Insurance Claim – Car Insurance In Memphis http://carinsuranceinmemphis.net/ Wed, 23 Nov 2022 19:30:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://carinsuranceinmemphis.net/wp-content/uploads/2021/06/icon-1.png Insurance Claim – Car Insurance In Memphis http://carinsuranceinmemphis.net/ 32 32 Changes you can make to your home to lower your insurance premium https://carinsuranceinmemphis.net/changes-you-can-make-to-your-home-to-lower-your-insurance-premium/ Wed, 23 Nov 2022 19:30:00 +0000 https://carinsuranceinmemphis.net/changes-you-can-make-to-your-home-to-lower-your-insurance-premium/ As a homeowner, insurance is one of those things you’d rather have and not need than need and not have – plus, it’s a requirement for most mortgage lenders. However, with high interest rates and rising property taxes, you may be wondering if you’re paying more than you need to have peace of mind. The […]]]>

As a homeowner, insurance is one of those things you’d rather have and not need than need and not have – plus, it’s a requirement for most mortgage lenders. However, with high interest rates and rising property taxes, you may be wondering if you’re paying more than you need to have peace of mind.

The good news is that there are plenty of ways to lower your insurance premium without too much hassle. State Farm insurance agent Pam Hansen Alfred offers these tips to help you stretch your paycheck a little further.

Install an alarm system

Having an alarm system in your home can bring you more than one advantage: In addition to improving your sense of security, you could also benefit from a discount on premiums from certain insurers.

“The more secure the system, the better the discount,” Alfred said. “The best thing would be if it were automatically sent to the police or the fire department.”

Systems that call a customer service center or emergency services typically charge a monthly fee. However, your rebate can more than pay for that and improve the safety of your home and family.

Increase your deductible

If you live in a relatively disaster-free area with a low risk of flooding, fire, or wind damage, increasing the deductible you’re willing to pay is one way to lower your premium.

“Many plans have a deductible of 1% of the accommodation amount,” Alfred said. “If you had a 1% deductible and you had a $350,000 home, the claim would be $3,500. Raising your deductible to 2% will lower your premium but increase your deductible, so you need to think about what you would be willing to pay if you were to file a claim.

Liability coverage, which is included in standard home insurance policies, has no deductible, which means that this coverage would not be affected by your decision to increase your deductible on insurance claims.

Upgrade your roof

If you need to replace your roof, upgrading to a damage-resistant material could qualify you for a reduction in the cost of your premium.

“If you get a metal roof installed, it saves money in some places,” Alfred said. “Another option is a hail-resistant asphalt roof. This is also known as a Class 4 roof.”

A Class 4 roofing material offers the highest level of impact resistance compared to other roofing materials. In lab tests, a 2-inch steel ball is dropped 20 feet multiple times to see if it can damage the shingles. Lower material classes will crack, unlike Class 4 shingles.

Reduce your personal property coverage

Every home insurance policy covers both the structure and your personal property, other than vehicles.

“Normally your personal property is insured at a rate of 75% of the value of the house,” Alfred said. “So if you have a home worth $350,000, your personal property would be insured for $262,500. However, you can change the amount of your personal assets to 50% or 25% for a lower premium.

Reducing coverage can put you at greater risk in the event of a loss, so you need to choose the level of risk you’re willing to take on to have some wiggle room in your budget.

For more information on lowering your homeowners insurance premium or to get a quote, visit pamhansenalfred.com or call 406-453-6010.

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Store owner represents himself in court, Beats State Farm https://carinsuranceinmemphis.net/store-owner-represents-himself-in-court-beats-state-farm/ Mon, 21 Nov 2022 05:05:44 +0000 https://carinsuranceinmemphis.net/store-owner-represents-himself-in-court-beats-state-farm/ November 21, 2022 – A New Hampshire body repair shop owner recently represented himself in the High Court and won a case against State Farm. According to Insurance Journal, Steve Piispanen opted out of an attorney when he appealed a judge’s decision to dismiss a $1,093.37 claim against State Farm. He wrote a brief and […]]]>

November 21, 2022 – A New Hampshire body repair shop owner recently represented himself in the High Court and won a case against State Farm.

According to Insurance Journal, Steve Piispanen opted out of an attorney when he appealed a judge’s decision to dismiss a $1,093.37 claim against State Farm. He wrote a brief and appeared before the New Hampshire Supreme Court for oral argument.

Piispanen owns Keene Auto Body, and its client Caleb Meagher used his right to sue State Farm “after the insurer refused to pay the full amount Piispanen said was needed to repair the vehicle,” according to Insurance Journal. .

Piispanen then filed a small claims suit, but State Farm argued that Meagher’s policy states that “any assignment of benefits is invalid unless State Farm approves the assignment,” according to Insurance Journal.

A local judge dismissed the complaint but did not explain why. Fast forward to Piispanen’s aforementioned self-representation in the New Hampshire Supreme Court, and after reviewing Meagher’s case, the court ruled that State Farm’s policy was “ambiguous because the language did not indicate specifically that it applied to damage claims”. according to the Journal des Assurances.

Part of Piispanen’s self-representation included detailed parts he said State Farm refused to pay for that were needed to repair the vehicle. For example, he said State Farm wanted him to use a halogen headlight instead of an OEM LED headlight, which was more expensive.

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New Hampshire body shop owner ‘Winging’ own case beats State Farm on High Court appeal https://carinsuranceinmemphis.net/new-hampshire-body-shop-owner-winging-own-case-beats-state-farm-on-high-court-appeal/ Thu, 17 Nov 2022 18:42:55 +0000 https://carinsuranceinmemphis.net/new-hampshire-body-shop-owner-winging-own-case-beats-state-farm-on-high-court-appeal/ New You can now listen to the Insurance Journal articles! Auto body repair shop owner Steve Piispanen has not hired a lawyer because he considers himself “uneducated” in insurance law. He represented himself when he appealed a local judge’s decision to dismiss a $1,093.37 claim against State Farm Mutual Automobile Insurance Co. He wrote his […]]]>
New You can now listen to the Insurance Journal articles!

Auto body repair shop owner Steve Piispanen has not hired a lawyer because he considers himself “uneducated” in insurance law.

He represented himself when he appealed a local judge’s decision to dismiss a $1,093.37 claim against State Farm Mutual Automobile Insurance Co. He wrote his own brief and appeared personally to make oral submissions to the Supreme Court of New Hampshire.

Piispanen has no legal training. “Hell no,” he said. “I just winged it.”

Steve Piispanen

No matter. Piispanen persuaded the state Supreme Court that a Keene Circuit Court judge had erred in denying his request. In a 3-2 decision on Tuesday, the High Court ruled that an ‘anti-assignment clause’ in a motor insurance policy only applies to pre-loss assignments, clearing the way for Piispanen to sue in justice against the insurer.

The majority of the court rejected State Farm’s argument that allowing claims cessions would expose insurers to increased risk.

“While assignees may be more sophisticated or better funded than policyholders, we do not consider the greater possibility that an insurer will have to pay funds that it is already contractually obligated to pay as an increase in risk; otherwise, we would ‘reward the insurer that refuses to honor its contractual obligations,’” ​​the majority opinion states, citing a 1975 decision of the Arizona Court of Appeals.

Caleb Meagher took his vehicle to Piispanen’s shop, Keene Auto Body, for repairs. He ceded his right to pursue a claim against State Farm after the insurer refused to pay the full amount that Piispanen said was needed to repair the vehicle.

Piispanen filed a small claims suit. State Farm argued that the policy issued to Meagher clearly states that any assignment of benefits is invalid unless State Farm approves the assignment. Circuit Court Judge James Gleason denied the request without explaining why.

This did not end the fight. Piispanen is the third generation owner of an auto body shop founded in 1928 by a Finnish immigrant. He said he speaks regularly with other “like-minded” body shop owners and knows that courts in other states have not upheld insurance contracts barring auto body claims. transfer of benefits after loss.

He said State Farm refused to pay for parts that clearly needed to be replaced. For example, the insurer insisted that he install a halogen headlight rather than the LED headlight provided by the OEM, which cost $300 more. The insurer also refused to pay for the calibration of the vehicle’s safety systems.

Piispanen said Gleason dismissed Meagher’s claim along with numerous other lawsuits for small claims totaling $30,000. But he said he also had a solid record of defeating insurers in court.

“If I was a Major League player, I would be in the Hall of Fame,” he said.

After the New Hampshire Supreme Court granted review of Meagher’s claim, the New Hampshire Automobile Dealers Association joined the fight by filing an amicus brief. The association said courts “from Maine to California” have ruled that anti-assignment clauses in insurance contracts are not enforceable after loss.

“As the Iowa Supreme Court said, ‘[t]The great weight of authority supports the rule that an anti-assignment clause does not apply to the assignment of claims arising after loss,” the association’s amicus brief states.

The majority of the New Hampshire court followed its own reasoning in deciding the case. He said State Farm’s policy in Meagher’s case was ambiguous because the wording did not specifically state that it applied to disaster claims.

“We express no opinion as to whether an unambiguous clause prohibiting the assignment of claim claims would be enforceable,” the court said.

Chief Justice Gordon J. MacDonald and Justice Anna Barbara Hantz Marconi dissented. They said the majority adopted “new principles of interpretation” without any “prompted or developed legal argument” from Keene Auto Body.

“The plain and plain meaning of the clause is clear, and in the ordinary course it is our duty to enforce it,” the minority opinion says.

Top photo: The Keene Auto Body shop in Keene, NH Photo courtesy of Keene Auto Body.

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Insurance companies spot 13,000 fraudulent claims, more companies are cheating https://carinsuranceinmemphis.net/insurance-companies-spot-13000-fraudulent-claims-more-companies-are-cheating/ Tue, 15 Nov 2022 06:39:43 +0000 https://carinsuranceinmemphis.net/insurance-companies-spot-13000-fraudulent-claims-more-companies-are-cheating/ Photo: Depositphotos.com Insurance companies prevented some 13,000 attempted fraudulent claims last year, which is in line with 2020, but more companies tried to fake their insurance. Dutch insurers’ association Verbond van Verzekeraars said attempts to scam more than €85 million were foiled during the year. A total of 1,198 companies attempting to commit fraud were […]]]>

Photo: Depositphotos.com

Insurance companies prevented some 13,000 attempted fraudulent claims last year, which is in line with 2020, but more companies tried to fake their insurance.

Dutch insurers’ association Verbond van Verzekeraars said attempts to scam more than €85 million were foiled during the year. A total of 1,198 companies attempting to commit fraud were spotted, up 13% from 2020.

“We are paying increasing attention to commercial fraud,” said association director Richard Weurding. The number of companies now on a special “watch list” available to all insurance companies has more than doubled, he said.

The most prevalent form of fraud involved car insurance, which accounted for 54% of fraudulent claims and was often based on exaggeration of damages. Property insurance represents 26% of claims and civil liability 12.5%.

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eBay sued over insurance claim for cyberstalking civil suit https://carinsuranceinmemphis.net/ebay-sued-over-insurance-claim-for-cyberstalking-civil-suit/ Sat, 12 Nov 2022 15:08:08 +0000 https://carinsuranceinmemphis.net/ebay-sued-over-insurance-claim-for-cyberstalking-civil-suit/ An insurance company is suing eBay and certain former executives for a declaratory judgment on its obligation to indemnify them in a civil action brought by the publishers of EcommerceBytes in July 2021 during the 2019 cyberstalking campaign against them (Ina Steiner, David Steiner and Steiner Associates LLC). ACE Property and Casualty Insurance Company said […]]]>
An insurance company is suing eBay and certain former executives for a declaratory judgment on its obligation to indemnify them in a civil action brought by the publishers of EcommerceBytes in July 2021 during the 2019 cyberstalking campaign against them (Ina Steiner, David Steiner and Steiner Associates LLC).

ACE Property and Casualty Insurance Company said it had issued a series of umbrella commercial liability policies to eBay, but alleged that the insurance does not cover knowledge of the infringement of others’ rights; Material posted with knowledge of the falsity; and criminal acts. (To compensate is to make up for damage or loss.)

ACE said eBay requested coverage for the civil action on August 11, 2021. ACE said it refused to cover the seven defendants who pleaded guilty in the related criminal cases earlier this year (Veronica Zea, Philip Cooke, Stephanie Stockwell, Brian Gilbert and Stephanie Popp, as well as Jim Baugh and David Harville).

ACE also said it agreed in April to investigate the civil suit for eBay, Devin Wenig (former eBay CEO) and Steve Wymer (former eBay communications director), subject to a caveat. full rights.

In Friday’s court filing, ACE said its general policies do not cover civil action. As part of his disclaimer, he cited a PowerPoint presentation that eBay gave to the government in March 2021:

“The eBay PowerPoint Deck contained a stated purpose to persuade the United States Department of Justice (“DOJ”) that, while “the DOJ may take action against the company [eBay],” “a decision not to take enforcement action against eBay. . . is in the interests of justice, victims and the public.

“In eBay’s PowerPoint Deck, eBay acknowledged “the seriousness of the misconduct and corporate responsibility. He further acknowledged, “The conduct of the seven defendants [i.e., Baugh, Harville, Popp, Stockwell, Gilbert, Cooke, and Zea] was clearly criminal, and eBay is troubled by its former CEO’s role here [i.e., Wenig] and former director of communications [i.e., Wymer] in particular.” The eBay Power Deck described Wymer’s conduct as “inexcusable on the part of any employee, let alone a member of the ELT,” noted that eBay “terminated [Wymer] for cause” “due to [the] events of Natick” (emphasis in original), and acknowledged that Wenig and Wymer had “significantly contributed to the crimes of Natick”.

ACE said in Friday’s filing: “A binding statement determining the rights and obligations of ACE and eBay, Wenig and Wymer under ACE’s general policies with respect to civil action is required, will resolve the disagreement of the parties and will facilitate any settlement efforts in the civil action.

In addition to its request for declaratory judgment in its action for insurance coverage, ACE seeks an award of its interest, costs and attorneys’ fees. You can read the full report on CourtAuditor.

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Tech company Empathy partners with Benekiva to expedite insurance claims for bereaved families https://carinsuranceinmemphis.net/tech-company-empathy-partners-with-benekiva-to-expedite-insurance-claims-for-bereaved-families/ Wed, 09 Nov 2022 18:41:04 +0000 https://carinsuranceinmemphis.net/tech-company-empathy-partners-with-benekiva-to-expedite-insurance-claims-for-bereaved-families/ Bereavement care technology platform Empathy is now partnering with software company Benekiva to streamline life insurance claims processing and help families access benefits faster. Benekiva’s claims automation platform is designed to simplify and speed up this process, which can take up to 13 months on average, according to a Cost of Death report published by […]]]>

Bereavement care technology platform Empathy is now partnering with software company Benekiva to streamline life insurance claims processing and help families access benefits faster.

Benekiva’s claims automation platform is designed to simplify and speed up this process, which can take up to 13 months on average, according to a Cost of Death report published by Empathy earlier this year.

In considering a partnership, the two companies saw potential symmetries between their services. The Empathy app is designed to help families navigate the logistical aspects of bereavement, including documentation, funeral or memorial arrangements, validating a will, and other concerns.

“The true financial and mental costs of loss have for too long been insufficiently accounted for by existing systems, and there is more we can do as a society to change that,” said Ron Gura, co-founder and CEO of Empathy. , in a press release. “Like Empathy, Benekiva is an innovative technology company that strives to provide insurers with the services needed to smooth out age-old processes and make them more consumer-friendly. By working with the two of us, insurers will have all the tools they need. need to elevate the recipient experience beyond a financial payment.”

The burden of bereaved families is often heavy. According to the Cost of Death report, they can spend up to 500 hours over 13 months performing administrative tasks related to the death of a loved one. The average cost to bereaved is over $12,000.

Empathy rose to prominence in April 2021 when it secured $13 million in seed capital, with venture capital firms General Catalyst and Aleph as lead investors. Before the end of the year, Empathy raised an additional $30 million in Series A funds, led by Entrance Capital, again with participation from General Catalyst and Aleph.

The company’s clients include a number of Fortune 100 companies. Empathy has also partnered with Compassus, one of the top 10 hospice providers in the United States, and the National Hospice and Palliative Care Organization (NHPCO ).

Benekiva offers a configurable platform designed to allow claimants, policyholders, associates and agents to access all aspects of the claims process as well as policy-related information and services. The platform’s features also allow insurance companies to process claims around the clock.

Last month, insurance technology organization InsurTech NY selected Benekiva among its third cohort of growth-stage accelerators. Through this initiative, InsurTech NY is offering resources to help up to 32 startups gain market traction, recruit talent, and secure funding.

“Benekiva is on a mission to create the claims platform of choice for insurance companies with a beneficiary-focused mindset, improving the claims experience for everyone involved,” said Brent Williams, founder, CEO and chairman of Benekiva, in an announcement. “Our technology and configurable platform put requesters back in control so that simple requests get paid in days, not weeks. We share Empathy’s goal of meeting people where they are so they can focus on what’s really important.

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Global Guaranteed Automobile Protection Insurance Market Outlook to 2031 – Availability of Value-Added Online Services and Quick and Easy Claims Settlement Drives Growth – ResearchAndMarkets.com https://carinsuranceinmemphis.net/global-guaranteed-automobile-protection-insurance-market-outlook-to-2031-availability-of-value-added-online-services-and-quick-and-easy-claims-settlement-drives-growth-researchandmarkets-com/ Mon, 07 Nov 2022 10:26:00 +0000 https://carinsuranceinmemphis.net/global-guaranteed-automobile-protection-insurance-market-outlook-to-2031-availability-of-value-added-online-services-and-quick-and-easy-claims-settlement-drives-growth-researchandmarkets-com/ DUBLIN–(BUSINESS WIRE)–The report “Warranty Automobile Protection Insurance Market by Type, By Application, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031” has been added to from ResearchAndMarkets.com offer. Guaranteed auto protection (GAP) insurance is a form of automobile insurance that automobile owners can purchase to protect themselves against losses that may occur if the […]]]>

DUBLIN–(BUSINESS WIRE)–The report “Warranty Automobile Protection Insurance Market by Type, By Application, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031” has been added to from ResearchAndMarkets.com offer.

Guaranteed auto protection (GAP) insurance is a form of automobile insurance that automobile owners can purchase to protect themselves against losses that may occur if the amount of compensation obtained in the event of a total loss is insufficient to reimburse the amount the insured owes under the financing or leasing of the vehicle.

In addition, the difference between the amount owed and the amount protected by another insurance policy on a loan is covered by GAP insurance. Some GAP policies pay the deductible. For loans with low down payments, high interest rates and amortization periods of at least 60 months, GAP insurance is encouraged.

Growing consumer concern about covering the cost of the difference between the loan amount and the depreciated value of the vehicle is a major driver of revenue growth in the global gap insurance market. Additionally, as car costs have depreciated over time and road accidents have increased, gap insurance has become increasingly necessary to cover monies owed.

However, market expansion may be hampered by large claims submitted due to increased automobile use, which have increased the financial burden of insurance claims. On the other hand, the expanding automotive sector and growing demand for insurance are two variables that are expected to continue to create lucrative opportunities for established market players and new entrants alike.

Additionally, factors that are expected to drive market expansion include the availability of value-added online services and quick and easy claims settlement.

Key Benefits

  • The study provides an in-depth analysis of the GAP Insurance market along with current trends and future estimates to illustrate impending investment pockets.

  • Information on major drivers, restraints and opportunities and their impact analysis on the GAP Insurance market size is provided in the report.

  • Porter’s five forces analysis illustrates the power of buyers and suppliers operating in the industry.

  • The quantitative analysis of the GAP insurance market from 2021 to 2031 is provided to determine the market potential.

Key market segments

By type

  • GAP return insurance on invoice

  • Finance GAP Insurance

  • GAP vehicle replacement insurance

  • Return-to-value GAP insurance

  • Others

By app

  • Tourism vehicle

  • commercial vehicle

By distribution channel

  • Broker Agents

  • Direct response

  • Others

By region

  • North America

  • WE

  • Canada

  • Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Belgium

  • The rest of Europe

  • Asia Pacific

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Indonesia

  • Thailand

  • Rest of Asia-Pacific

  • LAMEA

  • Latin America

  • Middle East

  • Africa

Main market players

  • Admiral Group PLC

  • Allianz

  • Allstate Insurance Company

  • American family insurance

  • Aviva

  • AXA

  • Berkshire Hathaway Inc.

  • Chubb

  • Direct spread

  • Kemper Company

  • Liberty Mutual Insurance Company

  • majesco

  • National Mutual

  • Progressive multi-risk insurance company

  • State Farm Mutual Automobile Insurance Company

  • The Travelers Compensation Company

  • Zürich

For more information about this report visit https://www.researchandmarkets.com/r/hhh9bl

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Florida Car Accident Laws Guide 2022 – Forbes Advisor https://carinsuranceinmemphis.net/florida-car-accident-laws-guide-2022-forbes-advisor/ Thu, 03 Nov 2022 20:50:01 +0000 https://carinsuranceinmemphis.net/florida-car-accident-laws-guide-2022-forbes-advisor/ The state of Florida is a “no-fault” auto insurance state. This means that regardless of who is responsible for the accident, drivers will get compensation for minor injuries from their own insurer. Specifically, they will make a claim under their required Personal Injury Protection (PIP) coverage. PIP will compensate: 80% of reasonable medical expenses incurred […]]]>

The state of Florida is a “no-fault” auto insurance state. This means that regardless of who is responsible for the accident, drivers will get compensation for minor injuries from their own insurer.

Specifically, they will make a claim under their required Personal Injury Protection (PIP) coverage. PIP will compensate:

  • 80% of reasonable medical expenses incurred due to accident-related injuries.
  • 60% of earnings lost if accident-related injuries prevent the insured from working
  • $5,000 in death benefits if a collision is fatal (this amount will be paid to the estate of the deceased or the relatives of the deceased victim)

If the injuries are very serious (including death, loss of bodily function, permanent injury, or permanent scarring), collision victims may obtain compensation outside of the no-fault system. When injuries reach the threshold of severity under Florida law, victims can take legal action against the driver who caused the accident. In these situations, the victim can obtain compensation for:

  • Medical bills
  • Lost salary
  • pain and suffering
  • emotional distress

An experienced Florida car accident attorney can help collision victims determine if their accident is serious enough that they can try to recover compensation from the other driver rather than being forced to rely only to their PIP coverage.

Comparative Negligence Rules in Florida Auto Accidents

Sometimes both drivers involved in a collision share responsibility for the car accident in Florida. In such cases, Florida’s pure comparative negligence rules apply.

Comparative negligence is one of three approaches that different states use to determine when victims of motor vehicle accidents can seek compensation if they are partly responsible for their own injuries. The three approaches are:

  • Sheer comparative negligence: Victims can always claim damages, regardless of the share of responsibility they share. A motorist who is 99% responsible for an accident could always try to recover compensation from the other motorist. It’s the Florida rule.
  • Modified comparative negligence: With this rule in place, only drivers who are less than 50% or 51% responsible for the accident can sue for damages.
  • Contributory negligence: This rule applies in the minority of states and prevents someone from pursuing a claim for damages if they were even a small percentage to blame for the accident.

In Florida – and in all pure and modified comparative negligence states – compensation will be reduced when a victim is partly at fault. If an accident victim was 20% at fault for the collision and suffered $100,000 in losses, the victim could recover 80% of their $100,000 in damages or $80,000 in total.

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Geico faces class action lawsuit in California over overcharged auto insurance claimant https://carinsuranceinmemphis.net/geico-faces-class-action-lawsuit-in-california-over-overcharged-auto-insurance-claimant/ Mon, 31 Oct 2022 21:29:00 +0000 https://carinsuranceinmemphis.net/geico-faces-class-action-lawsuit-in-california-over-overcharged-auto-insurance-claimant/ Oct 31 (Reuters) – A federal judge said on Monday that a lawsuit accusing Geico Corp of overcharging more than 2 million California policyholders on auto insurance at the start of the COVID-19 pandemic could continue as a class action. U.S. District Judge Beth Labson Freeman in San Jose, Calif., dismissed Geico’s claim that a […]]]>

Oct 31 (Reuters) – A federal judge said on Monday that a lawsuit accusing Geico Corp of overcharging more than 2 million California policyholders on auto insurance at the start of the COVID-19 pandemic could continue as a class action.

U.S. District Judge Beth Labson Freeman in San Jose, Calif., dismissed Geico’s claim that a class action lawsuit over the alleged inadequacy of its “Geico Giveback” program would create “insurmountable management problems.”

Geico, part of Warren Buffett’s Berkshire Hathaway Inc , said a class action lawsuit would not sufficiently take into account differences among policyholders, including the lengths of time they had insurance.

The Chevy Chase, Maryland-based insurer also said it would be difficult to assess damages, isolate pandemic costs and adjust rates retroactively.

But the judge said a class action was preferable to individual lawsuits, and that the plaintiffs’ damages model “could present an appropriate percentage of reimbursement over a long enough period” to address management issues.

Geico’s attorneys did not immediately respond to requests for comment. Lawyers for the plaintiffs did not immediately respond to similar requests.

Policyholders objected to Geico’s decision to provide $2.5 billion in credits, including 15% on renewals, starting in April 2020, reflecting the way people were driving and having accidents less often. ‘era.

They said Geico reaped a “windfall” because credit was “well below” the appropriate level given the diminished risk, and accused the insurer of falsely claiming its credits offered “relief substantial and complete”.

Some insurers, including State Farm and Allstate Corp (ALL.N), have offered pandemic-related reimbursements to policyholders.

The class covers California residents who purchased Geico car, motorcycle, or RV insurance between March 1, 2020 and present.

Geico is defending against a similar federal lawsuit in Chicago and in May persuaded a Manhattan appeals court to uphold a judge’s dismissal of a similar lawsuit there.

Berkshire, based in Omaha, Nebraska, has owned 100% of Geico since 1996.

The case is Day v. Geico Casualty Co et al, US District Court, Northern District of California, No. 21-02103.

Reporting by Jonathan Stempel in New York Editing by Marguerita Choy

Our standards: The Thomson Reuters Trust Principles.

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Bread maker Gardenia to submit insurance claims for flood damage in Malaysia https://carinsuranceinmemphis.net/bread-maker-gardenia-to-submit-insurance-claims-for-flood-damage-in-malaysia/ Fri, 28 Oct 2022 10:25:00 +0000 https://carinsuranceinmemphis.net/bread-maker-gardenia-to-submit-insurance-claims-for-flood-damage-in-malaysia/ KUALA LUMPUR (October 28): Gardenia Bakeries (KL) Sdn Bhd (GBKL), a joint venture equally owned by Padiberas Nasional Bhd (Bernas) and Singapore-listed QAF Ltd, intends to submit insurance claims up to around S$13 million (about RM42 million) due to losses resulting from severe flooding in Peninsular Malaysia in December 2021 in which one of GBKL’s […]]]>

KUALA LUMPUR (October 28): Gardenia Bakeries (KL) Sdn Bhd (GBKL), a joint venture equally owned by Padiberas Nasional Bhd (Bernas) and Singapore-listed QAF Ltd, intends to submit insurance claims up to around S$13 million (about RM42 million) due to losses resulting from severe flooding in Peninsular Malaysia in December 2021 in which one of GBKL’s factories was damaged by the natural disaster, according to QAF.

“A loss assessment is ongoing and analyzed in conjunction with its consultant,” QAF said in a statement to the Singapore Exchange Ltd on Thursday (October 27).

QAF and its subsidiaries, one of their own collective capacities as a group, had previously submitted insurance claims for losses resulting from severe flooding in Peninsular Malaysia in December 2021, according to the group.

“The company (QAF) wishes to inform shareholders that the group (QAF and its subsidiaries) (for the avoidance of doubt, excluding GBKL) has to date made claims under its damage insurance policy consequential losses for a total of approximately S$10 million (estimated total consequential losses claims).

“In addition to claims for consequential losses, the group also submitted one or more insurance claims for damage to inventory, property, plant and equipment totaling approximately S$40 million,” it said. declared QAF.

QAF said insurance payments received or receivable will be subject to Malaysian income tax.

“It is emphasized that as the replacement or rehabilitation of damaged production lines and other related matters, as well as the handling of insurance claims, are ongoing, and the audit of the [QAF’s] financial statements for [financial year 2022] (to determine consequential losses) will only be undertaken at a later date, there can be no assurance that insurance claims made or to be made will materialize and/or that insurance payments received will equal the amount claimed under these insurance policies.

“The claims mentioned above are based on current estimates and may be subject to variations,” QAF said.

Bernas is the guardian of the Malaysian rice industry.

As a Malaysian state-trading enterprise in the international rice market, Bernas said on its website that the company is an instrument of government policy, authorized to ensure the stability of the domestic rice market and food security. from the country.

QAF is a leading multi-industry food company whose core business is baking, in addition to food distribution and warehousing, according to the company’s website.

“We have an extensive network of operations and distribution in the Asia-Pacific region, including Singapore, Malaysia, Philippines, Australia, Myanmar, Cambodia, Hong Kong, Taiwan, Macau, Brunei , Indonesia, Vietnam, Laos and Bangladesh,” QAF said.

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