insurance companies

Attorneys: Rochester diocese reaches $50.75M settlement in abuse claims | Top Story

ROCHESTER — Sexual abuse survivors in the Diocese of Rochester’s Chapter 11 bankruptcy case have reached a settlement with two insurance companies totaling $50.75 million, an attorney for the survivors announced Friday.

The settlement is with the Interstate and First State insurance companies, according to attorney Jeff Anderson, whose firm has been involved in lawsuits against the diocese.

The settlement still needs court approval and be voted on by the survivors.

The Diocese had filed for bankruptcy protection in 2019 after 475 survivors brought lawsuits against the Diocese under the New York Children Victims Act. Rochester was the first to declare bankruptcy as a result of potential claims against it from victims.

The Diocese includes Livingston County, where some victims have filed claims.

Previously, survivors had reached a $75.6 million settlement from the Diocese and another insurer, LMI.

The three settlements total $126.35 million, including a $55 million payment from the Diocese of Rochester and its parishes, a $20.6 million settlement with insurers LMI and LMI Underwriters, a $50 million settlement with Interstate, and a $750,000 settlement with First State.

Anderson said the settlement also includes the ability to litigate against the remaining insurance company which has not settled,

… Read the rest
July 30, 2023 by ATTORNEY

Florida warns of chaos for homeowners if 17 property insurance companies have ratings downgraded

(WFLA) — In four days, a ratings agency plans to downgrade 17 property insurance companies in Florida, according to state officials.

State leaders warn financial chaos will follow and millions of Floridians could be impacted.

8 On Your Side Investigator Mahsa Saeidi reached out to several agencies to obtain the list of at-risk companies. As of Friday night, the state is not disclosing the list.

If the downgrades happen as planned, millions of Floridians will be in default of their mortgage requirements.

Insurance brokers told 8 On Your Side homeowners will be given a few months to find acceptable coverage.

If they can’t, their mortgage company would force them to accept a new policy with a new carrier.

Bottom line — homeowners will end up paying twice the price for half the coverage, multiple insurance experts said.

Ronald Assise CIC, CPRM is an insurance broker.

“With force-placed insurance, the only party protected is the mortgage company,” he said. “So you’re paying an outrageous premium and basically getting no coverage.”

If Demotech doesn’t back down under pressure can anything be done? That’s the question 8 On Your Side had for State Sen.

… Read the rest
August 1, 2022 by INSURANCE

Your job and education could be determining your car insurance rate

I went online last week to get a car insurance quote from Mercury Insurance. I went through the process twice, once listing my occupation as engineer.

All the rest of the information was the same — my age, address, driving record, car make — but as an engineer, I was given a lower monthly rate: $247.88 instead of $262.88 and a potential yearly savings of $179.89.

My price comparison experiment was inspired by a petition filed July 18 by Consumer Watchdog, a taxpayer and consumer advocacy group, protesting Mercury Insurance Co.’s request to the California Department of Insurance to bump up its auto rates.

Mercury Insurance, a major car insurance provider in California, is asking to raise its rates on customers by 6.9%, or $131 million.

But a major factor that underlies Consumer Watchdog’s demand for a public hearing on the proposal is its claim that Mercury’s rates are not only “excessive” but “unfairly discriminatory.”

“It’s an issue that we have been fighting for many years to rectify in California where insurance companies have been illegally surcharging folks based on arbitrary job categories,” Consumer Watchdog Executive Director Carmen Balber told me.

In 1988, Californians passed Proposition 103,

… Read the rest
July 29, 2022 by INSURANCE

17 property insurance companies face ratings downgrade in Florida

TAMPA, Fla. (WFLA) — More than a dozen property insurance companies are set to have their ratings downgraded in Florida.

The Florida Office of Insurance Regulation confirmed to 8 On Your Side Thursday that 17 insurance companies total are going to be downgraded by the rating agency Demotech. Industry experts say that downgrade will impact hundreds of thousands of families across Florida – including in the Tampa Bay area.

Mortgage providers Fannie Mae and Freddie Mac require homeowners to have a policy with an A-rated company. Anyone who has a policy with any of the 17 companies that will be losing its A-rating could be forced to find a new policy – potentially one that could cost more and provide less coverage.

8 On Your Side is working to find out which companies are having their ratings downgraded.

Meanwhile, Demotech’s decision to downgrade the companies is being challenged by the FOIR. Commissioner David Altmaier is requesting the rating agency reconsider the conclusions they’ve reached about the viability of the companies.

Gov. Ron DeSantis’ office sent the following statement after the announcement was made:

“We share the concerns expressed by Florida’s Chief Financial Officer (CFO) Jimmy Patronis and the Office

… Read the rest
July 27, 2022 by INSURANCE

Too risky to insure? Why your homeowner’s insurance could go up in smoke

Too risky to insure? Why your homeowner’s insurance could go up in smoke

Estimated read time: 5-6 minutes

SUMMIT PARK — There are good reasons insurance companies drop customers from their homeowner’s policies: non-payment, not taking care of the property, or too many claims.

None of that applied to Peter Ingle, who has lived in his home nestled in the forests of Summit Park for 25 years.

In August 2021, his neighborhood was evacuated when faulty parts on a passing vehicle sparked the Parley’s Canyon Fire off Interstate 80. The fire burned more than 500 acres.

The wildfire triggered a visit from Ingle’s homeowners insurance company, Allstate, shortly thereafter.

“My insurance company called and said they’re coming out to just check out the areas around our homes to make sure they’re sort of fire safe,” Ingle said. “We didn’t think much of it.”

In November 2021, Ingle said he got bad news: Allstate was dropping his insurance.

Ingle called his insurance agent, who assured Ingle he was working with Allstate to change their minds.

When February came around, Ingle’s agent still didn’t have good news.

“He goes, ‘The reality isn’t your property, it’s the adjacent that’s the problem,” Ingle explained.

In the letter sent to Ingle from Allstate, the reason given for

… Read the rest
June 30, 2022 by INSURANCE
December 2024
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031