Believe me, if there was nothing to this claim, the carriers would be screaming insurance fraud to the heavens. If there is no comment from the companies yet, it is because their legal advisors have told them that they have “no comment”.
True on both sides. I think the insurance companies are trying to cash in before they have to payout. This is a big payout and of course they will drag their feet as long as possible in order to lesson the overall payout and earn interest on their fat bank accounts while time goes by. The innocent people are screwed again.
If you don’t like the price don’t renew your policy, instead buy a contractor’s liability policy, a premises liablity policy, and a builders risk policy.
“The plaintiffs are represented by attorneys from four of
California’s top plaintiff and insurance bad faith law firms:
Michael Bidart and William Shernoff of Shernoff Bidart & Darras LLP;
Jerry Ramsey of Engstrom Lipscomb & Lack; Tom Girardi of Girardi &
Keese; and Harvey Levine and Richard Huver of Levine, Steinberg, Miller
& Huver,who have been volunteering at fire victim outreaches all
over Southern California”
Basically we have a bunch of greedy homeowners and attorneys who want more money than their houses were worth. I heard one homeowner on the radio who had a 1600′ house & was *****ing because he couldn’t rebuild for less than $450,000.
I think this is a case of wild & unreasonable expectations of homeowners for insurance companies to pay and rebuild houses for whatever the homeowner feels is a reasonable amount with no regard for policy limits or wording.
This problem has been exascerbated by CA kangaroo courts who routinely “create” additional coverages in insurance policies.
I live in CA & the building trades are the worst paid in the country, journeymen workers typically earn less than $20 hour, less than I made in 1981 when I was an experienced carpenter.
There’s no benefit for companies to “drag their feet” in paying claims most of the losses are total losses and will be pay out policy maximums with the maximum limits for living expenses. The problem is homeowners who want more than their policy limits.
I don’t feel sorry for the homeowners who have to fight the bureaucracies they created to keep everybody else from building in “their” territories (which they don’t own).
I believe they’ve been hoisted upon their own petards.
I don’t know how things work in CA but here in NY a homeowner would still need premises liability and comprehensive personal liability and to get those two coverages on mono-line policies would be quite expensive if it can be found at all. So it seems to me that the 4 companies involved in the class action suit are doing these homeowners a favor by offering a renewal which provides those two coverages. Am I wrong is CA different.
“There’s no benefit for companies to “drag their feet” in paying claims most of the losses are total losses and will be pay out policy maximums with the maximum limits for living expenses. The problem is homeowners who want more than their policy limits.”
If this were true then why would said companies routinely drag out “simple” daily-type claims for months, if not years?? Why, at Big Red we will make you prove the house actually existed since no one from the company ever actually inspected the property prior to issuing the policy; then, we will make you prove your monthly living expenses for meals, cleaning, etc…..Oh, you say those records burned up? Well, heh, heh we will drag this out as long as the law says we can so we can force you to settle for .40 cents on the dollar when you finally decide to quit; if you sue we will simply Out-lawyer you since we have 1 attorney for every 5 claims employee.
But, since I am your good neighbor I truly appreciate your grossly inflated premiums rolling into our bank….. er, making up for our $15 BILLION +/- losses in the stock market…..uh, just keep sending the $$$ and leave us alone!!!
There surely is more to this story than meets the eye. Where is the insurance company response to these charges. Awfully one-sided “journalism”.
Believe me, if there was nothing to this claim, the carriers would be screaming insurance fraud to the heavens. If there is no comment from the companies yet, it is because their legal advisors have told them that they have “no comment”.
True on both sides. I think the insurance companies are trying to cash in before they have to payout. This is a big payout and of course they will drag their feet as long as possible in order to lesson the overall payout and earn interest on their fat bank accounts while time goes by. The innocent people are screwed again.
If you don’t like the price don’t renew your policy, instead buy a contractor’s liability policy, a premises liablity policy, and a builders risk policy.
“The plaintiffs are represented by attorneys from four of
California’s top plaintiff and insurance bad faith law firms:
Michael Bidart and William Shernoff of Shernoff Bidart & Darras LLP;
Jerry Ramsey of Engstrom Lipscomb & Lack; Tom Girardi of Girardi &
Keese; and Harvey Levine and Richard Huver of Levine, Steinberg, Miller
& Huver,who have been volunteering at fire victim outreaches all
over Southern California”
Basically we have a bunch of greedy homeowners and attorneys who want more money than their houses were worth. I heard one homeowner on the radio who had a 1600′ house & was *****ing because he couldn’t rebuild for less than $450,000.
I think this is a case of wild & unreasonable expectations of homeowners for insurance companies to pay and rebuild houses for whatever the homeowner feels is a reasonable amount with no regard for policy limits or wording.
This problem has been exascerbated by CA kangaroo courts who routinely “create” additional coverages in insurance policies.
I live in CA & the building trades are the worst paid in the country, journeymen workers typically earn less than $20 hour, less than I made in 1981 when I was an experienced carpenter.
There’s no benefit for companies to “drag their feet” in paying claims most of the losses are total losses and will be pay out policy maximums with the maximum limits for living expenses. The problem is homeowners who want more than their policy limits.
I don’t feel sorry for the homeowners who have to fight the bureaucracies they created to keep everybody else from building in “their” territories (which they don’t own).
I believe they’ve been hoisted upon their own petards.
I don’t know how things work in CA but here in NY a homeowner would still need premises liability and comprehensive personal liability and to get those two coverages on mono-line policies would be quite expensive if it can be found at all. So it seems to me that the 4 companies involved in the class action suit are doing these homeowners a favor by offering a renewal which provides those two coverages. Am I wrong is CA different.
“There’s no benefit for companies to “drag their feet” in paying claims most of the losses are total losses and will be pay out policy maximums with the maximum limits for living expenses. The problem is homeowners who want more than their policy limits.”
If this were true then why would said companies routinely drag out “simple” daily-type claims for months, if not years?? Why, at Big Red we will make you prove the house actually existed since no one from the company ever actually inspected the property prior to issuing the policy; then, we will make you prove your monthly living expenses for meals, cleaning, etc…..Oh, you say those records burned up? Well, heh, heh we will drag this out as long as the law says we can so we can force you to settle for .40 cents on the dollar when you finally decide to quit; if you sue we will simply Out-lawyer you since we have 1 attorney for every 5 claims employee.
But, since I am your good neighbor I truly appreciate your grossly inflated premiums rolling into our bank….. er, making up for our $15 BILLION +/- losses in the stock market…..uh, just keep sending the $$$ and leave us alone!!!