Property and Casualty Insurance

Property And Casualty Insurance Company
Sidewalk contract OK’d without bids
The North Little Rock City Council voted unanimously last week to extend a sidewalk contract with a company that currently has an expired license, and hasn’t bid on a city project since 2006.
GROUP 3 PART 2 : Property And Casualty Insurance Company – Progressive

The portfolios of property and Casualty Insurance Companies are generally concentrated in?

a. liquid assets
b. mutual funds
c. U. S. Treasury bonds
d. primary securities

I believe it is: a. liquid assets

Almost positive it is (c). Insurance companies must hold a certain amount of their portfolio in “reserves” that meet “reserve requirements,” basically they have to be approved by the NAIC. This is because of insurance regulation and actually drives the insurance cost to consumers up.

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Casualty Insurance Agency

IRS releases FAQ on how the oil spill affects taxes (with document)
As part of the IRS’ oil spill-related announcement today, the agency issued the following question and answer document to provide guidance to oil spill victims:

Austin, Texas Insurance Tips

Having to pay multiple Austin insurance companies for varying lines of coverage only consumes time and energy you need for living. It makes better sense to work with a single Austin insurance provider who can handle all of your Property And Casualty needs. Working with a multi-line agency offers two major advantages. First, it offers you the convenience of dealing with a single source of coverage. Secondly, it offers you possible multiple policy discounts provided your agent represents a company or companies that offer rates because you purchase two or more different types of policies from a single insurance carrier.

There are a number of things to consider in multiple areas of coverage that you can obtain from an Austin insurance agency that takes a multi-line approach to insuring one’s entire lifestyle.

For example, home insurance is something every Austinite should invest in. Weather wise, it is one of the best places to live, not only in the state, but in the entire United States as well. But, because of its idyllic conditions, Austin residents are often lulled into a false sense of security about the possibility of natural disaster.

Few, if any, consider any real peril indemnity when qualifying a policy. Austin, Texas can suddenly be struck by tornadoes. The likelihood of a tornado here is equal to the state average, and it is 80% greater than the U.S. average. Austin can also be affected by affected by the occasional occurrence of violent thunderstorms that can strike-and sometimes flood– the otherwise tranquil Hill Country with little or no warning. It is important to find an agency that can find you the best coverage for such a calamities and pinpoint potential discounts that can be generated by certain home improvements you can make.

If your home happens to lie beneath a flood plain, a service such as Texas Auto Home can help you find the best possible flood coverage for your dwelling in addition to wind/storm coverage.

The magnitude of the above perils exponentially increases for the mobile homeowner who neglects appropriate insurance. Approximately 5,000 mobile homes reside within the city limits of Austin alone. The number is even higher if we include statistics for all of Travis County.

The good news is, mobile home insurance is cheaper than ever before. Addition discounts can be created by taking a series of steps to tie down and better secure a mobile home against regional weather patterns.

Apartment dwellers and owners of condominium owners are taking a costly risk when they choose to forgo the small investment required for quality Austin renters insurance. Nearly 40,000 property-related crimes occurred in 2006, and many of these led to irrecoverable financial losses for those who were struck. Austin insurance renters policies normally cost less than 10% of the total content value covered, so for just a little investment you can protect a lot.

If you live in a condo, be sure to work with a renter’s insurance agency that can write policies specifically for condominium renters. These policies extend the basic coverages of HOA and building complex policies and can protect condominium owners as well as tenants.

Businesses of any size in Austin, Texas should insure their vans, trucks, and automobiles through a qualified commercial vehicle insurance agency. The best rates are available through organizations who will take the time to systematically research and qualify a number of advantages for smaller, family-owned businesses,

Some agencies even offer specific lines of commercial coverage for general and artisan contractors.

Austin insurance agencies like TAHI also often offer a variety of special discounts targeting specific ages of drivers who exhibit safe personal driving history, good credit, academic excellence, and other mitigating factors favorable to a better individual rating.

As Austin is a college town, one is able to find in many places discounts for young drivers, sports cars, and seniors.

For Austin residents who like to hit the open road on the weekend, or for any die hard water enthusiasts who love Lake Travis year round, rates are better than ever for motorcycle, ATV, jet ski, and boat insurance for Austin residents.

It makes perfect sense, therefore, to work with an agent who can address all the many aspects of the Austin lifestyle with a wide range of options that specify key elements of dwelling, property, and personal protection.

Allstate Home Insurance

The New York State Department of Insurance (DOI) just released the 2008 Annual Ranking of Automobile Insurance Complaints. The report has been issued to help consumers find the automobile insurer that best meets their needs. You can use this report to compare the ranking of the insurance company you are doing business with now, or check another company you may be considering.

This report analyzed data collected from 2006 and 2007. It only ranks companies doing business in the State of New York. However, as New York is a heavily populated state, with both big urban centers and big suburban areas, the report can be considered a good representation of insurance company performance nationwide.

How The Ranking Works

The insurance companies are ranked on a complaint ratio. The ratio is calculated by the number of complaints upheld against companies as a percentage of their total private passenger auto business.

Insurers with the fewest upheld complaints per million dollars of premiums are shown at the top of the list. The companies with the highest ratio of complaints are ranked at the bottom.

Other Information to Consider

The ranking of an insurance company is important, but it is only one characteristic that consumers should weigh when considering doing business with an insurance company. Others are:

o Referrals from friends, relatives, neighbors or co-workers about the experiences they had with their insurance companies

o Price of the premium versus perceived value

o Search the Internet for other ideas

o Check your state’s DOI website, which may contain valuable consumer information about companies doing business in your state.

What The Ranking Does and Does Not Contain

o Private passenger insurance is the only type evaluated.

o It only includes the complaints referred by consumers to the DOI. It does not include complaints made directly to the insurance companies.

o Complaints are “upheld” when the DOI agrees with a consumer that an insurance company made an inappropriate decision.

o Information from prior years is included in the tables so consumers can see if the company has improved or gotten worse.

o All companies with at least $10 million in premium in 2006 and 2007 are included in the ranking. Insurers with less than $10 million were included if they had 10 or more complaints against them.

Top Three Most Common Complaints

1. Monetary settlements – settlement amount is too low.

2. Policy terminations

3. Promptness of insurance payments

2007 Auto Complaint Listing (ranked lowest number at top, higher as you go down)

1. Mercury General Group

2. American Express, Amex Assurance, IDS Property Casualty

3. Eveready Insurance Co.

4. Electric Insurance Group

5. Amica Mutual

6. Preferred Mutual Insurance Co.

7. United Services Automobile Assurance Group (USAA)

8. Chubb

9. Utica Mutual

10. State F*arm

11. Central Services Group, Central Insurance Group, NY Central Mutual Fire Ins.

12. Main Street America Group, National Grange Mutual

13. Progressive

14. Liberty Mutual

15. Kingsway Insurance Group, Lincoln General Ins.

16. Response Insurance Group

17. Nationwide Insurance

18. American Modern Ins. Group, American Family Home Ins.

19. St. Paul Travelers

20. Unitrin Group, Kemper

21. Erie Insurance Group

22. Berkshire Hathaway Insurance, GEICO

23. Allstate Insurance

24. The Hartford Insurance Group

25. Hanover Insurance, Citizens Ins., Allmerica Financial Alliance

26. Metropolitan Group

27. American National Financial Group

28. Allianz Insurance Group

29. GMAC, Integon, MIC P&C, National General Ins. Co.

30. Zurich Ins.Group, Foremost, Maryland Casualty

31. Hannover RE Group, Clarendon National

32. State Wide Insurance

33. White Mountains Group, OneBeacon, Esurance, Auto One Ins.

34. Countrywide Insurance

35. Safeco Insurance Group

36. American International Group (AIG)

37. Tri-State Consumer Ins. Group

38. Interboro Mutual

39. Infinity Property & Casualty

40. Long Island Insurance

Conclusion

If your auto insurance provider is not shown on this list, it could be that they don’t sell insurance in New York. Or, it could be that their number of complaints is worse than the company in the #40 position!!

Think about this statement, my friends.

The only thing that truly matters about your auto insurance is what happens when you submit a claim. Claims are about KEEPING PROMISES. When the insurance companies don’t keep their promises, the complaints pile up!

So, why would you EVER consider doing business with any insurance company LOWER than NUMBER 10 on the list?

If you are one of the unfortunate people who experience an automobile loss of any kind, you’ll need to know how to handle your insurance claim so that you maximize your recovery. I’ll even be so bold as to say this: If you do not use the strategies for submitting a claim found in my book, you will not collect all the money you are entitled to collect. You will need to know how to take control of your insurance claim, and add hundreds or even thousands more dollars to your claim settlement. For more information, check out the website shown below in the Resource Box.

Umbrella Insurance?

I was thinking of getting umbrella insurance. The problem is my auto insurance (progressive) and my home insurance (allstate) don’t have this option. Should I try and get the policy seperately from someone else or should I switch my auto or homeowners insurance?

You mean, an umbrella liability policy.

Although Progressive doesn’t write it, I was under the impression that ALLSTATE does. Did the agent flat out tell you, they don’t write umbrella policies? Or is their policy an “excess liability” policy?

MOST companies have moved from an umbrella form to an excess form. So that might be the issue. But some companies – which might include allstate – require that both your auto AND your home must be with them, in order to write the umbrella.

Progressive doesn’t write home or umbrella or excess, so you’d have to move everything with Allstate. I’d recommend that.

The alternative is getting a stand alone excess policy from a company like RLI Insurance – through a local agent. But it costs a LOT more than the excess or umbrella policy would with Allstate.

Discuss your options with the Allstate agent first. If you have to shop around to an independent, you might want to see what a Travelers agent can do for you.

Allstate Adds a villain, with car insurance as the hero of the actor Dean Winters is a portrait of Mayhem, personified the dangers daily driver are confronted.

Property And Casualty Quotes

IFA Insurance Company Launches New and Improved Auto Insurance Web Site
IFA Insurance Company has launched a new version of their award winning Auto Insurance Web site. The full-service Car Insurance web site offers consumers new and improved methods to research, purchase, and manage their Auto Insurance policy directly from the web. (PRWeb Jun 11, 2010) Read the full story at http://www.prweb.com/releases/2010/06/prweb4115484.htm

Your State’s Department Of Insurance

What happens if you have a complaint regarding your life insurance carrier, plan, or broker or just want additional support beyond what is offered by your carrier? That’s where the Department of Life Insurance comes into play. Let’s take a look at how this department functions and what questions you can ask there.

First, it’s important to understand that the Department of Insurance and their authority is administered State by State. Each State will have it’s own Department of Insurance and different rules/options apply. You can quickly find your department by typing in to Google, “Department of Insurance” followed by your State. The other point to notice is that all insurance types are grouped together under one heading. Each state treats how these are broken out a little differently but Health and Life can generally be found under a separate license (for the broker) and heading from what is traditionally termed “P&C” or Property and Casualty. The best way to think of it is that one pertains to insurance that applies to people (health, life, long term care, etc), while the other applies to insurance of property or things (and the liability that may result from them) such as car, home, etc. Let’s take a look at what the Department of Insurance governs as it pertains to life insurance.

The life insurance departments are primarily geared around three key functions. All are loosely tied to protecting the consumer but in different ways. The first deals with the insurance carriers and their business in the State. In effect, the Department of Insurance acts as the authority through which an insurance carrier operates and markets insurance in the State. Rate increase, practices, marketing etc generally flow under the auspices of the Department of Insurance for that given State. Depending on the depth of your State’s Department, you may find report cards on how the carriers rate in comparison to each other across different metrics such as complaints, satisfaction, network breadth, etc. This can be a handy tool but as a life insurance broker, we feel there’s nothing better than dealing with the carriers day in and day out to know who is worth considering. There are carriers we just won’t deal with even though they are in good standing with the DOI due to their history of being difficult to deal with. Experience as a life insurance broker with an unbiased approach can be your greatest asset.

This brings us to our second function. The Department of Insurance also acts as the authority agent for licensing insurance agents and brokers. They dictate the requirements for obtaining licenses, maintaining licenses (including ethics and continuing education requirements), and disputes or complaints. You can look up the status of a particular life insurance agent from their website as well as lodge a complaint. Since most people purchase life insurance through agents, this is an important check to make sure consumers are getting the best representation. The carrier provide the insurance product but ultimately, it’s the agent that helps guide them through the process of finding the right plan and applying for coverage…both of which are multi-faceted and complex operations.

The final piece is tied into the first two in that the core role of the Department of Insurance is to be the consumer’s advocate. This is the place to find information both general and detailed about the market, file complaints or request information regarding carriers and agents, and learn tips and insight into the very complex world of insurance of all kinds. There may be specific information on how insurance carriers will treat swine flu vaccinations or information pertaining to new flood insurance requirements. Each State’s legislature is constantly passing new laws and bills that govern the way insurance functions in that particular State. The Department of Insurance is the main point of dissemination for how these bills will affect the residents of that State as it pertains to insurance. There can be general news alerts as to fraud or scams affecting the insurance market. There may even be specific information for Seniors regarding Medigap insurance (although a Federal program) or more complex life insurance options such as annuities and whole life.

The Department of Insurance is a valuable resource to help protect consumers and insure the proper functioning of the insurance market in each State.

State Auto Property And Casualty
(All State Auto Insurance) How To Find *CHEAP* Car Insurance

How to contact Ohio insurance companies to file a claim
The Ohio Insurance Institute has provided a list of insurance companies that serve Ohio and contact information to file a claim for storm damage.

Insurance Auto Body Repair Networks. If we use it?

  Information on Auto Body Repair, networks, and how they can help.

If your car is damaged as in the recent hail storm in Central Texas, you want it quickly, easily repaired, and the lowest cost to you.

Insurers have found body repair networks, sometimes called "direct repair networks" to to do just that. These networks represent the long-term business, insurers have set up with reliable, quality-oriented workshops.

Instead of blindly choosing a repair shop, consumers can select a store from the network that a proof of good customer service and is close at home.

Why consumers value quality car repairs

Auto body repair networks offer consumers many Benefits for the property casualty insurers association of America (PCI). The group represents insurers that write more than half of U.S. auto insurance market.

Faster turnaround means lower costs. Through reducing the time cars in garages, associated costs, such as rental car expenses and job completion time are also reduced.

Networks promote faster extra cash. With pre-selected workshops can be found more quickly allow for additional payments for damages that are started after repairs or additional inspections without reauthorization the insurance company.

Networks reduce opportunities for fraud. Controlling fraud helps insurers keep costs low for the Insured.

Networks guarantee of quality work. Network workshops together with the insurers, the warranty repairs for, as long as you own or lease the car.

Consumers have the choice. Insurer in full to the customer that they are free, any car Body Shop they wish choose to explain himself. You are not going to a shop network bound.

How Auto Body Repair Networks Became an Industry Issue

The opponents of insurer networks largely independent body repair shops, a public relations and lobbying campaign mounted against them. In many states, have this match for legislation restricting or banning forced insurers use these networks.

Shaping the Issue: Keeping Repair Networks In the Loop

The Property Casualty Insurers of America Association (PCI) should consider that consumers have a choice in car body repair. But PCI support Insurers body repair networks, because it helps promote competition in the garage industry to control costs.

The Association also believes Insurers should be able to promote the use of network repair services by the use of independent and determined appropriate premium discounts or guarantees of workmanship.

PCI against laws that insurers the ability to restrict would make recommendations or suggestions for consumers to specific institutions to repair or that hinder the insurer's ability to repair the claim process on behalf of customers would not manage.

Contact Texas Prime Insurance for more information. Www.texasprimeinsurance.com