Posted on 11/25/2008 3:19:23 PM PST by abb
“There is no law requiring you to purchase insurance”
Well, except for RomneyCare and its ilk. . . liability coverage in most states for autos . . PPI if you drive a motorcycle . . . . workers compensation if you are an employer . . . CGL coverage if you are limited liability company in Texas . . . plugging insurance if you are an oil operator. . . . etc.
“Insurance companies do not write laws “
LOL. Tell that to the legislators in Austin.
All are required to provide evidence of financial responsibility. There are several ways of accomplishing this, one of which is purchasing insurance. You can also self-insure, or obtain a bond. All of these are legal, and recognized. All of these are standard business practices performed every day.
Tell that to the legislators in Austin
Every word, comma, coverage, condition, exclusion, form name, form number, font size, paragraph indent, and rate charged is a dictate of the State government.
(this would not apply to most oil field related risks)
The government is even less friendly to insurers than it is to you & me. As I'm sure you have witnessed, insurance companies are a favorite villain, and whipping boy of politicians. Pretty ironic, since it is the government that dictates every minute detail of insurance. Ironic, until you remember that it is politicians we are talking about.
Most of the bad PR that insurers suffer is due to these straw-dog slaying politicians playing to, and advocating the willfull ignorance of the masses.
First, I note you skipped RomneyCare, which required purchase of insurance.
“You can also self-insure, or obtain a bond.”
This is technically true, and a method I used for teenage children. But I can fork over $30,000 and put in an gubmint account without missing it. Most are not in that position.
Sorry, I’ve been through lawsuits with (off the top of my head) St Paul (two times), Zurich, AIG, and a couple of Lloyd-type polcies. All have asserted meaningless, and known false, objections to first-party and third-party losses.
All have ultimately paid both the claim and my attorney fees — but only because I can afford to litigate.
Indeed, I did. What is RomneyCare?
This is technically true
This is not a technicality. Self-insuring, and bonding are extremely commen.
I’ve been through lawsuits...
I'm sorry. I'm sure you had better things to do with your time & money. I have been through a few dozen myself.
Google RomneyCare.
“Bonds. . . This is not a technicality.”
LOL. Yeah, that’s why, out of a couple million drivers in Texas, there are like 40 who posted cash bonds. The DPS didn’t know how to do it, and, for about a month, denied it was possible.
I don't know if it passed, what its exceptions are, or what effect it would have on a Texan.
out of a couple million drivers in Texas, there are like 40 who posted cash bonds
For personal auto liability, bonding is not the smartest way to go. But we digress. The point is that the Great State of Texas does not require the purchasing of insurance for personal auto liability coverage.
This is not 'technically' true. It is factually true.
The DPS didn’t know how to do it, and, for about a month, denied it was possible
Shocking. We are all shocked here.
I responded to “There is no law requiring you to purchase insurance””
This is simply a false statement. RomneyCare is but one example. RomneyCare forces people to buy insurance policies, or the government would buy them for you — and tax you for it.
Workers Comp is another example, which I see you did not address. . . . and again, before you say “it’s voluntary” -— sure, if you waive any and all defenses to any claim by your employers getting hurt on the job.
CGL for LLC entities is another ($100K min).
Etc.
Sorry, insurance companies need to be sued early and often.
I find no law requiring the purchase of insurance for LLCs, or for Workers Comp. I would certainly welcome being shown these laws.
Certainly, if there are no laws requiring the purchase of health insurance, there soon will be. Our liberal friends, not insurance companies, will see to that. I note that was part of Hillary's platform.
Thankfully, there are many things of which I am not aware. RomneyCare is certainly one of those. I don't know if it passed, what its conditions, requirements, or its exceptions are.
Oil producers are blamed for everything from starting wars to destroying the planet. They are a popular villain for politicians, journalists, and enlightened college students to rage against. There is a concerted advocacy of hatred and litigation aimed at them. In reality, the service they provide is vital, and could not be done without.
Insurance companies share the same fate. Like oil producers, it is good sport to spit on them, but thank God they are there.
As a whole, insurers are decent, honorable, educated, and overwhelmingly conservative professionals. They are anxious to do what is right by their clients, and their companies.
Since the government is now the majority owner of AIG, and AIG is the majority owner of National Union Fire Insurance, Duke is essentially suing the Feds.
.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.