Comments on: McCarty: Here are Companies That Could Take Some Property Policies http://www.jaxobserver.com/2009/07/06/mccarty-here-are-companies-that-could-take-some-property-policies/ North Florida's Conservative News Source! Wed, 10 Mar 2010 03:20:19 -0600 http://wordpress.org/?v=2.8.4 hourly 1 By: Manny http://www.jaxobserver.com/2009/07/06/mccarty-here-are-companies-that-could-take-some-property-policies/comment-page-1/#comment-882 Manny Mon, 06 Jul 2009 15:06:03 +0000 http://www.jaxobserver.com/?p=3234#comment-882 Poe Financial Group, who was significantly better funded than these 30 or 40 companies McCarthy talks about, went bankrupt as a result of the 2004-2005 hurricane aftermaths. At that time Poe Financial Group had taken out of Citizens 325,000 policies all of which went back into Citizens as a result of their demise. Most of Poe Financial Group policyholder had to request assistance from FIGA and Floridians are still paying for FIGA assessments as well as Citizens assessment as well as Florida CAT Fund assessments. In Miami-Dade County, Citizens currently has over $95 Billion in exposure, In Broward County Citizens has over $70 Billion in exposure and in Palm Beach County Citizens has over $60 Billion in exposure. Yet, Citizens only has $8.5 Billion of cash at hand with a promise from Florida CAT Fund for an additional $9 Billion. How Governor Crist and Commissioner McCarthy are going to pay for these losses when they occur? Does this constitute a "vibrant" property insurance market in Florida? NO! McCarthy should be telling Floridians the truth about the situation we find ourselves with property insurance in our state and not forcing major insurance companies to leave our market. Poe Financial Group, who was significantly better funded than these 30 or 40 companies McCarthy talks about, went bankrupt as a result of the 2004-2005 hurricane aftermaths. At that time Poe Financial Group had taken out of Citizens 325,000 policies all of which went back into Citizens as a result of their demise. Most of Poe Financial Group policyholder had to request assistance from FIGA and Floridians are still paying for FIGA assessments as well as Citizens assessment as well as Florida CAT Fund assessments.

In Miami-Dade County, Citizens currently has over $95 Billion in exposure, In Broward County Citizens has over $70 Billion in exposure and in Palm Beach County Citizens has over $60 Billion in exposure. Yet, Citizens only has $8.5 Billion of cash at hand with a promise from Florida CAT Fund for an additional $9 Billion. How Governor Crist and Commissioner McCarthy are going to pay for these losses when they occur? Does this constitute a “vibrant” property insurance market in Florida? NO!

McCarthy should be telling Floridians the truth about the situation we find ourselves with property insurance in our state and not forcing major insurance companies to leave our market.

]]> By: Arthro http://www.jaxobserver.com/2009/07/06/mccarty-here-are-companies-that-could-take-some-property-policies/comment-page-1/#comment-870 Arthro Mon, 06 Jul 2009 10:41:41 +0000 http://www.jaxobserver.com/?p=3234#comment-870 McCarty mislead the Governor and the Florida legislature about the 40 new companies writing homeowners insurance in Florida. It's not true, and Gov Crist based his veto of HB 1171 on this misinformation. The Florida legislature should move quickly to OVERRIDE Gov Crist's veto. 85% of them voted for this bill. Crist and McCarty have lead a campaign of misinformation that has resulted in the state being almost completely reliant on a Cat Fund that is $18 Billion short. Crist's hope for federal bailout after a hurricane is a weak strategy at best. OVERRIDE THE VETO!!! McCarty mislead the Governor and the Florida legislature about the 40 new companies writing homeowners insurance in Florida. It’s not true, and Gov Crist based his veto of HB 1171 on this misinformation.

The Florida legislature should move quickly to OVERRIDE Gov Crist’s veto. 85% of them voted for this bill. Crist and McCarty have lead a campaign of misinformation that has resulted in the state being almost completely reliant on a Cat Fund that is $18 Billion short. Crist’s hope for federal bailout after a hurricane is a weak strategy at best.

OVERRIDE THE VETO!!!

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