We’ve never thought of season football tickets as a carrot, nor the loss of them as a stick. But state Insurance Commissioner Kim Holland’s game plan for mitigating Oklahoma’s uninsured problem included a suggestion that failure to buy health insurance should result in a penalty and loss of down.
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Loss of tickets or a driver’s license or homestead exemption were suggested as a way to punish those who can buy a health insurance policy but don’t do so. Holland backed down from the idea after a public outcry, saying, "It was one small part of a larger discussion, and it was generally in jest.”
She should know better. Oklahoma’s uninsured rate is no laughing matter. Still, Holland is right in saying that failure to carry an insurance policy, when one is made available, results in shifting costs to policyholders and/or taxpayers.
A better suggestion comes from lawmakers such as state Rep. Kris Steele, co-chairman of a legislative task force on health care. He favors a system in which no one would be forced to have insurance but one in which no one would have an excuse not to — such as giving the uninsured an option to enroll in a subsidized plan when seeking health care.
These citizens would be given a one-time pass on paying for care, in exchange for enrolment. This pay-to-play approach is far better than the carrot/stick method.
Moving the sticks on the uninsured problem may require going for it on fourth down. But let’s not throw the ball too far.
Sunday, December 21, 2008
Saturday, December 20, 2008
Somalia piracy blow to ships insurance
Shipowners and operators are set to face higher insurance costs because of the increase in piracy off Somalia, insurers have warned.
Escalating piracy is prompting marine insurance specialists to step up advice to shipowners to improve security on their vessels. Shipowners are also making more use of “kidnap and ransom” insurance – normally used for corporate executives sent to danger zones – for their crews.
Attacks on ships off Somalia – most recently the Sirius Star, the biggest oil tanker seized by pirates to date – comes with the price of marine insurance rising because of large claims associated with hurricanes and disruption to the energy industry, Mr Berg said.
He said there was also reduced reinsurance capacity because of the global financial turmoil.
Although these would be the main drivers of “double digit” increases in the cost of marine reinsurance, an upswing in claims from pirate attacks was a contributing factor.
The price of protecting a ship or its cargo against piracy through insurance was rising, he said, and this would feed the reinsurance market.
Underwriters estimate that shipowners have paid about $20m in ransoms to pirates this year, substantially pushing up the cost of claims.
Lord Levene, chairman of Lloyd’s, said insurers did not want to pay ransoms but this appeared to be the only means of resolving incidents. “The real solution is to stop these people from operating. That is what we have to concentrate on,” he said, calling for more resources for naval forces.
Insurers said that while shipowners and operators faced the prospect of higher policy prices, there was no risk of cover against pirate attacks being withdrawn.
Escalating piracy is prompting marine insurance specialists to step up advice to shipowners to improve security on their vessels. Shipowners are also making more use of “kidnap and ransom” insurance – normally used for corporate executives sent to danger zones – for their crews.
Attacks on ships off Somalia – most recently the Sirius Star, the biggest oil tanker seized by pirates to date – comes with the price of marine insurance rising because of large claims associated with hurricanes and disruption to the energy industry, Mr Berg said.
He said there was also reduced reinsurance capacity because of the global financial turmoil.
Although these would be the main drivers of “double digit” increases in the cost of marine reinsurance, an upswing in claims from pirate attacks was a contributing factor.
The price of protecting a ship or its cargo against piracy through insurance was rising, he said, and this would feed the reinsurance market.
Underwriters estimate that shipowners have paid about $20m in ransoms to pirates this year, substantially pushing up the cost of claims.
Lord Levene, chairman of Lloyd’s, said insurers did not want to pay ransoms but this appeared to be the only means of resolving incidents. “The real solution is to stop these people from operating. That is what we have to concentrate on,” he said, calling for more resources for naval forces.
Insurers said that while shipowners and operators faced the prospect of higher policy prices, there was no risk of cover against pirate attacks being withdrawn.
Friday, December 19, 2008
Thailand - Household insurance fails to keep up with market growth
While an understanding of the benefits and costs of auto, life and health insurance is growing among Thai people, too many fail to prepare protection for their most valuable asset: their home.
Statistics show that only 8% of Thailand's 20 million homes and residences currently have household insurance. Low losses may be key to this relatively low uptake but inconvenience could be another stumbling block.
Traditional fire insurance policies for household protection are structured to protect against a variety of risks, ranging from fire, lightning, floods and gas explosions to natural disasters. Coverage is generally for actual losses, up to the limit stipulated in the policy and after taking into account any deductions.
Many insurers have joined with local banks to offer service packages to new homeowners, offering natural disaster coverage, theft coverage, third-party coverage as well as repair expenses. In fact, to protect their investment, many banks offering new home mortgages require borrowers to take out some form of insurance.
In the latest attempt to make home insurance easier, insurers have cooperated with their regulatory body, the Office of the Insurance Commission (OIC), to introduce a new saving fire insurance for households. The new insurance coverage - which was initiated by the General Insurance Association - won approval from the OIC on June 11 this year.
Fixed premiums as low as 600 baht a year provide coverage of up to 600,000 baht. The lowest premiums cover all structures except wooden row houses and brick-and-wood row houses.
The sum insured is up to 600,000 baht for a accustomed building, 250,000 baht for a brick-and-wood house, and 100,000 to 150,000 baht for a board house. The action protects the policyholder adjoin losses to a residential architecture from fire, gas explosion, lightning, floods and storm, and blow from cars and aircraft or falling objects.
As able-bodied as blaze allowance that provides domiciliary protection, the industry has fabricated accessible a homeowners' allowance action - assorted allowance that provides added advantage for accident to acreage as able-bodied as accountability for injuries and accident acquired to others.
There is aswell break-in insurance, which provides aegis for acreage adjoin accident and accident as a aftereffect of burglary, robbery and theft, including accident to acreage or bounds due to break-in attempts application tools, explosives or actinic and electrical devices.
Statistics show that only 8% of Thailand's 20 million homes and residences currently have household insurance. Low losses may be key to this relatively low uptake but inconvenience could be another stumbling block.
Traditional fire insurance policies for household protection are structured to protect against a variety of risks, ranging from fire, lightning, floods and gas explosions to natural disasters. Coverage is generally for actual losses, up to the limit stipulated in the policy and after taking into account any deductions.
Many insurers have joined with local banks to offer service packages to new homeowners, offering natural disaster coverage, theft coverage, third-party coverage as well as repair expenses. In fact, to protect their investment, many banks offering new home mortgages require borrowers to take out some form of insurance.
In the latest attempt to make home insurance easier, insurers have cooperated with their regulatory body, the Office of the Insurance Commission (OIC), to introduce a new saving fire insurance for households. The new insurance coverage - which was initiated by the General Insurance Association - won approval from the OIC on June 11 this year.
Fixed premiums as low as 600 baht a year provide coverage of up to 600,000 baht. The lowest premiums cover all structures except wooden row houses and brick-and-wood row houses.
The sum insured is up to 600,000 baht for a accustomed building, 250,000 baht for a brick-and-wood house, and 100,000 to 150,000 baht for a board house. The action protects the policyholder adjoin losses to a residential architecture from fire, gas explosion, lightning, floods and storm, and blow from cars and aircraft or falling objects.
As able-bodied as blaze allowance that provides domiciliary protection, the industry has fabricated accessible a homeowners' allowance action - assorted allowance that provides added advantage for accident to acreage as able-bodied as accountability for injuries and accident acquired to others.
There is aswell break-in insurance, which provides aegis for acreage adjoin accident and accident as a aftereffect of burglary, robbery and theft, including accident to acreage or bounds due to break-in attempts application tools, explosives or actinic and electrical devices.
Friday, December 12, 2008
Kentucky Governor Urges Health Insurance for Children
More than 67,000 children in Kentucky do not have health insurance, but are eligible for coverage with KCHIP, Kentucky's free or low cost health insurance program. Today, governor steve beshear announced plans to get more Kentuckians enrolled.
Streaming live across the state, Governor Steve Beshear spoke about his hopes to improve the quality of life for every Kentuckian.
KCHIP is partnering with United Way and other community groups to find the children that are eligible and help people focus more on their families.
Streaming live across the state, Governor Steve Beshear spoke about his hopes to improve the quality of life for every Kentuckian.
KCHIP is partnering with United Way and other community groups to find the children that are eligible and help people focus more on their families.
Thursday, December 11, 2008
PDIC wants govt to shoulder higher deposit insurance coverage
Philippine Deposit Insurance Corp. is in favor of proposals to increase the maximum deposit insurance coverage to P1 million for a three-year period without higher charges, provided the national government shoulders the cost and its capital increased by P24 billion.
Speaking at the accepted associates affair of the Chamber of Austerity Banks yesterday, PDIC admiral Jose Nograles said the access in the drop allowance advantage was agnate to what had been done in added countries in the face of the all-around banking meltdown.
Nograles said while the Philippines had not been decidedly afflicted by the meltdown, the country was bigger off advancing for it now afore the appulse of the crisis was acquainted in full. He said a college drop allowance advantage was a confidence-building measure.
Both houses of Congress are apperception a accessible access in the country’s best drop allowance advantage to P500,000 to P1 actor from the accepted P250,000.
Nograles said accretion the drop allowance to P1 actor would be abundant to awning 98.2 percent of deposits in austerity banks.
The average deposit account in a thrift bank is estimated at P119,000 or well within the insurance coverage. He said higher insurance coverage would entice people to keep their money within the Philippines, instead in overseas accounts.
Speaking at the accepted associates affair of the Chamber of Austerity Banks yesterday, PDIC admiral Jose Nograles said the access in the drop allowance advantage was agnate to what had been done in added countries in the face of the all-around banking meltdown.
Nograles said while the Philippines had not been decidedly afflicted by the meltdown, the country was bigger off advancing for it now afore the appulse of the crisis was acquainted in full. He said a college drop allowance advantage was a confidence-building measure.
Both houses of Congress are apperception a accessible access in the country’s best drop allowance advantage to P500,000 to P1 actor from the accepted P250,000.
Nograles said accretion the drop allowance to P1 actor would be abundant to awning 98.2 percent of deposits in austerity banks.
The average deposit account in a thrift bank is estimated at P119,000 or well within the insurance coverage. He said higher insurance coverage would entice people to keep their money within the Philippines, instead in overseas accounts.
Wednesday, December 10, 2008
Explorer Insurance Cuts California Auto Rates 15 Percent
California Insurance Commissioner Steve Poizner announced a 15 percent rate cut for Explorer Insurance Co.'s auto insurance policyholders, saving them approximately $3.4 million.
Explorer Insurance initially filed for a 17.6 percent increase in its auto insurance rates, the Department of Insurance indicated. After reviewing the rate filing application, Commissioner Poizner approved a 15 percent decrease in rates.
As a result of this reduction, Explorer Insurance Company customers will save an average of about $100 per car annually, the DOI indicated. The savings are expected to go into effect in December, and will apply to renewing policyholders and new customers.
Explorer Insurance initially filed for a 17.6 percent increase in its auto insurance rates, the Department of Insurance indicated. After reviewing the rate filing application, Commissioner Poizner approved a 15 percent decrease in rates.
As a result of this reduction, Explorer Insurance Company customers will save an average of about $100 per car annually, the DOI indicated. The savings are expected to go into effect in December, and will apply to renewing policyholders and new customers.
Fewer employers offering health insurance
As open enrollment for health insurance occurs this month at many companies, a new study shows fewer employers are offering health benefits. And among those that do still offer coverage, a larger number are asking employees to cough up more in the form of higher deductibles, co-pays or premiums.
Much of that change is being driven by the slow economy, as businesses look to cut costs wherever possible.
That’s what happened at the Homebuilders Association of Metro Orlando, which reduced all of its benefits due to the economic downturn, said Executive Director Beth McGee. The trade association still offers its 11 full-time employees health insurance, but it switched to higher deductible plans.
Employer-sponsored health insurance has declined for the past seven years, said an October report released by the Washington D.C.-based Economic Policy Institute, a nonprofit, nonpartisan think tank.
Much of that change is being driven by the slow economy, as businesses look to cut costs wherever possible.
That’s what happened at the Homebuilders Association of Metro Orlando, which reduced all of its benefits due to the economic downturn, said Executive Director Beth McGee. The trade association still offers its 11 full-time employees health insurance, but it switched to higher deductible plans.
Employer-sponsored health insurance has declined for the past seven years, said an October report released by the Washington D.C.-based Economic Policy Institute, a nonprofit, nonpartisan think tank.
Saturday, December 6, 2008
Insurance company seeks removal from Crandall Canyon lawsuits
An insurance company doesn't want to pay for any civil damages resulting from the collapse at Crandall Canyon that killed six coal miners and some of the rescuers who tried to save them.
Hartford Casualty Insurance Co. filed a motion to be removed from lawsuits filed in U.S. District Court in Salt Lake City by families of the miners and three rescuers who died in another collapse in the twin disasters in August 2007.
Hartford provided liability insurance for Grand Junction, Colo.-based Agapito Associates Inc., the engineering firm that signed off on mining plans at Crandall Canyon. But Hartford says the policies don't cover liability resulting from Agapito's professional performance.
Hartford provided $5 million in catastrophic insurance, on top of $2 million in coverage from another insurer. Attorneys for the miners' families want both insurance companies to remain liable.
Hartford Casualty Insurance Co. filed a motion to be removed from lawsuits filed in U.S. District Court in Salt Lake City by families of the miners and three rescuers who died in another collapse in the twin disasters in August 2007.
Hartford provided liability insurance for Grand Junction, Colo.-based Agapito Associates Inc., the engineering firm that signed off on mining plans at Crandall Canyon. But Hartford says the policies don't cover liability resulting from Agapito's professional performance.
Hartford provided $5 million in catastrophic insurance, on top of $2 million in coverage from another insurer. Attorneys for the miners' families want both insurance companies to remain liable.
Cheaper Health Insurance Opportunity For Small Businesses - Colorado
Small businesses in Colorado have something to look forward to, lower health insurance premiums.
A new plan was unveiled this week in Colorado Springs for businesses that have fewer than 99-employees.
It's a plan that was created by the Greater Colorado Springs Chamber of Commerce, Humana Health Insurance and local hospitals.
Rob Scheele who is Humana's Small Group Sales Director says, it took them two years to iron out all the details, but he says they've come up with a plan that will save small businesses money in the long run.
The plan is only available for businesses that are Chamber of Commerce Members.
More than half of all businesses in Colorado are small businesses, and with rising health care costs those business owners are saying that they're struggling.
The first business in Colorado Springs to sign up for the opportunity for lower health insurance rates is the Dublin Animal Hospital.
A new plan was unveiled this week in Colorado Springs for businesses that have fewer than 99-employees.
It's a plan that was created by the Greater Colorado Springs Chamber of Commerce, Humana Health Insurance and local hospitals.
Rob Scheele who is Humana's Small Group Sales Director says, it took them two years to iron out all the details, but he says they've come up with a plan that will save small businesses money in the long run.
The plan is only available for businesses that are Chamber of Commerce Members.
More than half of all businesses in Colorado are small businesses, and with rising health care costs those business owners are saying that they're struggling.
The first business in Colorado Springs to sign up for the opportunity for lower health insurance rates is the Dublin Animal Hospital.
4 US insurance firms bid to avail of financial rescue fund
Four insurance companies on Friday asked the government to allow them to buy thrifts so they can qualify to receive federal money under the financial rescue program.
Hartford Financial Services Group Inc., Genworth Financial Inc., Lincoln National Corp. and Aegon NV, a Dutch company that owns US insurer Transamerica, each asked the Office of Thrift Supervision for permission to acquire an existing savings and loan.
The borderline for filing applications was Friday. The Treasury Department bureau said it accustomed submissions from those four firms to become austerity captivation companies by accepting accumulation and loans.
Insurers that own thrifts, which are federally regulated, are acceptable to administer for a section of the $250 billion the government is spending to buy shares in banks and added banking companies. Thrifts alter from banks in that, by law, they accept to accept at atomic 65 percent of their lending in customer loans such as mortgages.
Hartford Banking said it expects to be acceptable for amid $1.1 billion and $3.4 billion in government bailout money.
The Hartford, Connecticut-based aggregation said it had agreed to buy Federal Trust Coffer for about $10 actor and to inject an bearding bulk of new basic into the federally accountant accumulation bank. Federal Trust Bank, now endemic by Sanford, Florida-based Federal Trust Corp., operates 11 branches in Florida.
Richmond, Virginia-based Genworth Banking activated to access Inter Accumulation Bank, a austerity based in Minneapolis, according to the austerity agency. Philadelphia-based Lincoln National is searching to buy Newton County Accommodation & Savings, based in Goodland, Indiana, while Transamerica is gluttonous to access Suburban Federal Accumulation Coffer of Crofton, Maryland.
Insurance companies are mostly adapted at the accompaniment level, but insurers that become austerity captivation companies are beneath federal administration and thereby authorize for the government bailout money.
At atomic two dozen insurers currently own thrifts.
Many insurers accept been struggling. Hartford and Lincoln were a part of several companies analysts articular this anniversary as acceptable defective to accession basic and adverse the achievability of ratings downgrades.
A amount of property-casualty insurers accept said they aren't absorbed in accommodating in the bailout program. The industry appears to be breach amid activity insurers, some of whom accept ahead bidding absorption in accommodating in the program, and property-casualty companies.
Hartford Financial Services Group Inc., Genworth Financial Inc., Lincoln National Corp. and Aegon NV, a Dutch company that owns US insurer Transamerica, each asked the Office of Thrift Supervision for permission to acquire an existing savings and loan.
The borderline for filing applications was Friday. The Treasury Department bureau said it accustomed submissions from those four firms to become austerity captivation companies by accepting accumulation and loans.
Insurers that own thrifts, which are federally regulated, are acceptable to administer for a section of the $250 billion the government is spending to buy shares in banks and added banking companies. Thrifts alter from banks in that, by law, they accept to accept at atomic 65 percent of their lending in customer loans such as mortgages.
Hartford Banking said it expects to be acceptable for amid $1.1 billion and $3.4 billion in government bailout money.
The Hartford, Connecticut-based aggregation said it had agreed to buy Federal Trust Coffer for about $10 actor and to inject an bearding bulk of new basic into the federally accountant accumulation bank. Federal Trust Bank, now endemic by Sanford, Florida-based Federal Trust Corp., operates 11 branches in Florida.
Richmond, Virginia-based Genworth Banking activated to access Inter Accumulation Bank, a austerity based in Minneapolis, according to the austerity agency. Philadelphia-based Lincoln National is searching to buy Newton County Accommodation & Savings, based in Goodland, Indiana, while Transamerica is gluttonous to access Suburban Federal Accumulation Coffer of Crofton, Maryland.
Insurance companies are mostly adapted at the accompaniment level, but insurers that become austerity captivation companies are beneath federal administration and thereby authorize for the government bailout money.
At atomic two dozen insurers currently own thrifts.
Many insurers accept been struggling. Hartford and Lincoln were a part of several companies analysts articular this anniversary as acceptable defective to accession basic and adverse the achievability of ratings downgrades.
A amount of property-casualty insurers accept said they aren't absorbed in accommodating in the bailout program. The industry appears to be breach amid activity insurers, some of whom accept ahead bidding absorption in accommodating in the program, and property-casualty companies.
Sterling Bancorp to remain in insurance program
Sterling Bancorp, ancestor of Sterling National Bank, said Friday it will abide to participate in the Federal Drop Allowance Corp.'s affairs to accommodate 100 percent allowance advantage to noninterest-bearing accounts.
The FDIC broadcast drop allowance advantage to noninterest-bearing accounts endure month. Banks were automatically enrolled in the affairs at no amount during an anterior period. At the end of that period, banks will charge to pay added fees to the FDIC to abide in the program, which runs through Dec. 31, 2009.
Sterling Bancorp has autonomous to pay the fees and abide in the program.
The FDIC affairs is allotment of a broader affairs to advice accommodate adherence to the banking casework area amidst the advancing acclaim crisis.
The FDIC broadcast drop allowance advantage to noninterest-bearing accounts endure month. Banks were automatically enrolled in the affairs at no amount during an anterior period. At the end of that period, banks will charge to pay added fees to the FDIC to abide in the program, which runs through Dec. 31, 2009.
Sterling Bancorp has autonomous to pay the fees and abide in the program.
The FDIC affairs is allotment of a broader affairs to advice accommodate adherence to the banking casework area amidst the advancing acclaim crisis.
Tuesday, December 2, 2008
California Insurance Department Web Site Rated "Excellent"
The Consumer Federation of America has rated the California Department of Insurance Web site as "excellent" for providing consumers information about auto and homeowners insurance, according to a survey released this week.
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California was one of only six states out of the 50 states and the District of Columbia that received an excellent rating.
"Consumers need information so they can make an informed choice on insurance and I'm proud that California is at the forefront of using the Web to provide that information," said Insurance Commissioner Steve Poizner. "As we implement our paperless initiative, in addition to the obvious environmental benefits, we will also be able to put even more data online so people can see for themselves information that's only available in our reading rooms."
The Department's Telecommunications Infrastructure Replacement Project was completed in 2008 and involved the replacement of a nearly 20-year old system with a voice over Internet protocol (VoIP) infrastructure. Included in the replacement was the successful installation of 1,500 handsets, 150 softphones, and several call center applications.
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California was one of only six states out of the 50 states and the District of Columbia that received an excellent rating.
"Consumers need information so they can make an informed choice on insurance and I'm proud that California is at the forefront of using the Web to provide that information," said Insurance Commissioner Steve Poizner. "As we implement our paperless initiative, in addition to the obvious environmental benefits, we will also be able to put even more data online so people can see for themselves information that's only available in our reading rooms."
The Department's Telecommunications Infrastructure Replacement Project was completed in 2008 and involved the replacement of a nearly 20-year old system with a voice over Internet protocol (VoIP) infrastructure. Included in the replacement was the successful installation of 1,500 handsets, 150 softphones, and several call center applications.
Nigeria: Seminar on Fake Insurance Policies Holds
Managing Directors of Linkage Assurance Plc, GEM Insurance Brokers Ltd and Skelas Nigeria Ltd are to be facilitators for the seminar on financial losses to fake insurance policies holding in Apapa on 20th of November, 2008.
The seminar which is being put together by New Realm Communication, a front line marketing communications outfit in collaboration with Nigeria Maritime Administration and Safety Agency (NIMASA).
While Prince Olayewola Shittu, a acclaimed bales forwarder an Managing Director of Skelas Nigeria Ltd will be speaking on Attraction to Affected Allowance Policies: The affliction of Importation, the Managing Director of Linkage Assurance Plc, Guo Wiggle, will be administration the topic, Social and Economic Implications of Affected Allowance to Nigeria with focus on maritime.
Chief Executive of GEM Allowance brokers Ltd, Olusola Julian Sobowale, who will aswell doubles as the Chairman at the event, will be alleviative the topic, "Process and Benefits of Allowance Behavior to National Economy.
Managing Director of New Realm Communications, Mr. Goddy Ogheneajakpor, said the need to raid the nation's economy, especially in the maritime sector of fake insurance policies is the motivation for the seminar and the management of the Nigerian Maritime Administration and Safety Agency (NIMASA) have bought into the vision and therefore has agreed to partner with New Realm.
Ogheneajakpor however disclosed that discussion is presently going on with some insurance firm on the sponsorship of the seminar.
He observed that funds being lost annually to these fake insurance policies would have helped the financial standing of insurance companies, as well as improve the employment capacity of the sector thus reducing the army of unemployed youths in the country.
The seminar which is being put together by New Realm Communication, a front line marketing communications outfit in collaboration with Nigeria Maritime Administration and Safety Agency (NIMASA).
While Prince Olayewola Shittu, a acclaimed bales forwarder an Managing Director of Skelas Nigeria Ltd will be speaking on Attraction to Affected Allowance Policies: The affliction of Importation, the Managing Director of Linkage Assurance Plc, Guo Wiggle, will be administration the topic, Social and Economic Implications of Affected Allowance to Nigeria with focus on maritime.
Chief Executive of GEM Allowance brokers Ltd, Olusola Julian Sobowale, who will aswell doubles as the Chairman at the event, will be alleviative the topic, "Process and Benefits of Allowance Behavior to National Economy.
Managing Director of New Realm Communications, Mr. Goddy Ogheneajakpor, said the need to raid the nation's economy, especially in the maritime sector of fake insurance policies is the motivation for the seminar and the management of the Nigerian Maritime Administration and Safety Agency (NIMASA) have bought into the vision and therefore has agreed to partner with New Realm.
Ogheneajakpor however disclosed that discussion is presently going on with some insurance firm on the sponsorship of the seminar.
He observed that funds being lost annually to these fake insurance policies would have helped the financial standing of insurance companies, as well as improve the employment capacity of the sector thus reducing the army of unemployed youths in the country.
Monday, December 1, 2008
Buying Title Insurance Online Could Save Money
If you buy your car insurance direct online, for the first time, home buyers can get their title insurance without a middleman can save about 35% along the way.
This past fall, EnTitle Insurance, the Cleveland, Ohio, title insurance company, launched Entitle Direct, an online service that lets home buyers in 31 states buy their title insurance direct by the end of the month. Claiming to be the first service of its kind, Timothy Dwyer, president and Chief Executive of Entitle Direct, said the service is already making waves in the title insurance industry.
Throughout its history, the title-insurance industry has been based on relationships between the real estate agent and title agent. The local real estate agent or lawyer typically refers customers to a title agent, who in turn gets a commission for sending business a title insurance company’s way.
The title insurance industry has been resistant to offering title insurance direct online because of fear the title agent will no longer bring business their way. But in the current environment, where people are looking to save any money they can on closing costs, offering title insurance direct is growing in demand.
This past fall, EnTitle Insurance, the Cleveland, Ohio, title insurance company, launched Entitle Direct, an online service that lets home buyers in 31 states buy their title insurance direct by the end of the month. Claiming to be the first service of its kind, Timothy Dwyer, president and Chief Executive of Entitle Direct, said the service is already making waves in the title insurance industry.
Throughout its history, the title-insurance industry has been based on relationships between the real estate agent and title agent. The local real estate agent or lawyer typically refers customers to a title agent, who in turn gets a commission for sending business a title insurance company’s way.
The title insurance industry has been resistant to offering title insurance direct online because of fear the title agent will no longer bring business their way. But in the current environment, where people are looking to save any money they can on closing costs, offering title insurance direct is growing in demand.
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