Insurance renewal and a new ripoff fee!

[Jon 533]

Well I got my renewal notice from Joe Walters today, more exact from the insurance company called Peerless Insurance, not only did it go up but they have added a new fee, ripoff is more the word but anyone heard of "Terrorism Risk Insurance Act"?

Like pressure washers are going to all line up and aim Zero nozzles at the white house!

Would call Joe on this but I am sure they have some silly excuse to collect it so why bother.

Check your policies carefully and question things.

$1,633.00 for 2 mil of insurance.

My roof sprung a leak after my head hit it. Only a few hundred more, ah well easy come, easy go.

[stoppie101 20]

gotta find a way to pay for the homeland security. why not bill us? we have nothing better to spend our money on

[Jon 533]

We pay that with our taxes, or do they buy lobster dinners with that money!

[newlook 265]

Jon,

Ouch! I guess in some ways we would figure this would trickle down to us. If you don't mind me asking ~ how much of an increase did Joe hit you with or should I say the underwriter of the policy.

I have been shopping around for other insurance ~ just to see where the other brokers are at as it relates to their pricing. Not finding too many of them that will even take us on.

Sorry to hear about the increase!

[Douglas Hicks 128]

I seem to remember my liability insurance offered that rider also. I declined to pay the extra amount. This showed up on my business insurance and my rental insurance. Sounded to me like a good way to spend money for no return. Decline the additional coverage.

Douglas Hicks

General Fire Equipment Co of Eastern Oregon, Inc

[Jon 533]

It went up a little more then $200 a year.

Now paying $1,633.00

Douglas not sure I can refuse it, it appears not to be a policy but some sort of surcharge to help pay for the loss all insurance companies had after 9-11.

I will call Joe and find out for sure, I don't like paying for what I don't need and doubt others do either.

A bit of research done on the Terrorism insurance.

A temporary program signed by President Bush to spread the cost of losses insurance companies have incured from 9-11.

Now talk about Federal Government sticking their noses into private insurance companies and telling them they can charge US for THEIR losses.

Oh well like it or not if I want insurance I pay the piper.

[Chappy 138]

Terrorism risk insurance is not mandatory. Sounds like your company is trying to slide one in on you and hope you dont catch it. Definately call Joe Walters.

http://www.irmi.com/Insights/Articles/2002/Woodward12.aspx

[Russ Johnson 141]

TAXES???? Here in KY Gov. Ernie Fletcher and his entourage attended the Kentucky Derby. The bill to the taxpayers? Over $300,00.00. Can't fund homeland security when there are many other more important issues.

[CCPC 26]

Just got my insurance renewal as well, and as I understand it, they are offering terrorism risk protection insurance under the Federal Terrorism Risk Insurance Act of 2002. They are offering me the right to purchase insurance coverage for losses arising out of acts of terrorism defined in Section 102(1) of the Act.

The coverage on mine is optional and is included on my policy for a premium of $5.

I guess they figure for $5 most people would get the insurance and the likelyhood of ever having to pay out is very minimal (especially when insurance companies try to find a reason not to pay any claim as it is).

[the_GUNN_man 14]

I also get insurance from Joe Walters/Peerless. If you read the policy you can decline that portion of the insurance but you won't get much back. My terrorism act coverage is only an extra $21.

[Jon 533]

Interesting how they are charging different rates.

$5.00

$21.00

Mine is $30.00

What are others being charged ?

[Paul B. 523]

I was once told (directly) that he makes up the prices as he deems fit based on type of business, experience level, state you're in (NOT MENTAL CONDITION), coverage required, etc. In otherwords, he indicated that he has a free hand and quiet a bit of latitude with pricing for each company.

[Jon 533]

Well I spoke with them yesterday and we both had a good laugh, yes it can be cancelled and it will be too.

Funny thing is it protects your equipment in case of a terroist attack and where we laughed was over the remark if my equipment is damaged by a terroist attack more then likely so will I be so who would be around to use my equipment?

They shoot horses don't they!