Accident Insurance Definition
A type of Health insurance protection from financial loss that may occur as the result of an accident.
The following article appeared in The Denver Post on August 21st. Written by journalist Tom McGhee, it highlights growing The following article recently appeared in the Los Angeles Times and details a meeting with California lawmakers that reflects the impact of the hard market on contractors—and the subsequent impact on the California economy. Although a regional article, it is food for thought for everyone in the insurance industry. – Jack Burke
Health Insurance Baltimore August 27, 2002 …. Rising Liability insurance rates, as well as the inability for some to get a policy, is driving some contractors out of business and will ultimately boost how much homebuyers have to pay for new houses, a group of Inland Valley homebuilders, insurance brokers, and contractors said at a recent meeting with the GOP candidate for insurance commissioner.
Small Business Health Insurance Michigan
A group of 25 met Thursday at Red Hill Country Club with Gary Mendoza, the Republican running for insurance commissioner. They are pushing for state legislation to allow homeowners to go through an arbitration process to get their homes repaired by the builder instead of first going to the courts.
group health insurance florida
California law holds contractors liable for defects in construction for 10 years, and over the past two to three years the number of lawsuits have increased, contractors said. Large insurance companies, which have already been hit hard by the Sept. 11 terrorist attacks in New York City, aren't offering policies to some and are in some cases charging as much as six times more than before.
New Jersey rental property insurance
That has Sam DiCarlo, the owner of DiCarlo Concrete Construction of Rancho Cucamonga, worried about what he's going to do when his insurance is up for renewal Oct. 1. DiCarlo, who employs 85 workers who install foundations and lay concrete, said companies his size have seen rates go from $125,000 to $750,000 a year.
daycare insurance nj
"I can't pay that," DiCarlo said. "I am going to have to shut my doors and not do residential housing in Southern California. I would have to charge astronomical charges, and that would be passed on for the cost of a home."
day care insurance nj If he can't afford the insurance, DiCarlo said he would have to shift more of his business to commercial building, which now only accounts for 30% of his business.
The insurance hikes are also jumping for apartment and other multifamily construction as well, contractors said. There's no building on condominiums in California at this time because of the inability to get Liability insurance, said Frank Williams, chief executive officer of the Baldy View chapter of the Building Industry Assn.
Williams blames trial lawyers for going door-to-door tracking down clients at the 10-year deadline for filing lawsuits. He admits some claims are legitimate but there are many that are not.
Insurance companies pay off claims rather than fight, Williams said. Many claims deal with leaking roofs, ill-fitting windows, and mold problems. "I don't deny that there are some homes with problems, but no one gives builders a chance to fix it," Williams said.
Rather than money be paid out to lawyers and for damages, an arbitration process should be set up to get homes fixed instead, they said. That concept hasn't been supported by trial lawyers and consumer groups, said Nanci Kramer, a spokeswoman for the California Department of Insurance. A similar system was set up for malpractice, but it has failed to hold down insurance rates. All that has fallen are jury judgments, she said.
"We have seen homes that were shoddily built, and people have their own lives invested in their home and they may have no place to go because the contractor went out of business," Kramer said. "At the same time, large jury settlements are a problem for contractors. ... People reach for one sweeping solution to answer problems that are complex, but there is no