Policy holders are pretty lucky, look how long it took the jews to get their money back that was their relatives gold teeth and glasses etc, from der fatherland of Zurich
RICH I do not believe the moneys in reserve can legally be used to fund improper actions, that the exchanges lost in litigation. Those reserves and surplus are they to pay for losses, not being caught cheating their insured’s.
Does the word extortion come to mind like so many of these class action lawsuits?To dig up years of docs and so much of this is subjective anyway(except for the mutitude of allegations the plaintiff lawyers stick in the complaint) . And what do the plaintiffs really get out of the whole thing? Very little as is often the case. Just another ripoff vehicle for class action lawyers I suspect.
What it means is that every policy holder that gets a check, current or former, is going to find out the Farmers overcharged them. Another PR Black eye.
Marc – it was not the plaintiff that prolonged this class action suit it was the defendent. My guess, is that time benefited the defendent, so that settlement was possible, due to guilt not innocence. Farmers has a history of this defense tactic, and 1/2 billon dollars would be worth defending………
Yippee! I’m gonna get lunch paid!!! 35 whole dollars.
Now, the attorney that brought the suit has scored big-time. 90 Mil!!! I suppose that was well worth some effort. They must have been making the FGI attorneys do quite a jitterbug. Did the hoops get too high? This is when we need internal video camera footage. What a sight that must have been.
Ha!
Here’s the part I really like, “Zurich said the proposed settlement and related costs will be fully funded by internal resources. This settlement and related costs will neither impact the strength of Zurich’s balance sheet nor the stated policy of paying a sustainable and attractive dividend.”
What?
Now that’s some kind of slush fund …internal resources that won’t impact the insurance biz? Those are some sly dogs, baby! Are they using funds collected that would normally go to lobbyists? Does Zurich have one of those chickens that lay golden eggs? How does this happen?
I think it would be very interesting to find out where this mother-load of funds can come from, and not affect insurance ratings or investment value. We all need a piece of that kind of action.
I guess I should have read the article as posted on IJ. My version had some extra paragraphs where they talked about this expenditure being funded by “internal resources”, and “related costs will neither impact the strength of Zurich’s balance sheet nor the stated policy of paying a sustainable and attractive dividend.”
A thorough audit would easily show that Farmers routinely overcharges clients (sometimes by hundreds a year) and has extremely fraudulent billing practices. Sadly, this is just business as usual for them.
For those who don’t know. In 2002 FIG supposedly over paid their agents. Paying renewals on lapsed policies. In my Michigan district, the average payback was over $13,000. I personally had to pay back over $23,000. At the next management conference the then VP. Paul Hopkins told the District Mgrs. that the person responsible was fired. And he didn’t want to hear anything more about it.
They don’t care about their agents and even less about their policyholders!
Let’s throw a pity part for all those agents who chose this line of work, and can leave just as easily as they came, yet continue to complain. I am sick and tired of fellow agents complaining about this type of crap, yet still stay with the company. If you are going to be a cancer, just leave the organization. Michigan has always been a hotbed for poor agents…
TX district 41.
Sounds Like JohnLandon’s been out on the prairie a little too long. What’s a matter, John? District not doing well enough to keep the DMM wolves off your heels?
Talk about whining…
Maybe it’s you that should leave. Start your own company and fill it with agents that never whine. Problem solved, right dipweed?
Thanks for the advice. I did decide to leave and take my contract value before it was $0.00. I had 2900 PIF in 1999. After 23 years I Left with 1400. Used to be a great company, till Zurich took over.
Hope you realize Farmers net premium is down from 18 billion in 2008 to 12 billion today.
Good luck.
GES- yes, the BAT/ZURICH 1998 merger was the end of FIG’s ability to function properly, as the Z/B annual fee is too high. Where did you get those FIG numbers of 18 Billion in 2008,to 12 Billion, because if this is true there GWP is going down as fast as the agent’s CV. Those arrogant FIG suits should be put behind bars…….
Capitol Gains tax is going back up as the Bush tax breaks expire. If agents leave now, they get half their contract value taxed at 15% and the balance at 30% upon distribution next year.
If you going to leave, do it now before Obuma screws you even more then Farmers did.
You know how to fight Farmers. There is a much larger case to be won and many agents who would gladly support the fight with well documented evidence. Consider starting a class action lawsuit in support of the agents who lost all ability to make a living because Farmers misrepresented reality, did not supply the necessary tools and rates, and shifted costs to agents to finance the purchase of companies that would compete against them. 1099 agents were treated as employees, rules regarding outside company sales were not applied consistently and there has been evidence that commissions had not been paid as outlined in the agent contract. Farmers has destroyed many lives and many people would step forward if a lawsuit was organized.
You know how to fight Farmers. There is a much larger case to be won and many agents who would gladly support the fight with well documented evidence. Consider starting a class action lawsuit in support of the agents who lost all ability to make a living because Farmers misrepresented reality, did not supply the necessary tools and rates, and shifted costs to agents to finance the purchase of companies that would compete against them. 1099 agents were treated as employees, rules regarding outside company sales were not applied consistently and there has been evidence that commissions had not been paid as outlined in the agent contract. Farmers has destroyed many lives and many people would step forward if a lawsuit was organized.
What do you know about Farmers fire insurance?I had a fire.I lost everything! My investment property worth 750,000 because an agent under insured and wrote up a Jackie policy.Didnt make any changes that I asked him too when the property value increased by 500,000.I had a lawsuit and the firm sucked.I am living in poverty because of farmers.They could have filled errors and omissions and paid for the fire.
Mark, In regards to what it means to the agent, does the term BOHICA mean anything to you?
Policy holders are pretty lucky, look how long it took the jews to get their money back that was their relatives gold teeth and glasses etc, from der fatherland of Zurich
Yeah… as a policy holder with Farmers for over 25 years. Guess how my my claim on this $455 million settlement is?
Yes, that’s right… less than $5 LOL!!!!
Mark – “Bend Over Here It Comes Again”
RICH I do not believe the moneys in reserve can legally be used to fund improper actions, that the exchanges lost in litigation. Those reserves and surplus are they to pay for losses, not being caught cheating their insured’s.
Getting jammed by FIG for years: $35.00
FIG/Zurich being exposed for the money grubbers that they are: $445,000,000.
A scuzzball lawyer team getting $90,000,000; Priceless
what does it mean for farmers and farmers agents going forward?
Does the word extortion come to mind like so many of these class action lawsuits?To dig up years of docs and so much of this is subjective anyway(except for the mutitude of allegations the plaintiff lawyers stick in the complaint) . And what do the plaintiffs really get out of the whole thing? Very little as is often the case. Just another ripoff vehicle for class action lawyers I suspect.
What it means is that every policy holder that gets a check, current or former, is going to find out the Farmers overcharged them. Another PR Black eye.
Marc – it was not the plaintiff that prolonged this class action suit it was the defendent. My guess, is that time benefited the defendent, so that settlement was possible, due to guilt not innocence. Farmers has a history of this defense tactic, and 1/2 billon dollars would be worth defending………
Yippee! I’m gonna get lunch paid!!! 35 whole dollars.
Now, the attorney that brought the suit has scored big-time. 90 Mil!!! I suppose that was well worth some effort. They must have been making the FGI attorneys do quite a jitterbug. Did the hoops get too high? This is when we need internal video camera footage. What a sight that must have been.
Ha!
Here’s the part I really like, “Zurich said the proposed settlement and related costs will be fully funded by internal resources. This settlement and related costs will neither impact the strength of Zurich’s balance sheet nor the stated policy of paying a sustainable and attractive dividend.”
What?
Now that’s some kind of slush fund …internal resources that won’t impact the insurance biz? Those are some sly dogs, baby! Are they using funds collected that would normally go to lobbyists? Does Zurich have one of those chickens that lay golden eggs? How does this happen?
I think it would be very interesting to find out where this mother-load of funds can come from, and not affect insurance ratings or investment value. We all need a piece of that kind of action.
i suppose the money might come from agents in some manner. disguised of course. maybe?
HappyExFig,
Sounds like you didn’t spend enough time in finance class. Every company has reserves especially insurance companies.
Rich,
I guess I should have read the article as posted on IJ. My version had some extra paragraphs where they talked about this expenditure being funded by “internal resources”, and “related costs will neither impact the strength of Zurich’s balance sheet nor the stated policy of paying a sustainable and attractive dividend.”
Maybe that’s accomplised via Reserve funds?
Still coming out of premium revenue.
Farmers has known about this for years! Being an agent we have known about this for years. The Settlement is but a fraction of what we really took.
A thorough audit would easily show that Farmers routinely overcharges clients (sometimes by hundreds a year) and has extremely fraudulent billing practices. Sadly, this is just business as usual for them.
For those who don’t know. In 2002 FIG supposedly over paid their agents. Paying renewals on lapsed policies. In my Michigan district, the average payback was over $13,000. I personally had to pay back over $23,000. At the next management conference the then VP. Paul Hopkins told the District Mgrs. that the person responsible was fired. And he didn’t want to hear anything more about it.
They don’t care about their agents and even less about their policyholders!
Let’s throw a pity part for all those agents who chose this line of work, and can leave just as easily as they came, yet continue to complain. I am sick and tired of fellow agents complaining about this type of crap, yet still stay with the company. If you are going to be a cancer, just leave the organization. Michigan has always been a hotbed for poor agents…
TX district 41.
Sounds Like JohnLandon’s been out on the prairie a little too long. What’s a matter, John? District not doing well enough to keep the DMM wolves off your heels?
Talk about whining…
Maybe it’s you that should leave. Start your own company and fill it with agents that never whine. Problem solved, right dipweed?
Oh, it doesn’t work that way for you? Waaaaa!
Hi John
Thanks for the advice. I did decide to leave and take my contract value before it was $0.00. I had 2900 PIF in 1999. After 23 years I Left with 1400. Used to be a great company, till Zurich took over.
Hope you realize Farmers net premium is down from 18 billion in 2008 to 12 billion today.
Good luck.
GES- yes, the BAT/ZURICH 1998 merger was the end of FIG’s ability to function properly, as the Z/B annual fee is too high. Where did you get those FIG numbers of 18 Billion in 2008,to 12 Billion, because if this is true there GWP is going down as fast as the agent’s CV. Those arrogant FIG suits should be put behind bars…….
Einstein
The net written premium #’s where from AM Best 2009. Showed FIG down over 23% from the prior year.
When I left FIG, our district had 29 full time agents. 11 today.
Capitol Gains tax is going back up as the Bush tax breaks expire. If agents leave now, they get half their contract value taxed at 15% and the balance at 30% upon distribution next year.
If you going to leave, do it now before Obuma screws you even more then Farmers did.
You know how to fight Farmers. There is a much larger case to be won and many agents who would gladly support the fight with well documented evidence. Consider starting a class action lawsuit in support of the agents who lost all ability to make a living because Farmers misrepresented reality, did not supply the necessary tools and rates, and shifted costs to agents to finance the purchase of companies that would compete against them. 1099 agents were treated as employees, rules regarding outside company sales were not applied consistently and there has been evidence that commissions had not been paid as outlined in the agent contract. Farmers has destroyed many lives and many people would step forward if a lawsuit was organized.
You know how to fight Farmers. There is a much larger case to be won and many agents who would gladly support the fight with well documented evidence. Consider starting a class action lawsuit in support of the agents who lost all ability to make a living because Farmers misrepresented reality, did not supply the necessary tools and rates, and shifted costs to agents to finance the purchase of companies that would compete against them. 1099 agents were treated as employees, rules regarding outside company sales were not applied consistently and there has been evidence that commissions had not been paid as outlined in the agent contract. Farmers has destroyed many lives and many people would step forward if a lawsuit was organized.
What do you know about Farmers fire insurance?I had a fire.I lost everything! My investment property worth 750,000 because an agent under insured and wrote up a Jackie policy.Didnt make any changes that I asked him too when the property value increased by 500,000.I had a lawsuit and the firm sucked.I am living in poverty because of farmers.They could have filled errors and omissions and paid for the fire.
Please contact me with such information. I am an attorney who represents DMs and agents against Farmers. 310/276-1045. Thank you.
Just got my check today for $209.60