Were You Overcharged for Commercial Insurance?
Excessive Property and Casualty Insurance Premiums
Businesses who purchased property or casualty insurance within the past five years and were overcharged premiums due to illegal rounding practices may have legal recourse. It has been alleged that certain insurance companies have been violating specific rules for rounding, particularly after an acquisition or change in policy administration. As a result, businesses with commercial insurance may have been overcharged, through no fault of their own.
If you have a property or casualty insurance policy for your business, the attorneys working with our site would like to determine whether your insurance company took advantage of the premiums it charged in association with your policy. For your free case review, complete our no cost consultation form today.
In most jurisdictions in the United States, insurers are required to file rules, also known as rating plans, and rates with a regulator. These plans contain specific rules for rounding, and insurers often do not follow them after an acquisition or a change in policy administration systems. It is believed that the most likely offenders are insurance companies who made a major policy administration system purchase or change, including the following:
|Accident Fund||AIG aka “Chartis”||AIPSO (CGI)||Allianz (CGI)||American Safety (DCT)||Chubb (Internal)||CNA (Interal)|
|Crum & Forster (MFX)||C V Starr (MFX)||Cypress (CSC)||Federated Insurance (CGI)||Gateway Insurance (MFX)||Hanover (One Shield)||Harleysville (AQS)|
|Hartford (Internal)||HCC (Mphasis)||Holyoke Mutual (CGI)||Portage Mutual (CGI)||Southern Mutual Church Insurance (CSC)||Tower (CSC)||QBE (Internal, AQS, DCT)|
|Swiss Re (CSC)||Western Ag (CSC)||West Bend Mutual (CGI & DCT)||W.R. Berkley (BIT)||XL (DCT)||Zurich (Hartford Mutual)(CGI)|
Class Action Lawyers
While none of these companies have been accused of illegal rounding practices, the attorneys working with our site would still like to hear from businesses with commercial insurance to determine if they were taken advantage of. Ultimately, they are looking to compare filed rates and rules to actual premiums charged to determine if illegal rounding practices were used. If so, business who were subjected to such practices may be able to file a claim to recover any related losses, including the difference in premiums. For more information, please complete our no cost case evaluation form today.