INSURANCE

Thongchai Jaidee wins American Family Insurance Championship

MADISON, Wis. — Thongchai Jaidee became the first Thai winner in PGA TOUR Champions history Sunday, closing with a 4-under 68 for a one-stroke victory in the American Family Insurance Championship.

A week after playing his way into the event with a 10th-place finish in Iowa, the 52-year-old Thongchai won in his 19th start on the PGA TOUR Champions.

“Very big thing for me,” Thongchai said. “The game has changed. Now I’m very, very happy to be on tour.”

Thongchai rebounded from a bogey on the par-5 16th with a birdie on the par-3 17th and closed with a par. He finished at 14-under 202 at University Ridge.

“Great tournament here,” Thongchai said. “I played solid, solid, solid. I took one mistake on 16, hit the tree and lost the ball. We make good bogey and try to get my plan. Holed a good putt on 17 and the game changed. I think my confidence in the putting, that’s why helped me a lot for this week.”

Tom Pernice Jr. was second after a 66.

“I’m happy for Thongchai,” Pernice said. “He had a little bad break there on 16 to hit the trees and lose the ball,

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June 17, 2022 by INSURANCE

Wave of homeowners forced to use Citizens Insurance

Wave of homeowners forced to use Citizens Insurance

WEST PALM BEACH, Fla. — Homeowners in Florida are signing up for Citizens Property Insurance Corporation at a frantic pace as hurricane season begins and the state’s insurance crisis seems to deepen.

Citizens Property Insurance Corporation is currently writing policies at a frantic rate, approaching 900,000 in Florida.

It’s an issue that can have consequences for all Floridians.

Insurance agent Robert Norberg of Arden Insurance in Lantana is among the growing list who is using Citizens Insurance.

Robert Norberg, Arden Insurance, June 9, 2022

WPTV

Robert Norberg discusses the influx of people using Citizens Insurance in Florida.

“I will be in Citizens along with the rest of the folks,” Norberg said.

RELATED: Citizens Insurance cites growing underwriting losses

There are plenty of folks using Citizens Insurance — more than 887,000 by the latest count. This number is growing and growing.

“Currently Citizens, I believe, is taking over 30,000 policies a month,” Norberg said. “The more people in Citizens, the worse it can be for the Florida economy and Florida consumers.”

What’s driving this is mostly canceled policies and suddenly insolvent companies cutting homeowners loose right at the start of hurricane season.

The latest company — Southern Fidelity — failed to meet financial requirements and is now endangering

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June 16, 2022 by INSURANCE

Montgomery Co. schools could owe millions to former staff over prepaid insurance premiums

Former employees of Montgomery County Public Schools could be owed millions of dollars after a report found that they forfeited prepaid health insurance premiums when leaving the Maryland school system.

Former employees of Montgomery County Public Schools could be owed millions of dollars after a report found that they forfeited prepaid health insurance premiums when leaving the Maryland school system.

Anywhere from $3 million to $13.5 million in overpaid premiums were kept from retiring and departing staff at Montgomery County Public Schools over the course of two-plus decades, according to a new report from the county’s Office of Inspector General.

The overpayments were neither refunded to eligible employees nor remitted to health insurance providers.

The OIG said that the practice has been going on for at least 22 years, and that the school system first became aware of it about seven or eight years ago.

“A senior manager estimated that refunds due to individual retirees would likely range from $200 to $900 depending on the insurance plan they selected,” the report reads.

Over the last three years, the OIG said an average of 683 employees either retired or resigned from working with Montgomery County schools.

Those numbers helped shape

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June 15, 2022 by INSURANCE

Increasing home, construction costs could impact insurance coverage

Increasing home, construction costs could impact insurance coverage

Estimated read time: 2-3 minutes

SALT LAKE CITY — Rising prices could hit you hard if disaster strikes. Skyrocketing home values and construction costs are leaving gaps in some homeowners’ coverage.

A lot of this varies by policy — most are written in terms of what’s replaced rather than the current cost of materials. But at least one disaster cleanup professional is finding that some mishaps may have limits that are not set to today’s high prices.

What happened in the Parsons’ home could happen anywhere.

“When I got out of bed, I felt like wetness on the ground,” said Josh Parsons.

He made the discovery.

“I came rushing in here, and there was probably about an inch, inch and a half of standing water,” he said.

A toilet leaked all over the floor and down below.

“I went to put some things out in the garage, and when I opened the door, it sounded like a light river in our garage,” said Jeramie Parsons.

Three levels were impacted as water came through the rafters and behind walls and cabinets.

“All of the flooring has to be removed because we have trapped moisture,” said Ryan Marriott, owner of Floodsmen Disaster

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June 14, 2022 by INSURANCE

Student-Loan Borrower Chooses Between Paying Debt and Health Insurance

  • Robin O’Brien, 61, has $64,000 in student debt from her master’s degree.
  • She’s experiencing long COVID, which has caused her to work part time earning half an income.
  • Now, she’s forced to choose between affording health insurance or paying off her student debt.

Even on an income-driven repayment plan for her $64,000 student-debt load, Robin O’Brien can’t afford the payments.

After working in long-term care facilities for 25 years, O’Brien said the next step in her career was becoming an administrator — but in order to be in that field while making a sufficient income, she needed a master’s degree. When she took out federal loans to take online classes at two public universities, and after graduating in 2017, there was no way she could have foreseen the pandemic and the financial strain it would bring.

Now, she’s dealing with long-COVID symptoms that forced her to work part time, and her medical bills and student-debt bills are unmanageable.

“Right now, I’m picking five of the envelopes with medical bills, and then I’ll pay them $20 apiece,” O’Brien said, referring to the stack of bills she gets each month. “And the next month I’ll take five

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June 13, 2022 by INSURANCE
December 2024
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