Posts Tagged ‘ Insurance ’

Coakley Loses, but Wins Big for MA Motorcycle Owners

January 21st, 2010. By AbiK

Harley Road King Classic Git your motor runnin’…The Democratic loss in Massachusetts was (is still) all over the news—but one bit of news about MA Attorney General Martha Coakley was not so prevalent: her settlement to the tune of $11.1 million with motorcycle insurers who overcharged riders.

It seems that a few motorcycle insurers—Safety Insurance Company, Liberty Mutual Insurance Company, and Quincy Mutual Fire Insurance Company—were allegedly basing their premiums for motorcycle insurance on incorrect motorcycle values.

Now, if you’ve ever had your heart set on a Harley, and had to wait to save up the money for that Fat Boy or Low Rider (personally, I’d be going for a Sportster 883 or 1200), the last thing you want to do is cough up even more money on a high insurance premium. But you’re typically at the mercy of the insurance company—you need insurance to ride, and motorcycle accidents do happen.

Upon an investigation that, according to insurancenewsnet.com, began over a year ago, it came to light that the insurance companies were basing their collision and comprehensive premiums not on the current book values of the bikes being insured, but on values that were out-of-date and inflated.

An example given was for a 1999 Harley Davidson Road King Classic (which nowadays will set you back about

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Tags: Insurance, Liberty Mutual, Massachusetts, Motorcycles, Quincy Mutual, Safety Insurance
Posted in Settlement | 2 Comments »

$150M Zurich Insurer Settlement…by the numbers

September 11th, 2009. By AbiK

Racking up the numbers in the Zurich & Gallagher insurer settlement Here’s the down and dirty on the insurer price fixing class action settlement imposed on Zurich Financial Services and Arthur J. Gallagher & Co.—the settlement was upheld on Tuesday after going through an appeal process stemming from the original 2006 settlement ruling. The upheld settlement was reported on in the NJ Law Journal.

[By the way, if you want to read about Zurich's history with price fixing, see previous Zurich articles here]

Settlement Amount:

$150 million, plus $29.9 million in legal fees and costs, paid by the insurance companies as follows:

$122 million to be paid by Zurich Financial Services

$28 million to be paid by Gallagher & Co.

$29.9 million to be paid separately by Zurich to plaintiffs’ lawyers

Who Gets the Settlement Money:

3.79 million potential class members–maybe more, according to estimates

How’s the Settlement Money’s Divided:

51.7% goes to Zurich policyholders who bought excess casualty insurance from 2001 to 2004

33.9% to policyholders who bought other lines of insurance or excess policies at other times

9% to non-policyholders who were affected by the alleged wrongdoing

States party to the Settlement Agreement:

10…California, Florida, Hawaii, Maryland, Massachusetts, Oregon, Pennsylvania, Texas, Virginia, West Virginia

Tags: Gallagher, Insurance, Zurich
Posted in Settlement | No Comments »

Posts Tagged ‘ Insurance ’

Coakley Loses, but Wins Big for MA Motorcycle Owners

January 21st, 2010. By AbiK

$150M Zurich Insurer Settlement…by the numbers

September 11th, 2009. By AbiK

Settlement Amount:

Who Gets the Settlement Money:

How’s the Settlement Money’s Divided:

States party to the Settlement Agreement:

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