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Insurance & Hurricanes
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3/27/2006 12:10:00 AM | Sen. Lott Wants Insurance Company Hearings 
=(0) US Senator Trent Lott has become personally involved in the battle between Gulf Coast homeowners and the insurance industry. He has filed a lawsuit on behalf of hurricane victims who feel unfairly compensated by insurers. The Senator also plans to hold federal hearings on the issue and suspects that some companies have been fraudulently denying cla...
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3/26/2006 12:45:00 AM | Windstorm pool pushes for bonds =(0) The Texas Windstorm Insurance Association recommends legislation that would approve $800 million in bonds to fund areas vulnerable to hurricane devastation. The association is underfunded at present................
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3/24/2006 5:48:00 PM | SEC Background paper: Protecting senior citizens from investment =(0) This article contains information on Security and Exchange Commission efforts to protect senior citizens from investment scams. The aims are education, enforcement, and examination of current practices. It references an SEC website with many useful resources: http://www.sec.gov/investor/seniors.shtml............
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3/24/2006 12:08:00 AM | Hurricane Damage Lawsuit claims refuted =(0) This is about a lawsuit filed by an insurance company against an insurance adjustor and project manager in the Cayman Islands. The claim is that the insurance company was overcharged in a Hurricane Ivan claim for rebuilding a condominium project....
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3/23/2006 6:19:00 AM | Suit accuses State Farm of fraud =(0) A Mississippi couple is suing State Farm Insurance Co. for denying their claim after their home was destroyed by Hurricane Katrina. It is one of many disputes over whether the home was destroyed by wind (covered by insurance) or flood water (not covered). In this case, two conflicting engineering reports surfaced and the insurance company acted on ...
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3/23/2006 3:03:00 AM | Former UM star claims insurance fraud =(0) Andre Johnson, a professional football player with the Houston Texans, is suing AmerUs Life Insurance and an insurance agent, claiming false representations with regard to policies he purchased. Mr. Johnson has a $39 million contract with the Texans, and purchased a $43 million policy whose premiums cost over $300,000 per year. He asserts that he w...
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3/22/2006 8:48:00 AM | Fla. Lawmaker Unveils Hurricane Insurance Surcharge Plan =(0) Hurricane insurance is a big problem in Florida; many companies are reluctant to assume the risk, and the ones that do, charge premiums that many cannot afford. To remedy this, Florida created the Citizens Property Insurance Corp., as an insurer of last resort. Legislation is now under debate that would adjust the amount of surcharge that people w...
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3/21/2006 8:28:00 AM | Fountain man given 10 years for fraud =(0) An Arizona man was sentenced to ten years in jail for fraud and money laundering after selling fraudulent investments to at least 300 people. The scam involved a so-called charitable gift annuities company but much of the money raised went to gambling and lavish purchases. The scam was discovered in 2001.............
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3/19/2006 5:42:00 PM | Disaster Preparedness - Five Top Tips Everyone Needs to Know when =(0) This article outlines steps to take for disaster preparedness. It recommends verifying if you have flood and windstorm insurance and if not, to consider purchasing it. This is something that must be planned ahead, for it is not sold during an impending disaster.............
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3/19/2006 6:03:00 AM | Elderly couple win financial-abuse case =(0) This is the story of an elderly California couple who were among many who fell victim to an investment scam. They were taken in by promises of higher returns than they received at their bank, and that the investment was insured. The couple invested their life savings ($85,000) into a pyramid-like scheme and lost it all. They were recently awarded a...
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3/17/2006 6:36:00 PM | Suit alleges claim-related forgery =(0) An elderly Gulfort couple is suing to recover $5 million in damages they say they were cheated out of because of a falsified engineering report on their home destroyed by Hurricane Katrina. A Mississippi engineer has evidence that his original report was altered in order to process the insurance claim....
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3/17/2006 6:11:00 PM | Investment Advisor Charged with Fraud =(0) A Utah man was charged with four felony counts of theft and fraud for taking hundreds of thousands of dollars from an elderly widow in an investment scheme. Fortunately she was able to recover most of her savings.............
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3/17/2006 8:27:00 AM | New Orleans couple arrested on insurance fraud =(0) A Louisiana couple was arrested for felony insurance fraud. Police say they intentionally damaged their roof and then claimed hurricane damages from their insurance company....
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3/16/2006 5:57:00 PM | Three More Indicted in Baton Rouge, Louisiana, on Federal FEMA =(0) Three more Louisiana residents are indicted on federal fraud charges, bringing the total number of Louisiana defendants to 45. Charges are that defendants made false statements and false claims in order to fraudulently receive disaster relief benefits.............
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3/16/2006 6:50:00 AM | Two plead guilty to false FEMA hurricane claims =(0) Two Georgia men await sentencing after pleading guilty to filing false disaster relief claims for Hurricane Katrina victims. The men were not living in the area at the time of the hurricane, as they claimed, but received relief money because of their fraudulent claims................
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3/10/2006 6:39:00 PM | Spitzer nearing more insurance settlements =(0) This article gives a brief status report on one of the lawsuits filed by NY Attorney General Eliot Spitzer against insurance companies and brokers. The charges involved bid-rigging and fraud. Settlements have been reached in some of the cases and are expected in others. Prudential is one of the companies named......................
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3/10/2006 12:41:00 PM | Testimony Begins in Fraud Case =(0) A South Dakota man is on trial for defrauding seniors of $200,000. Victims of this scam claim he took funds and never provided the insurance annuities promised.......
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3/7/2006 1:22:00 AM | Newspaper companies join in on FEMA fight =(0) More newspaper organizations are joining the legal battle against FEMA. At issue is FEMA's refusal to disclose the names and addresses of those who received disaster aid after the four Florida hurricanes in 2004. FEMA claims it's a privacy issue; the newspapers say that the information is needed to monitor the government's use of public funds.........
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3/6/2006 6:21:00 PM | Insurance Trade Group Sees Storm Brewing in Texas =(0) The Texas Windstorm Insurance Association is inadequately funded, according to insurance industry spokespeople. With predictions of another active hurricane season, worries are that the fund, already depleted after Hurricane Rita, would have to dip into the Texas General Revenue Fund to cover claims. The Association calls for changes in legislation...
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3/3/2006 8:26:00 AM | Hurricane claims hurt Swiss =(0) Reinsurance companies such as Swiss Reinsurance were caught by surprise by the 2005 US hurricane season. The sheer volume of claims caused Swiss Re's profits to fall by 41% from the previous year and resulted in a sharp stock price decline of over 6 per cent this year. ...
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