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08-08-2006, 02:08 PM
I am insured with American Collectors, too. ACI is no longer writing DE policies (they confirmed this directly to me today) but are planning to service their existing policies. Maybe I'm a little cautious with this, but I'm not comfortable with them not making any mention of this to their customers or agents. In fact, their website still list DE policies but my agent, Kip, had not been notified of their change.
My concern is that they will "earn" premiums after DE season ends (Nov/March) then simply not renew the policies. The insured may not have known that they are no longer in this sector of the business. And, of course this leads to possible issues with claims. I can see it now - "sorry Mr. Smith but we can't pay your claim since we cancelled your policy last week ..."
As for Laurel, there has been discussions about them not being a US registered company but offering insurance. By not being registered they don't pay into any of the state insurance funds, whereby there would be no state backing in the event of their insolvency - take the money and run. This is why Laurel is being investigated.
Maybe this is getting blown out of proportion, but I'd rather know this now rather than later. With the $$ premiums that they charge (1.5% of value), they should be sending out some form of correspondence to agents and/or customers assuring them of continued coverage or that they need to find alternatives.
Steve
My concern is that they will "earn" premiums after DE season ends (Nov/March) then simply not renew the policies. The insured may not have known that they are no longer in this sector of the business. And, of course this leads to possible issues with claims. I can see it now - "sorry Mr. Smith but we can't pay your claim since we cancelled your policy last week ..."
As for Laurel, there has been discussions about them not being a US registered company but offering insurance. By not being registered they don't pay into any of the state insurance funds, whereby there would be no state backing in the event of their insolvency - take the money and run. This is why Laurel is being investigated.
Maybe this is getting blown out of proportion, but I'd rather know this now rather than later. With the $$ premiums that they charge (1.5% of value), they should be sending out some form of correspondence to agents and/or customers assuring them of continued coverage or that they need to find alternatives.
Steve
Steve Mankowski
2003 996
2003 996