, and Realtors.  “This should be a collaboration to get away from the nasty litigation and the adversarial relationships that we've seen over the past few years so that we can restore this market so that it will be vibrant for our consumers and very competitive,” said Miller.Links and Resources Mentioned in this EpisodePEAK6 InsurTechGallagher ReCitizens Property Insurance CorporationKey Provisions of 2022 Insurance Consumer Protections & Market Reforms (SB 2-D & SB 2-A)Reinsurance to Assist Policyholders (RAP) Program Florida Optional Reinsurance Assistance (FORA) Program Property Insurance Stability Report (Florida Office of Insurance Regulation, July 2022) 2022 Litigation Reform & Consumer Protections (Lisa Miller & Associates)Florida Market ‘Plagued' by Attorney Fee-Shifting (LMA Newsletter of December 5, 2022) ** The Listener Call-In Line for your recorded questions and comments to air in future episodes is 850-388-8002 or you may send email to LisaMiller@LisaMillerAssociates.com **The Florida Insurance Roundup from Lisa Miller & Associates, brings you the latest developments in Property & Casualty, Healthcare, Workers' Compensation, and Surplus Lines insurance from around the Sunshine State.  Based in the state capital of Tallahassee, Lisa Miller & Associates provides its clients with focused, intelligent, and cost conscious solutions to their business development, government consulting, and public relations needs.  On the web at www.LisaMillerAssociates.com or call 850-222-1041.  Your questions, comments, and suggestions are welcome!  Date of Recording 12/28/2022. Email via info@LisaMillerAssociates.com   Composer: www.TeleDirections.com  © Copyright 2017-2022 Lisa Miller & Associates, All Rights Reserved 

Nearly 19,000 people in Washington have received a letter from their insurance company, Regence, that says their coverage options might look different starting in December. It's caused a lot of confusion and worry among policyholders, many of whom are on state-subsidized plans.

Entrepreneurs solve problems and Jesse Vasquez has done just that in the niche of furnished accommodations, Jesse found a way to provide temporary housing to healthcare professionals initially as a business development professional in the healthcare sector. Jesse solved a problem in a niche and scaled his midterm rental operations working B2B for corporations looking to house health technicians, insurance policy holders giving him increased occupancy and cash flow across his properties. Today he's known as the go-to mid-term rental expert in our industry having helped multiple other investors turn their STRs into MTRs. Jesse is the Founder of AirVenture Hosting Co., flourishing in Traveling Medical Professional Corporate Housing/Short Term Rental hosting and management of Luxe and Unique Homes on Airbnb. Jesse experimented his way through his success. Because he was a conversationalist who was very straight to the point, he was able to build a business through solving the problems that travel nurses were facing, which was quality, furnished temporary furnished accommodation with mid-term rental! Through this business approach, he was not only able to create a network, he was also able to build opportunities and provide solutions in a market that needs it. With all the red tape and regulations occurring with traditional short-term rentals and the ability to achieve increased occupancy for your STRs, the mid-term rental blueprint can solve a need in the industry and fill your individual or multiple units at scale when executed properly. Jesse steps in the lab to show us how! HIGHLIGHTS OF THE EPISODE: 12:04 Choosing Your Niche 26:06 The Importance of Pacing KEEPING IT REAL: 03:16 Jesse's Background 15:34 Travel Nursing Industry 23:08 Growing and Building Leads 30:34 Create Lasting Businesses 34:28 Hospital Level 40:54 Extended Hotel Stay 51:22 Umbrella Policy 60:04 Closing NOTABLE QUOTE (KEY LESSONS): 27:42 “…If you're consistent with one thing, it's almost impossible to fail…” - Jesse Vasquez CONNECTING WITH THE GUEST Website: https://www.airventurehosting.com/ LinkedIn: https://www.linkedin.com/in/jesse-vasquez-36917a40/ Get coached on how you can repurpose your existing home or investment property into an Airbnb with me: https://experimentrealestate.com/hospitable-hosts Guesty Unique Link: https://hosts.guesty.com/?=therealestateexperiment Hospitable Hosts book: https://amzn.to/3e4LEhE Instagram: https://www.instagram.com/therealestateexperiment/?hl=en Apply for an American Express Card with this link: http://refer.amex.us/RUBENKr8et?xl=cp01&mpt=v0 #problemsolver #creatingopportunities #lastingbusinesses

What should a policyholder do if its insurance company refuses to pay all or most of a settlement offer made during mediation? Lynda A. Bennett and Eric Jesse outline the options, from the less-than-ideal approach of walking away, to asking for a waiver of ‘the consent to settle' provision. They also emphasize the importance of coverage counsel in instances where it is necessary to enforce specific policy language, leverage the business relationship, educate the mediator, or prod the carrier. Speakers: Lynda A. Bennett, Partner and Chair, Insurance Recovery  Eric Jesse, Partner, Insurance Recovery

Bankrate analyst Cate Deventer joins Lisa Dent on Chicago’s Afternoon News to explain how rising inflation may have an impact on your auto insurance policy, and why the coverage you have now might not be enough if you have an accident. Follow Your Favorite Chicago’s Afternoon News Personalities on Twitter:Follow @LisaDentSpeaksFollow @SteveBertrand Follow @kpowell720 Follow […]

According to the online Covid Coverage Litigation Tracker (CCLT) run by Penn Law there have been more than 2,300 insurance coverage cases filed over denial of claims relating to Covid-19. Restaurants and bars were hardest hit by the pandemic and so led the way in seeking – and being denied – coverage, too. They are also leading the way in suing their insurers. The top five insurers in the defense position are Chubb Limited at #5, then #4 Lloyds of London, #3 Cincinnati Financial, and #2 Zurich.  And in the #1 position facing the most coverage suits is Hartford. The insurance industry started off strong when this litigation began, winning the vast majority of the coverage suits. And they continue to do well, scoring with the argument that many of the claims do not involve actual property damage. Government closures don't cause property damage, they argue. Courts have largely been siding with the carriers – but not all. Policyholders, a tenacious bunch, appear to be chipping away at the body of law in this suddenly expanding category. A recent case involving a New Orleans restaurant against Lloyd's was penciled into the win column for carriers by a trial court , but an appeals court erased it and wrote the policyholder a narrow 3-2 victory. The appeals court said the language of the policy was ambiguous, and therefore had to be construed in favor of the restaurant.  What's it  mean? Does this bode well for policyholders? Or can we expect to see, as we did in previous coverage wars, a mixed bag of decisions across the nation? For more on that case and today's Covid coverage landscape, listen to my interview with Marshall Gilinsky, a shareholder in the New York office of Anderson Kill. Marshall has represented policyholders of various policy types for two decades, including those seeking coverage in the aftermath of the 9/11 attacks, Hurricane Katrina, and Superstorm Sandy. Thanks to Marshall for sharing his insights. This podcast is the audio companion to the Journal on Emerging Issues in Litigation. The Journal is a collaborative project between HB Litigation Conferences and the Fastcase legal research family, which includes Full Court Press, Law Street Media, and Docket Alarm. The podcast itself is a joint effort between HB and our friends at Law Street Media. If you have comments or wish to participate in one our projects please drop me a note at Editor@LitigationConferences.com.P.S. Please excuse my periodic memory lane strolls as I waxed nostalgic while stroking the gray bristles of my chin about the pollution exclusion, the sudden and accidental exception to the exclusion, and, you know, what really does it mean for something to "occur"? I've led a heart-stopping existence. And so can you. 

In this episode of Adjusting to 6 Figures Podcast, Jeremy invites Vince Perri, CEO at Commercial Claims Advocate. Vince shares his journey from a Tennis Coach to a Public Adjuster, he discusses when and why people need a Public Adjuster. Both Jeremy and Vince share some hidden secrets about their adjusting sides. They compare the incomes of Public Adjusters and Independent Adjusters with each other. They also discuss the dark aspects of both public and independent adjusting. Vince Perri is a Public Adjuster, Business owner, and Educator. He created the Commercial Claims Advocate where he shares with others step-by-step courses to learn about Public Adjusting in an effective way. Vince also owns Elite Resolutions which is a Public Adjusting Firm. What You Will Learn: Who is a Public Adjuster Why & when do the Policyholders need a Public Adjuster How much a Public Adjuster makes What are the dark sides of Public and Independent Adjusters  Resources: Vince Perri Instagram Facebook Linkedin

MetLife hasn't always been publicly traded.  In fact, it was a private company mutually owned by its policy holders until 2000.  How has the stock done since then?  And how could you possibly own thousands of dollars worth of MetLife stock without every buying it?  0:00 - What Does MetLife Do?0:50 - How It Got Started1:50 - Demutualization3:38 - MetLife Today7:21 - How Much Could You Have Made?

Policyholders need to ensure that the representations they make as part of the insurance application are accurate, or could face challenges obtaining coverage for a subsequent claim. In this episode, David Finz and Matia Marks, Alliant, discuss a pending case involving a ransomware attack on a luxury company with high-profile clientele data and whether or not there will be coverage for the multi-million dollar extortion payment. What will the outcome of this case mean for clients facing an increasingly complex underwriting process for Cyber insurance?

On this episode of #PaisaVaisa, Anupam Gupta talks to Shrehith Karkera, co-founder of Ditto Insurance and Finshots. Shrehith talks about his journey from Finshots to developing and expanding Ditto Insurance. They discuss how Ditto Insurance has successfully filled in the gaps in the online insurance sector by making the insured more aware of their policies. They further discuss the intricacies of the insurance process, technical considerations during choosing an insurance policy, and the logistics of an insurance provider in this episode of Paisa Vaisa.In FY21, India's expected insurance penetration was 4.2%, with life insurance accounting for 3.2% and non-life insurance accounting for 1%. According to the World Bank, India's insurance density in FY21 was 78 US dollars per capita. Over the first half of fiscal year 2022, the life insurance market rose by 5.8 percent, compared to a growth rate of 0.8% during the same time in the prior fiscal year.You can know more about Ditto Insurance by visiting these links:Instagram: (https://www.instagram.com/joinditto/)Twitter: (https://twitter.com/joinditto)You can find Shrehith Karkera on:Twitter: (https://twitter.com/ShrehithK)LinkedIn: (linkedin.com/in/shrehith-karkera-257b0911b)Get in touch with our host Anupam Gupta on social media:Twitter: ( https://twitter.com/b50 )Instagram: ( https://www.instagram.com/b_50/ )Linkedin: ( https://www.linkedin.com/in/anupam9gupta/ )You can listen to this show and other awesome shows on the IVM Podcasts app on Android: https://ivm.today/android or iOS: https://ivm.today/ios, or any other podcast app.You can check out our website at https://www.ivmpodcasts.com/

During this very powerful episode of the All Things Private Practice Podcast, I talk w/ Marisol Colette AKA The Fashion Therapist. Marisol is the owner of Sol Reflection, as well as the co-host of the Reading Aloud Podcast.Marisol's journey is one of courage, strength, resilience, and resolve. She was diagnosed w/ cancer immediately after leaving the VA (and their federal health insurance benefits) behind.Marisol and I talk about our journeys out of community mental health, and Marisol shares her story about leaving a "safe, secure" job at the VA that paid extraordinarily well and offered fantastic benefits but was emotionally and physically exhausting. Instead of panicking and going back to a job that was no longer satisfying, she trusted her judgment, intuition, and ingenuity, creating something very unique and unbelievably special within the therapy world. Marisol created her business and stepped into becoming a "fashion therapist." She incorporates trauma and body-based therapy to help people embrace their bodies and feel confident in their clothing — incredibly creative to say the least!Fashion Therapist? What does that even mean? How does that work?Marisol and I talk about her creative genius and process, as well as both of our determination to do things differently.  Some topics include:Thinking you can't make it or that your ideas are too "big" The desire and determination to never go back to community mental healthOur success stories while doing things "differently" Our struggles to get to where we're at

Obligations For Insurance Claims Investigations According to the state of Washington Administrative Code (WAC) 284-30-370: Standards for prompt investigation of a claim. Every insurer must complete its investigation of a claim within thirty days after notification of claim, unless the investigation cannot reasonably be completed within that time. All persons involved in the investigation of a claim must provide reasonable assistance to the insurer in order to facilitate compliance with this provision. In the second part of our conversation with Roger Howson (Seattle, WA) and many others, we discuss the insurance claim appraisal process. Episode 78 of The DYOJO Podcast will touch on topics, including Claims investigations Policy litigation Insurance fair conduct ordinances Assignment of Benefits (AOB) Contractors crossing the line into public adjusting Carriers playing games with insureds Policyholders being shady with contractors While many contractors dabble in policy interpretation, often because they think they are doing the right thing for the client, they may be crossing into the territory of public adjusting without a license. Roger discusses how, "If it walks like a duck and talks like a duck, it better be licensed like a duck." Andy McCabe shares a story where he had to answer some tough questions with an Oregon insurance investigator. Our guests will include: Gordy Powell (Atlanta, GA) Seat Scott (San Diego, CA) David Princeton (Muskego, WI) Bill Wilson (Nashville, TN) Ed Cross (Palm Desert, CA) Andy McCabe (Bend, OR) Ben Justesen (Moses Lake, WA) Bryan Close (Tacoma, WA) THANK YOU TO OUR SPONSORS: Restoration Industry Association (RIA) Restoration Technical Institute (RTI) Office Services by Brandi THURSDAYS ARE FOR The DYOJO Podcast New episodes of The DYOJO Podcast are released on Thursdays 9am PST via video through YouTube and/or audio is distributed through platforms such as Apple, Spotify, Google, etc. Learn more by visiting our website - www.thedyojo.com/podcast

How should I be going about my business? Where should I start? Which business model do I follow? Tonight on L2TB LIVE!, joined by Jen Silver we'll answer these questions and many more.

In the defense of a claim, the relationship between the policyholder, the insurer, and the defense counsel, also known as the tri-partite relationship, is important. Though each party's approach to settling a claim may be different, their working relationship doesn't have to be difficult. In today's episode, Lynda, joined by Loren Pierce, partner at Bressler, Amery & Ross, P.C., and Tom Quinn, partner at Wilson Elser, share some of the difficult dilemmas that can sometimes arise within the tri-partite relationship, providing techniques for how policyholders can make the road to settlement a little less bumpy.  Speakers: Lynda A. Bennett, Partner and Chair, Insurance Recovery  Loren Pierce, Partner, Bressler, Amery & Ross, P.C. Tom Quinn, Partner, Wilson Elser

We are starting to see a trend, especially in D&O policies, in which both insurers and policyholders are locking horns over whether a claim is related to an earlier filed claim or not. Policyholders need to approach this issue carefully, taking into consideration policy limits, self-insured retention and a myriad of policy exclusion traps. In today's episode, Lynda and Michael discuss relatedness issues, analyzing the pros and cons of advocating for a claim to be related to an earlier asserted claim, and highlight some strategies to use to determine the best approach to maximize coverage. Speakers: Lynda A. Bennett, Partner and Chair, Insurance Recovery  Michael D. Lichtenstein, Partner, Insurance Recovery

Since our last episode on SPACs, the market has cooled some as prime targets are harder to source and capacity in the insurance market continues to squeeze. With skyrocketing premiums and a quick turnaround in the underwriting process, the market is starting to consider the next natural step in the process – the claims that are likely to flow from some of these deals.  Through the insurance lens, the burning question is whether SPAC and deSPAC claims will actually be paid? Policyholders are also wondering whether the claims process will be smooth or complex? Will there be unintended consequences flowing from the speed at which these complicated transactions have proceeded? In today's episode, Lynda Bennett and guests Steve Shappell, Alliant Specialty Claims and Legal Practice Leader, and Ron Borys, Senior Vice President and Financial Institutions Practice Group Leader from Alliant Insurance Services, provide insight on what to except and how to prepare when the claim process begins. Speakers: Lynda A. Bennett, Partner and Chair, Insurance Recovery  Steve Shappell, EVP Specialty Claims and Legal Practice Group Leader, Alliant Insurance Services Ron Borys, Senior Vice President and Financial Institutions Practice Group Leader, Alliant Insurance Services

The cost of ransomware to businesses is estimated to have doubled since 2019 to $20 billion, according to Coveware. Policyholders turn to their insurance policies to recover losses which average more than $230,000 per incident. More than half (56%) of ransomware victims paid the ransom to restore access to their data last year, according to a global study of 15,000 consumers conducted by global security company Kaspersky. Yet for 17% of those, paying the ransom did not guarantee the return of stolen data.Joining me to discuss an important ruling on insurance coverage for ransomware incidents Scott Godes, a partner with Barnes & Thornburg. Scott advises and represents policyholders  regarding insurance coverage for cyberattacks, data breaches and cyber security issues, business email compromises and CEO fraud, network failures, advertising injury, libel, ransomware, and personal injury claims.This podcast is the audio companion to the Journal on Emerging Issues in Litigation, a collaborative project between HB Litigation Conferences and the Fastcase legal research family, which includes Full Court Press, Law Street Media, Docket Alarm and, most recently, Judicata. If you have comments or wish to participate in one our projects, or want to tell me how insightful and informative Scott is , please drop me a note at Editor@LitigationConferences.com.I hope you enjoy the interview, and how I managed to work in Scott's gymnastics experience with zero finesse.