| Citizens insurance fee to dip
Louisiana property owners will pay a reduced emergency assessment of 4.3 percent on their insurance policies next year, down from 5 percent, to cover the debt service of the state’s insurer of last resort. The Louisiana Citizens Property Insurance Corp. board approved the assessment Thursday. The annual fee is expected to generate $86 million to help Citizens pay off the close to $1 billion it borrowed to pay its Hurricane Katrina claims. The fee is paid by homeowners and commercial insurance policyholders, whether insured by Citizens or private firms. If a homeowner’s premium is $2,000, at 5 percent the Citizens’ assessment would be $100, Citizens Chief Financial Officer Steve Cottrell said. At 4.3 percent, the assessment would be $86, or $14 less for policyholders.
Auto insurance firm fined $200K for slow service
ELK GROVE VILLAGE, Ill. (STNG) -- An northwest suburban-based auto insurance company must pay $200,000 and resolve hundreds of consumer complaints after the state Department of Insurance found it was not addressing and investigating customer claims promptly. The Illinois Department of Insurance issued an order on Tuesday against Universal Casualty Co. -- based in Elk Grove Village and doing business in Illinois, Indiana and Missouri -- to pay a $200,000 fine and correct its claims processes immediately, according to a release from the department. This is not the first time the state has issued an order against UCC. In January 2008, it was ordered to create and maintain improved claims investigation and resolution procedures. DOI continued, however, to receive complaints about failure to address or resolve property damage and liability claims.
Title insurance demystified: do homeowners really need it?
I always recommend that buyers purchase an owner�s policy of title insurance. The problem is that most home buyers don�t know what title insurance is or what it covers, and only see it for the first time on the closing settlement statement. What Is Title Insurance? Title insurance is policy of indemnity protecting homeowners and lenders from financial loss in the event that certain problems develop regarding the rights to ownership of property. While closing attorneys check each title to real estate before a closing, there are often hidden title defects that even the most careful title search will not reveal. In addition to protection from financial loss, title insurance pays the cost of defending against any covered claim. There are two types of title insurance, lender�s and owner�s policies.
Kicker Connor Barth an insurance policy for Miami Dolphins
Every time Connor Barth gets ready to sell insurance, an NFL team treats him like a kicking insurance policy. And if Dan Carpenter doesn't straighten out his kicks, the Dolphins might be filing a claim on Barth. Thursday afternoon, in team drill kicking, Carpenter missed all three kicks, going well wide right from 42 and 46 yards and just wide left from 61. Meanwhile, Barth nailed his 42-yarder and 45-yarder and wasn't given the chance from 61. So far, it resembles last year's kicking competition, when Carpenter rarely missed and knocked out suddenly erratic incumbent Jay Feely. Yet it takes a long time for Barth just to get around to the word ``competition.'' You would almost think he considered kicking a bagatelle. ``For me, it's just me competing with myself,'' said Barth, a University of North Carolina graduate.
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