Were You Overcharged for Commercial Insurance?
Last Updated on June 26, 2017
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At A Glance
- This Alert Affects
- Businesses with commercial insurance.
- Damages
- Business who were overcharged for their insurance may be able to file a claim for monetary damages.
- Company(ies)
- Insurance companies, specifically those with a major policy administration system purchase or change
- Additional Details
- It has been alleged that certain insurance companies have been violating specific rules for rounding, particularly after an acquisition or change in policy administration.
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.
Illegal Rounding?
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)
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