Impact of Spitzer Broker Fraud Charges Felt at Marsh and Beyond
National News • October 18, 2004
New York Attorney General Eliot Spitzer's filing last Thursday of charges against giant insurance broker Marsh for alleged commercial account steering and bid rigging has already had significant ...
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Subject: RE: RE: Spitzers insurance investigation and chargess
Posted On: October 20, 2004, 1:56 pm CDT
Posted By: Chris
Comment:
There can be a tendency for brokers to try and talk clients into not submitting claims that are worth little beyond the deductible/retention, or get them to hold off on submission until a policy has been written or renewed. But, my experience (although all of it is on the claims side) has been that the collusion is between the broker and the client, not the broker and the carrier.
Once a valid claim is submitted, its pretty dangerous for the broker to try and conspire with the carrier to not pay a claim. More often, the broker conspires with the client to get the claim paid once the carrier denies or reserves rights.
Subject: RE: RE: Spitzers insurance investigation and chargess
Once a valid claim is submitted, its pretty dangerous for the broker to try and conspire with the carrier to not pay a claim. More often, the broker conspires with the client to get the claim paid once the carrier denies or reserves rights.