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(Marketwatch)   Businesses can claim pandemic losses against Business Interruption Insurance policies. This is good for everyone except insurance companies   (marketwatch.com) divider line
    More: Interesting, Insurance, Business, insurance company, Business interruption insurance, Bough's decision, insurance carriers, Missouri hair salon, direct physical loss  
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1903 clicks; posted to Main » and Business » on 14 Aug 2020 at 10:05 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2020-08-14 10:08:22 PM  
what insurance doesn't cover anything it's all just a scam to take your money insurance companies don't ever plan to or want to pay a dime.   are yous stupid?
 
2020-08-14 10:09:00 PM  
An insurance company is like a thug who shakes down a small business owner for protection. Screw em.
 
2020-08-14 10:10:45 PM  
They'll get over it.
 
2020-08-14 10:12:54 PM  
Businus interruptus
 
2020-08-14 10:17:16 PM  
Insurance, "This All-Risk policy will cover anything that shuts down your business. Martians could land tomorrow, vaporize your business, and we will pay!"

Covid-19

"Oh, you didn't expect us to honor that did you? Silly plebe."
 
2020-08-14 10:17:44 PM  

waxbeans: what insurance doesn't cover anything it's all just a scam to take your money insurance companies don't ever plan to or want to pay a dime.   are yous stupid?


Do you ever tire of saying idiotic things?
 
2020-08-14 10:18:40 PM  
Policies currently being rewritten in time for renewals.
 
2020-08-14 10:26:02 PM  
Re-writing a contract like an insurance policy

It's not re-writing anything. The contract was originally written by the insurance company. When the contract is vague, interpretation is to benefit the party of lesser negotiating power (the insured parties). The judge here is literally saying these polices cover ALL RISKS and that includes COVID-19 since it is not specifically excluded.
 
2020-08-14 10:27:01 PM  
I really would've figured that would fall under some force majeure clause. Insurers are usually pretty good at covering their asses against the things that would make their services valuable.
 
2020-08-14 10:28:34 PM  
Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.
 
2020-08-14 10:29:36 PM  
Yeah, insurance is a great business to be in when times are good, and a sucky business to be in when disasters strike. Suck it up buttercups.
 
2020-08-14 10:32:54 PM  

SirGeorgeBurkelwitzIII: waxbeans: what insurance doesn't cover anything it's all just a scam to take your money insurance companies don't ever plan to or want to pay a dime.   are yous stupid?

Do you ever tire of saying idiotic things?


Meow Said the Dog 2.0is still a work in progress. Give them time
 
2020-08-14 10:34:09 PM  

flemardo: Policies currently being rewritten in time for renewals.


If you want to make exclusions or changes to any paperwork it has to be filed and approved (or at least filed and not rejected after a certain period) with each state you fo business in.  At some point insurers will be doing something to make sure damages are mitigated if this happens again.
 
2020-08-14 10:35:23 PM  

flemardo: Policies currently being rewritten in time for renewals.


The trick is to change as few actual words as possible, so the signer doesn't notice all the changes.

Anyone reviewing documents to any policy renewal should completely re-read everything to be sure.
 
2020-08-14 10:36:38 PM  

trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.


The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,
 
2020-08-14 10:38:52 PM  
It, uh, hasn't been decided yet. I was listening to this a few weeks ago on a podcast where they were interviewing a lawyer that's made his wealth taking insurance companies to court for not abiding by their contracts with companies. He's friends with a restaurant owner that had to close due to the shutdown stuff and he recommended they file a claim with their insurance for business interruption since he had it. Insurance company basically balked at the claim and rejected it, and the lawyer went to task finding if there was precedence for claims being accepted due to something similar and found some.
 
2020-08-14 10:39:39 PM  

Ken VeryBigLiar: flemardo: Policies currently being rewritten in time for renewals.

If you want to make exclusions or changes to any paperwork it has to be filed and approved (or at least filed and not rejected after a certain period) with each state you fo business in.  At some point insurers will be doing something to make sure damages are mitigated if this happens again.


Yep. You'll likely see changes in policy wording at some point in the next 1-2 years. Assuming state insurance departments approve the changes.
 
2020-08-14 10:40:26 PM  

abb3w: Yeah, insurance is a great business to be in when times are good, and a sucky business to be in when disasters strike. Suck it up buttercups.


Meh. They'll make it up by raising premiums next year.
 
2020-08-14 10:41:58 PM  

Chain Smokes Freely: An insurance company is like a thug who shakes down a small business owner for protection. Screw em.


At least there's a chance a thug might go after someone who broke into your place and beat some money out of them.
 
2020-08-14 10:42:13 PM  

SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,


Where do you think the money comes from for them to invest in?

It's literally their business model: take money from customers and invest it to generate returns to pay claims and profits to shareholders. The less they pay in claims the more they can pay shareholders therefore insurance companies will do everything they can legal or otherwise to deny claims. Citation: see history of I strange companies since the beginning.
 
2020-08-14 10:43:52 PM  
Oh, dear, how terrible, you mean the small print wasn't small enough?
 
2020-08-14 10:44:22 PM  

SirGeorgeBurkelwitzIII: waxbeans: what insurance doesn't cover anything it's all just a scam to take your money insurance companies don't ever plan to or want to pay a dime.   are yous stupid?

Do you ever tire of saying idiotic things?


?
Insurance companies have teams that find ways to wiggle out of paying out claims.
You doubt this?
Okay.
 
2020-08-14 10:47:18 PM  

SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,


🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
And Jesus 🌹 on the 3 day and being gay is a sin and Moses parted water and drugs are bad.
Go back to bed Nancy Reagan.
 
2020-08-14 10:47:21 PM  

max_pooper: SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,

Where do you think the money comes from for them to invest in?

It's literally their business model: take money from customers and invest it to generate returns to pay claims and profits to shareholders. The less they pay in claims the more they can pay shareholders therefore insurance companies will do everything they can legal or otherwise to deny claims. Citation: see history of I strange companies since the beginning.


Well yeah, obviously it's in their best interest to have fewer claims to pay out. I wasn't arguing against that. It's also not in their best interest to be terrible with handling claims, since no one would buy insurance from them if they were.

I was explaining how insurance companies actually make money - investing. Most people don't seem to understand that and just think they take money, don't pay claims, and profit that way. They're financial institutions, they make money investing. Kind of like banks. They take premiums, invest it, make a profit on those investments, and then pay out most of the money they took in as premiums for claims.
 
2020-08-14 10:49:25 PM  

waxbeans: SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
And Jesus 🌹 on the 3 day and being gay is a sin and Moses parted water and drugs are bad.
Go back to bed Nancy Reagan.


That's quite literally how insurance companies work. You can look up the financials of any major public insurance company and see that. It's readily available with a quick google search.
 
2020-08-14 10:54:00 PM  

SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,


I previously taught courses on insurance economics. The combined ratio (losses+expenses divided by total premium) averaged about 105 for the entire industry for at least the last 30 years. That means they paid out $105 for every $100 of premium they collected.
Warren Buffet's wealth was generated by the fact his companies were able to stay at or below 100, meaning they actually made money on the insurance side, not just by investing the premiums.

Exclusions in policies exist to make insurance affordable by not covering things that are impossible to predict frequency and severity of (say for instance a pandemic) and by not covering things that can be prevented, or reduced by proper care or maintenance.

I'm not totally familiar with the language in pure BI policies, but most business operations policies I've seen carry some BI coverage. Those also contain exclusions for governmental actions, which would see to fit here.
 
2020-08-14 10:57:59 PM  

SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,


You might as well be saying all lives matters and  that all those suspects were killed with proper cause
 
2020-08-14 11:00:20 PM  

SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,


I got you, bro. No worries.
 
2020-08-14 11:00:23 PM  

SirGeorgeBurkelwitzIII: waxbeans: SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
And Jesus 🌹 on the 3 day and being gay is a sin and Moses parted water and drugs are bad.
Go back to bed Nancy Reagan.

That's quite literally how insurance companies work. You can look up the financials of any major public insurance company and see that. It's readily available with a quick google search.


The next thing you know you'll tell me a non profit means charitable which it doesn't
 
2020-08-14 11:01:16 PM  

ex_dilbert: SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,

I previously taught courses on insurance economics. The combined ratio (losses+expenses divided by total premium) averaged about 105 for the entire industry for at least the last 30 years. That means they paid out $105 for every $100 of premium they collected.
Warren Buffet's wealth was generated by the fact his companies were able to stay at or below 100, meaning they actually made money on the insurance side, not just by investing the premiums.

Exclusions in policies exist to make insurance affordable by not covering things that are impossible to predict frequency and severity of (say for instance a pandemic) and by not covering things that can be prevented, or reduced by proper care or maintenance.

I'm not totally familiar with the language in pure BI policies, but most business operations policies I've seen carry some BI coverage. Those also contain exclusions for governmental actions, which would see to fit here.


yeah I just completely forget the insurance guy lecture me on how customers now see insurance as maintenance for replacing things it was an insurance guy that was telling me that
 
2020-08-14 11:04:10 PM  

ex_dilbert: SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,

I previously taught courses on insurance economics. The combined ratio (losses+expenses divided by total premium) averaged about 105 for the entire industry for at least the last 30 years. That means they paid out $105 for every $100 of premium they collected.
Warren Buffet's wealth was generated by the fact his companies were able to stay at or below 100, meaning they actually made money on the insurance side, not just by investing the premiums.

Exclusions in policies exist to make insurance affordable by not covering things that are impossible to predict frequency and severity of (say for instance a pandemic) and by not covering things that can be prevented, or reduced by proper care or maintenance.

I'm not totally familiar with the language in pure BI policies, but most business operations policies I've seen carry some BI coverage. Those also contain exclusions for governmental actions, which would see to fit here.


At least someone else here has a clue about how insurance companies actually operate, financially-wise. Thank you.

And yes, the strongest insurance companies will usually have a combined ratio south of 100 most years, but as you said, on average they do not.

I have no idea how BI coverage is going to play out here. And neither do the insurance companies. That will play out in court. Nearly all commercial policies have some sort of BI coverage, but a pandemic is not something that was anticipated on policy language at all.
 
2020-08-14 11:34:05 PM  
its also not good for everyone because everyone will eventually pay for it in increassd premium.

there is no free lunch
 
2020-08-14 11:43:59 PM  
Why do you think Turtle was so desperate to write COVID-19 non-liability laws?
 
2020-08-14 11:47:27 PM  

max_pooper: SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,

Where do you think the money comes from for them to invest in?

It's literally their business model: take money from customers and invest it to generate returns to pay claims and profits to shareholders. The less they pay in claims the more they can pay shareholders therefore insurance companies will do everything they can legal or otherwise to deny claims. Citation: see history of I strange companies since the beginning.


And insurance companies have insurance in case some massive disaster depletes their reserves. It's called reinsurance.

Yes, I can see future policies barring pandemic claims....if they can sell them. But current policies? Not so much.

Now - the whole "you can sell to go" thing may well prevent business continuity claims. Your business has changed but it can still be conducted. But if for demonstrable reasons you cannot and you have BCI, then you have a valid claim.
 
2020-08-14 11:52:57 PM  

Mega Steve: SirGeorgeBurkelwitzIII: waxbeans: what insurance doesn't cover anything it's all just a scam to take your money insurance companies don't ever plan to or want to pay a dime.   are yous stupid?

Do you ever tire of saying idiotic things?

Meow Said the Dog 2.0is still a work in progress. Give them time


Laughter Out Loud!
 
2020-08-15 12:23:21 AM  

trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.


If that was the case my airplane would be a lot larger...

max_pooper: SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,

Where do you think the money comes from for them to invest in?

It's literally their business model: take money from customers and invest it to generate returns to pay claims and profits to shareholders. The less they pay in claims the more they can pay shareholders therefore insurance companies will do everything they can legal or otherwise to deny claims. Citation: see history of I strange companies since the beginning.


Nope, they wouldn't stay in business very long. History is littered with insurance companies banned from doing business in states for x number of years. I would say in about 75% of states you do not f around on paying claims you legally owe, you do not f around not having enough reserves and enough reinsurance, etc. In about 25% of states, well, talk to your representatives to straighten the laws and strengthen the insurance department. You can't blame insurance companies following the laws or rather lack thereof. But most insurance companies end up paying out slightly more than the premium collected between internal costs and external costs such as commissions and reinsurance. You live and die by the float and what you make with it while it lasts. It's a steady business but far from crazy as far as profits are concerned. That's why the truly wealthy love it. Been working in it since 1997. Even part owned a company for a few years. I'm not starving but my airplane could certainly be larger. As of late, profits have been lacking and reinsurance is really on the rise. Premiums will be going up. That derecho nobody is talking about in the media will be into billions for P&C losses and who knows how much for crop losses. You can see the crop damage from space, then add up buildings, bins, etc. That wide/long of a wind storm was not on anyones mind when generating rates.
 
2020-08-15 4:56:41 AM  

Nullav: I really would've figured that would fall under some force majeure clause. Insurers are usually pretty good at covering their asses against the things that would make their services valuable.


Isn't force majeure one of the key reasons for obtaining insurance, particularly all risks insurance?
 
2020-08-15 5:05:33 AM  
Why does this remind me the PG&E fires?
 
2020-08-15 6:34:21 AM  
Does the policy cover terrorism or acts of war?  If yes, the policy holder deserves to be paid.  If terror and acts of war are excluded, the claimant doesn't deserve to be paid.  The SARS-CoV-2 Epidemic in America is not a natural event and should not be treated as such.  Let those responsible for accelerating the epidemic provide restitution.  There's no reason why insurance companies should pretend that which was intentional is an accident of nature or Act Of God.  None of this had to happen.
 
2020-08-15 7:35:14 AM  
Now we'll bail out the insurance companies.
 
2020-08-15 9:02:38 AM  
This won't help the majority of business owners.  Most business insurance has a very particular exclusion for losses caused by things like germs, viruses, etc.  The exclusions were put in after the anthrax letters that occurred after 9/11.  The article says that this policy did not have that exclusion.
 
2020-08-15 9:15:55 AM  

Nullav: I really would've figured that would fall under some force majeure clause. Insurers are usually pretty good at covering their asses against the things that would make their services valuable.


They would just write in the policy that it excludes pandemics, but they didn't.
 
2020-08-15 9:51:05 AM  
fark em
 
2020-08-15 9:53:33 AM  
know how i know how many of you are insta-experts and have no clue what the fark you're talking about? my 12 years in insurance does. the over $50,000,000 ive paid out in helping customers with claims does.

take a step back and think before you type. do you know the whole story? is it just your perception or is it reality? are you really so smart that you can solve complex issues you have no familiarity with? kinda like trump and pandemic leadership, eh?

the proximate cause of business interruption is not the disease. its the government ordering people to stay at home. if anything, an exclusion for governmental action would be applicable (as someone mentioned upthread)
 
2020-08-15 10:23:10 AM  
The bickering in this thread begs the question, why buy insurance in the first place.  I cannot speak for any other insurance plan, but auto insurance when I worked for a company and personal, they seriously try and lowball you for the value of the vehicle and you have to fight them every time, and even then, it's hardly break even, and that's before factoring in the cost of the insurance premium itself.  You're better off putting money aside and investing it yourself in the event something happens.
 
2020-08-15 10:23:24 AM  

Bob Dolemite: know how i know how many of you are insta-experts and have no clue what the fark you're talking about? my 12 years in insurance does. the over $50,000,000 ive paid out in helping customers with claims does.

take a step back and think before you type. do you know the whole story? is it just your perception or is it reality? are you really so smart that you can solve complex issues you have no familiarity with? kinda like trump and pandemic leadership, eh?

the proximate cause of business interruption is not the disease. its the government ordering people to stay at home. if anything, an exclusion for governmental action would be applicable (as someone mentioned upthread)


As a personal injury attorney who has had to listen to adjusters try and bullshiat their way out of most of the claims I've dealt with, you're an exception to the rule.

My first big case was turning an 85k offer into a policy limits payment of 300k.
 
2020-08-15 10:24:35 AM  

Tex570: Bob Dolemite: know how i know how many of you are insta-experts and have no clue what the fark you're talking about? my 12 years in insurance does. the over $50,000,000 ive paid out in helping customers with claims does.

take a step back and think before you type. do you know the whole story? is it just your perception or is it reality? are you really so smart that you can solve complex issues you have no familiarity with? kinda like trump and pandemic leadership, eh?

the proximate cause of business interruption is not the disease. its the government ordering people to stay at home. if anything, an exclusion for governmental action would be applicable (as someone mentioned upthread)

As a personal injury attorney who has had to listen to adjusters try and bullshiat their way out of most of the claims I've dealt with, you're an exception to the rule.

My first big case was turning an 85k offer into a policy limits payment of 300k.


"This.jpg"
 
2020-08-15 11:19:09 AM  

SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,


Thank you for putting facts into fark. Now we wait to see how long it takes for you to be called something stupid.
 
2020-08-15 11:20:16 AM  

max_pooper: SirGeorgeBurkelwitzIII: trialpha: Once again, I will repeat how insurance works for people who seem surprised:

You pay the insurance company money, and they keep it.

The vast, vast majority of insurance company profits and revenue comes from investments, not policy premiums. Most people do not know this.

In fact, they generally pay a pretty large percentage of those policy premiums out in claims each year. In fact, there are times where they will actually lose money on the insurance policies they sell for an entire line of business, but still turn a small profit due to their investments.

The idea that they just take your money and keep it is complete bullshiat. It's a risk pool...

/the more you know.
//I work for an insurance company and have a pretty good understanding of their financials.
///yes, I know some insurance companies suck,

Where do you think the money comes from for them to invest in?

It's literally their business model: take money from customers and invest it to generate returns to pay claims and profits to shareholders. The less they pay in claims the more they can pay shareholders therefore insurance companies will do everything they can legal or otherwise to deny claims. Citation: see history of I strange companies since the beginning.


Answer: not very long.
 
2020-08-15 12:37:57 PM  

MrScruffles: The bickering in this thread begs the question, why buy insurance in the first place.  I cannot speak for any other insurance plan, but auto insurance when I worked for a company and personal, they seriously try and lowball you for the value of the vehicle and you have to fight them every time, and even then, it's hardly break even, and that's before factoring in the cost of the insurance premium itself.  You're better off putting money aside and investing it yourself in the event something happens.


You can self insure in some states but the requirement is $25k right now held essentially in a savings account (which right now will get you about $25 a year in interest?).  And you have file paperwork with the state verifying the balance and that you aren't just throwing it in a brokerage account, so a crapton of hoops to jump through and you tie up a lot of capital that does dick for you.  Not to mention $25k (heck even $50k) doesn't go that far in an accident if there's any really injuries.
 
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