What a warm and fuzzy way to acknowledge a company that is currently dropping 20,000 policy holders in a tri-county area because they sold more policies than they have the reserves to cover. This company is dropping everyone who has had coverage written in the past 90 days.
During the presentation ceremony Governor Scott said that, "Florida’s economy has made a huge upturn thanks to businesses like the ones being recognized today. These outstanding companies have worked hard to create jobs and improve our economy. Florida families are able to live the American Dream with the help of the successful, innovative companies that call Florida home. I am thankful to these companies for their help in making Florida a great state for business and congratulate them on their achievements.”
In reality, I own a home three months outside the 2014 hurricane season with no wind storm, no premises liability, no fire and theft insurances.
I am now competing with 20,000 other people looking for the same type of overages. And we all were given a whopping 20 days’ notice before the coverage lapses. Even better for me, I paid an entire year in advance, so I have to wait on the refund of the money remaining from my premium. A helpful employee at the insurance company advised me to find insurance soon and then I would get my money sooner. Need I point out that they are collecting interest on my premium while I wait for the money?
Rick Scott is the business maven that backed Citizen’s Insurance into a corner gutting the legal department; forced them to raise their rates; pushed the constituents of this state into insurance companies like Heritage (that’s one of his buddies, see the Miami Herald) and into newly created underfunded companies like Peoples Trust --- only so he could brag during the election cycle that he controlled the state’s out of control hurricane insurance industry as well as created jobs.
People’s Trust Insurance Company does not meet underwriting criteria and yet, our dimwit governor gives the company an award stating how innovative they were.
People’s Trust grew from 162 employees to 425 employees. The insurance company brought in 45,000 new policy holders, and within 57 days of receiving the Governor’s Innovation/Entrepreneurship Award, they dump 20,000 NEW policy holders. Innovative, indeed! Even Governors can be suckers, not just us plain folk.