Professor Emeritus, Rutgers Law School. Center for Risk and Responsibility at https://xitter.cf/t.co/2DdKIXSMV9 Insurance, torts, contracts, law for non-lawyers
New Jersey, USA
Joined September 2016
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Correct. That's why states should adopt the @RutgersLaw Center for Risk and Responsibility Coverage summary crr.rutgers.edu/homeowners-i…
Then there's #RUInsureScore and the Claims Quality Summary crr.rutgers.edu/homeowners-i…
One flaw with D2C in insurance is the amount of work it takes for the insurance buyer to research and compare. How does the buyer know what they are getting? How do they know if they are getting the best price and/or coverage? For the vast majority of buyers, they wont know. They wont get a copy of the policy before hand, just a quote, and then they'd have to repeat the process with many other insurers just to line the quotes up.
It gets worse in some states where bundling becomes a problem. Florida is one of those states. Thus in a D2C model, the buyer needs to do this exercise across multiple products (auto, homeowners etc).
This is why insurance agents and brokers will still exist and why most people will still prefer to dump the responsibility for that work to the agent. Many agents like @bradleyflowers and @cjhuts are digital agents and can provide lots of options to their prospects inexpensively (operationally). They can guide the buyer in the best coverage/price option and basically take a lot of the stress and work out of the process.
One additional benefit is that if the agent screws up, they have E&O insurance that is available to the buyer. If the buyer is buying on their own...caveat emptor.
Welcome, Carol! Even if you’re not a @RutgersLaw grad like your 3 predecessors, welcome!
Introducing Carol Voorhees as NJM’s first female CEO! 🎉
With nearly 30 years of dedicated service, her leadership, vision, & industry expertise mark an exciting new chapter for NJM. Please join us in celebrating and congratulating Carol! 👏
Read more: bit.ly/4l61TaY
Thanks to Chip Merlin @MerlinLawGroup for conversation on the Claim Game. Best questions (toward the end): What are biggest misconception about #insurance and biggest truth about insurance? Listen here youtu.be/utv8CIIIv1c
Looking forward to conversation with the great Chip Merlin @MerlinLawGroup this Thursday. Join us!
propertyinsurancecoveragelaw…
Great work by @ConsumerFed. #insurance consumers also need publicly available info on coverage and crr.rutgers.edu/homeowners-i…
Our primary policy solution is simple: make #insurance #data public and easily accessible.
Learn more in our latest blog By Ethan Weiland & Michael DeLong. ⤵️
consumerfed.org/homeowners-d…
Sorry I missed the meeting. I would have been happy to discuss Misinformation About Insurance Fraud crr.rutgers.edu/misinformati…
Jay Feinman retweeted
A vandal breaks in. A sprinkler floods the building. The insurer says “not covered.” Court agrees.
Chip Merlin explains why Epperson v. Lexington is a warning sign for all-risk coverage.
bit.ly/43Mx8RW
Jay Feinman retweeted
Homeowners across the U.S. saw insurance premiums jump 24% in just 3 years.
In some states, it’s far worse:
📍Utah: +59%
📍Illinois: +50%
📍Arizona: +48%
No coastal storm surge needed — just unchecked industry hikes.
Read full report: f.mtr.cool/ojicpxjnir
Jay Feinman retweeted
Using faulty algorithms and flawed processes, the state’s biggest insurance companies routinely underestimate what their clients will need to rebuild.
For wildfire survivors, it's a gut punch at the worst possible time. trib.al/gLIEwMZ
Apparently 88% believe defendants should have to disclose insurance company and policy limits
A @TeamAPCIA and @MunichReAmerica survey found that 86% of Americans agree that state and federal lawmakers should address abuses of the legal system. We applaud the GA legislature for passing senate bill 68 to restore balance to GA’s legal system.
bit.ly/4j7MRRr
Jay Feinman retweeted
Willis Tower Watson in Nature hocking net zero and threatening to upend the US insurance market
Author affiliation but no COI statement (like IDK: WTW sells climate change risk products)
nature.com/articles/d41586-0…
"State Farm changed its contract from the standard ISO policy language. I suggest it was a blatant attempt to deny more water damage claims"
One reason @StateFarm received only 3-1/2⭐️for risk covered by RU InsureScore crr.rutgers.edu/homeowners-i…
State Farm’s water damage claims process is under legal scrutiny. Allegations of bad faith, delays, and withheld documents are at the center of Tong v. State Farm. What’s being uncovered? Read Chip Merlin's blog post.
#insurance #badfaithclaims
hubs.ly/Q038yNgQ0
Jay Feinman retweeted
Deductibles matter to your insurance premiums. Your homeowners policy should be 2500$ or more. It’s what’s best for you our clients.
Insurance industry is pushing disclosure and regulation of litigation financing, most recently in Georgia legis.ga.gov/api/legislation… What's good for the goose....
A new FL bill could force insurance execs to disclose their pay and financial ties. If they have nothing to hide, why fight transparency?
Read more about this important legislation.
#InsuranceTransparency #PolicyholderProtection
hubs.ly/Q037y7RB0
This is why states should adopt a standard of unreasonable conduct for extracontractual damages, not bad faith. Unreasonable conduct is defined in claim practices statutes and elsewhere
Think a bad faith lawsuit is a “slam dunk” if an insurer underpays? Think again. A recent Texas case highlights why courts rarely rule in favor of policyholders without clear proof of misconduct. Read more:
hubs.ly/Q03797H10
