Wow, talk about absentee management! Millions in bad checks didn’t raise a flaming red flag? Complexity of premium finance? I didn’t know it was so complicated.
So an organization whos business is to provide commercial insurance didn’t have the 2 signature rule for checks? Also, anyone controlling $$ is usually required to take at least a full week (if not 2) of vacation annually, just so such situations can come to light. This should not have gone on much longer than a year at most. I am surprised that a brokerage wouldn’t have the same rules for themselves that the various underwriters they were working with would have required from their insureds to maintain Crime/Fidelity coverage.
Wow, talk about absentee management! Millions in bad checks didn’t raise a flaming red flag? Complexity of premium finance? I didn’t know it was so complicated.
The check was in the mail!
The check was in her purse.
Not the first to abuse premium finance and not the last – not a complicated system!!!
So an organization whos business is to provide commercial insurance didn’t have the 2 signature rule for checks? Also, anyone controlling $$ is usually required to take at least a full week (if not 2) of vacation annually, just so such situations can come to light. This should not have gone on much longer than a year at most. I am surprised that a brokerage wouldn’t have the same rules for themselves that the various underwriters they were working with would have required from their insureds to maintain Crime/Fidelity coverage.
Happens all the time. Agents are notorious for not following their own advice.