midhvac
09-19-2004, 06:36 PM
Last year (just after they removed my mold coverage) my bus. ins. almost tripled. Same ins. co. for 17 years and never filed a claim. I checked with other companies and they were all just as high. I grudgingly paid the policy in full at that time.
When I complained, I was told that the cost had increased because of mold lawsuits and because the insurance companies had put our premium money into certain stocks which hadn't done well.
Then a few months later they send me a letter saying that they're removing or lowering 27 different coverages in the plan.... AND to expect a 20% increase in next years premium.
Here's how I think we should handle any insurance co. customer business in the future, but we all have to get together on this in order for it to succeed:
First, we sell them a complete hvac system at 3 times the price we would have previously charged them.
A few months after receiving payment in full from them, we return and cart off their new a/c unit. When they complain, we explain to them that we're having cash flow problems because our insurance rates are too high, and we made some bad stock investments and we got sued for mold and had to pay it out of our own pockets.
And finally we inform them that they can expect a 20% increase in our rates next year. If they say they'll call another company, we'll just tell them that all of our competitors have gone to the same pricing for insurance people.
When I complained, I was told that the cost had increased because of mold lawsuits and because the insurance companies had put our premium money into certain stocks which hadn't done well.
Then a few months later they send me a letter saying that they're removing or lowering 27 different coverages in the plan.... AND to expect a 20% increase in next years premium.
Here's how I think we should handle any insurance co. customer business in the future, but we all have to get together on this in order for it to succeed:
First, we sell them a complete hvac system at 3 times the price we would have previously charged them.
A few months after receiving payment in full from them, we return and cart off their new a/c unit. When they complain, we explain to them that we're having cash flow problems because our insurance rates are too high, and we made some bad stock investments and we got sued for mold and had to pay it out of our own pockets.
And finally we inform them that they can expect a 20% increase in our rates next year. If they say they'll call another company, we'll just tell them that all of our competitors have gone to the same pricing for insurance people.