| DON’T FALL FOR IT!“This is Mr. Hard Nose from the state department of insurance and I am processing the revocation of your insurance license due to unpaid fees and penalties. I’m calling to order you to cease and desist from practicing insurance, effective immediately.” This type of call or email is the latest twist to identity theft according to Identity Theft 911. In response to your terror, the imposter then offers to clear it up immediately if you can identify yourself (social security number), provide a little personal information (date of birth and current address), and put the charges on a major credit card (number please). Don’t fall for it! Hang up. Government agencies would not handle this type of transaction through mail or email. Call the licensing agency in your state to see if your license is actually in danger; it probably isn’t.
AN UPDATESean Payton, head coach of the New Orleans Saints, has moved out of his Louisiana home. He explained to the media, “We’ve had 14 air conditioning service calls. We’ve had five computer failures. We’ve had three microwave oven panel failures.” The final straw appears to be when his wife discovered her silver jewelry had turned black. The cause of all this mayhem? Chinese Drywall. Don’t know what Chinese Drywall is? See the July 27th issue of National Underwriter. The title of the article, written by two consultants from Towers Perrin will get your attention: “Economic Losses From Chinese Drywall Could Reach $25 Billing, Insurers Warned.” According to the article, the Consumer Product Safety Commission has received complaints from residents in 21 states who believe their health symptoms or corrosion of metal components in their homes relate to the presence of drywall produced in China. Lest you think we are safely tucked away in the Midwest, the states listed included Wisconsin, Michigan, Ohio, and Indiana.
WE’RE ALL GOING GREENFor several years, I have worked with members of Disaster Kleenup International (DKI), a network of large, independent restoration contractors. Their members have proven to be a valuable resource and highly ethical. Now there is an additional requirement for membership in this exclusive organization. Every DKI member must be green-certified by January, 2010. Why? Because the insurance industry is going green with companies like the Chubb and Firemans Fund leading the way. What does it mean to be green? What green products has our industry created? What are the opportunities for agents? What are the landmines? I am presenting an overview in the public seminars I am presenting in Wisconsin starting in August and in Michigan in September. We will look at scheduling it in Ohio and Indiana in 2010.
QUOTE OF THE MONTH“Insurance companies are bookmakers in pinstripes.”
Source: Lawrence G. McDonald, in his newly-released book, “A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers.”
In the book, McDonald, a former VP at Lehman, presents and insider’s look at the evolution of the housing bubble and the fall of the financial markets when the bubble burst. The whole thing is far more bizarre than I could ever have imagined. I’m investing in designer shoes from here on out; it’s a safer bet.
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