Interesting that it takes the US Attorney’s Office to go after such fraud. Where is the NYS Dept of Financial Services and their fraud fighting budget in all this? Rate evasion is rampant in NYS – not only commercial auto but workers comp, GL, etc.
I was simply making a point about how simple it could be to commit this type of fraud by buying from an online carrier like GEICO. I could have easily used Progressive, Esurance or whoever.
I Have 5,000 shares in First American Railway.
I have had a quote,off a buyer, to buy these shares,but they are asking for insurance for this contract $22.50cents per share.
Doe’s your company undertake this kind policy.
Have I explained properly,if so what would your quote be ?
YOURS
W.Hall
Interesting that it takes the US Attorney’s Office to go after such fraud. Where is the NYS Dept of Financial Services and their fraud fighting budget in all this? Rate evasion is rampant in NYS – not only commercial auto but workers comp, GL, etc.
Rate evasion is rampant everywhere. Insurance carriers are to blame they need to stop paying these claims . investigate then PAY!!!!!!!!
You have to be kidding me, again!
http://www.insurancejournal.com/news/east/2002/12/13/24908.htm
I wonder if the Agent who wrote the policies will be implicated as well, or did they buy GEICO online?
Pity the poor broker or agent who should be strung up for misrepresentation. That’s a LOT of fraudulent applications.
what makes you think GEICO? i did not read that in the article. he apparently used several carriers for his fraud, none of the carriers were listed.
I was simply making a point about how simple it could be to commit this type of fraud by buying from an online carrier like GEICO. I could have easily used Progressive, Esurance or whoever.
I Have 5,000 shares in First American Railway.
I have had a quote,off a buyer, to buy these shares,but they are asking for insurance for this contract $22.50cents per share.
Doe’s your company undertake this kind policy.
Have I explained properly,if so what would your quote be ?
YOURS
W.Hall