Florida Charges People’s Trust MGA Using Unlicensed Insurance Agents

March 6, 2009

  • March 6, 2009 at 10:50 am
    TJ says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    What did you expect from a retired copier salesman. A cheap sales pitch and no backbone. Take a lookat his new MGA to feed his fat a-s-s to siphon from. Tell him to pick up Insurance for Dummies and page 1 tells you not to compensate a 440.

    The same goes for GEICO insurance putting white trash on the phone without licenses.

  • March 6, 2009 at 1:23 am
    JR says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    What do you mean allegations?
    go to the DFS website and search for the licenses. They are not there. The insurance commissioner is in bed with these idiots becasue they have a low ball cheap and worthless product. he would love to see all other carriers drop rates, the problem is they need to eliminate coverages to do so and agents will not sell an inferior product. this is why this scum bag carrier does not have agents, there is an ethical point that you have to stop and say,”would I want to be insured by this company?” better yet, would I want my mother insured by this policy?
    The next thing that DFS needs to look at is how these unlicensed puppets were compensated. I sure hope it was hourly only. because you can not pay commission unless they have a 220 license. 440 does not get it. not that any of them were 440 anyway.

    Hey Kevin McCarty, I hear Obama needs a Commerce secretary, interested?

  • March 6, 2009 at 2:30 am
    Jade says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Is this all the eager companies the commissioner has lined up to take State Farms’ place in the Florida homeowners market?

  • March 6, 2009 at 2:40 am
    WK says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    I was waiting for this to happen. This company has been bad mouthing agents and misleading the consumers for awhile now and we all knew they were doing it. Glad to see Alex Sink is making a stand. Hopefully Kevin can do more than just sit there and do nothing. He knows what this company has been doing. High deductibles, no replacement cost, under insured homes, giving credits that don’t apply, selling policies by people not licensed. About time!

  • March 6, 2009 at 3:16 am
    SWFL Agent says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Now it’s all coming together. I thought they sold stripped down policies with no replacement cost because they had a plan. Now I know it’s because they have no agents and their people don’t know what they’re doing.

  • March 6, 2009 at 4:50 am
    Cheetoh Mulligan says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    I love Alex Cink! I hope she or Kevin McCarty nail them for violating advertising statutes too.

  • March 7, 2009 at 7:41 am
    JofT says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    What a joke the DFS is!! This happens all the time especially in the surplus lines area. What did they just wake up on 3rd base and think they hit a triple?? Surplus lines enforcement is a joke in Florida, agents using unlicensed companies; MGA’s not following the filing rules and taxes on fees, E&S Brokers filing under not their licenses but the direct procurement process!! I have seen all of these many times. Wake up DFS and do your job.

  • March 9, 2009 at 8:45 am
    TAR says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Can you imagine if an insurance agency principal had unlicensed agents selling to the public? Minimum $5k fine and cease and desist and basically raked through the coals. Peoples has been making headlines for their questionable practices and on the radar screen this past year, now this major issue arises and we’ll look into it. In the meantime, it gives Peoples time to find a licensed shill to put his/her name on their paper. Nice to know there is a double standard in Florida!

  • March 9, 2009 at 10:23 am
    Mr. Solvent says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    This guy didn’t just not have insurance experience and decide to come up with a new company…the guy in charge of claims is a General Contractor. Only one executive has any insurance experience at all. You can’t cut coverage to the bone, have general contractors adjusting claims, and have unlicensed people selling your policies and expect to be viable long term.

  • March 17, 2009 at 10:45 am
    JVF says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    OH NO!!!!!! I havent signed with them yet,but I thought their quote was too good to be true! I guess I will have to do a bit more digging for a good insurance!

  • March 17, 2009 at 11:17 am
    Martel Radmin says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    If you have a policy and file a claim, there insurance company will use their own adjuster’s and contractor and not any of the adjusters or contractors that you want to use.

  • March 19, 2009 at 7:00 am
    Kim says:
  • March 19, 2009 at 6:11 am
    Kim says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2009/03/peoples_trust_suspended_from_s.html I wrote in detail the analyzation of said coverages and the thoughts of those in charge under Kim

    What I don’t understand is their CP, Chief of Operations was the ONLY one with insurance industry and operations experience yet he too allowed the practices of People’s to run amok. Unlicensed agents, exceeding underwriting risks, failure to following THEIR own underwriting rules. As COO, you can’t claim you are unaware just like Liddy of AIG tried about the bonuses, but now has since acknowledged that he was “trying” to save losing those SAME valuable people who got them there in the 1st place. People’s COO most likely knew EXACTLY what was going on in his camp, but for whatevr reasons failed to halt the ongoing violations. Why he vamoosed so quickly in the hopes of dodging the bullets.

    As to Gold (Pres & now CEO), his sum total experience is not with insurance, but a 2006 interests with how insurance companies operate. However, I am sure he can cut a good deal to homeowners with contents claims needing home office furniture and supplies.

    The VP Claims, Ludlow has no personal interests with the construction industry whatsoever. Not that he boasts about having been a realtor and negotiated numerous contracts with contractors has no bearing on the FACT that People’s mandates or prefers you use their own negotiated contractors to settle your claim. Their were be no personal gain of a “sub contracted” contractor working on behalf of the very insurance company YOU are placing a claim to recover from your disaster. The “employed” contractor would have 100% interests of the homeowner and not the insurance company

    Let’s not forget, Peoples now places the wealth of insurance experience knowledge in the hands of the homeowner to pick and choose their high deductibles along with whatever coverages they deemed for exclusion.

    Fun facts. Pinellas County to date has over 30 claims in the last 3 yrs for sinkhole activity. Granted not on the media scale of Pasco County’s, but the claims count is increaseing. Many Pinellas County homeowners exclude sinkhole thinking they will not be a victim. The average cost for sinkhole is $160/yr for a $150,000 home. It will take 937.50 yrs to save $150,000 if you set aside the $160

    Other Structures 2% average extra cost $18 for $2,000 coverage. Look at it this way. I forgot I removed other structures and one day I put up a storage shed, forgot to tell the agent and high winds took it away. It takes 111.11 years to save $2,000 by setting aside 18/yr. Other strcutres (detached pools, sheds, detached carports, fences, etc.)

    The average difference between a 2% hurricane deductible and a 10% hurricane deducitble for $180,000 home is $257 per year. However, you must now pony up $14,400 more deductible. it takes 56.03 yrs to save the deductible difference by setting aside $257/yr. What many don’t realize? Hurricane deductibles include damages resulting from ALL named storms, which tropical storms are part of this deductible. Between now and 56 yrs, there will most likely be a claim for at least a tropical storm.

    Personal Liability from $100k to $300k is an average of $20/yr. 10,000 yrs to save the difference. We live in a society that sues quickly, without hesitation if somebody think you are fault for injury to them or damage to their property.

    What have you saved? Has peoples Trust analyzed the impact of waiving or reduction critical coverages or the minimal cost impact of reducing or doing away? Great they are saving money for the policy holder, but what are they getting back at a moment of crisis. I know I don’t want to find out during those times.

    Basically, if I get a cheap policy but it does nothing for me during my moment of need, it would have been better for me to flush it down the toilet because at least I know where it went to and I have the knowledge of knowing I am not covered as opposed to the false sense of security.

    This is based on Pinellas County averages



Add a Comment

Your email address will not be published. Required fields are marked *

*