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  1. #1
    Join Date
    Sep 2005
    Posts
    14

    Peoples Trust Insurance Denied Claim

    I made a claim for a theft from my home with People's Trust Insurance.

    The amount of the claim was small. The theif was never found. People's trust denied the claim for no legimate reason. I was VERY DISPLEASED in their handling of the claim.
    There is no need to go into the details as it doesn't matter. Bottom line is they definitely should have paid the claim (without question) and chose not to pay it.

    If they won't pay a small claim it is probable that they will not pay the larger ones (like a fire.)

    I STRONGLY recommend you to stay away from this PEOPLE'S TRUST INSURANCE!!!!

  2. #2

    Re: Peoples Trust Insurance Denied Claim

    well im sorry about your bad luck but did you ahve photos of the stolen items? receipts? video? how much was your deductible? if you had a deductible that was more than what was stolen of course they aren't going to pay your claim. if you have no absolute proof of what was stolen then they aren't going to pay the claim. if it was jewelry or cash they only pay up to a certain amount. basically the only way i see them denying a claim is if it wasn't a legitimate claim. i had a theft claim and they paid it out. i was satisfied with the results. maybe you should go on to pricelist.com and look up your belongings and get an idea of how much you have in your home and log it. take photos like i did. or video. the only way anyone can help you is if you help yourself. there are so many fraudulent claims in the insurance world...do you really blame them if they deny it? maybe something was fishy to them and it was denied because they didn't trust you 100%. They are called People's Trust. so in order for them to trust you you have to trust them. be honest and things will work out for you. if you can't explain what really happened then i think you were at fault and i dont blame them for denying.

  3. #3
    Join Date
    Sep 2005
    Posts
    14

    Re: Peoples Trust Insurance Denied Claim

    I'm not going to ellaborate other than to say that I have a strong opinion that they should have unquestionably paid the claim.

    You sound like the People's trust insurance - do you work for them?

  4. #4
    Join Date
    Sep 2005
    Posts
    14

    Peoples Trust barred from writing new property ins

    Peoples Trust barred from writing new property insurance policies

    By BEATRICE E. GARCIA
    The Miami Herald

    Sunday, March 22, 2009

    Michael Gold set out to change the way homeowners insurance was sold in Florida by skipping agents and selling directly to consumers.

    In the past year, Gold's company, Peoples Trust Insurance, did make an impression with homeowners. It advertised aggressively online as well as in TV, radio and newspapers around the state promising premiums as much as 70 percent less than what other Florida insurers charged. It sold more than 35,000 new policies including nearly 5,000 in South Florida.

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    Peoples Trust also made an impression with state regulators, who have been investigating the company for nearly three months.

    They found the Boca Raton-based company grew too quickly, violating its original licensing agreement with the state. Its most egregious mistake: not having sufficient backup insurance to cover its losses in the event of a massive hurricane. It also violated numerous state statutes, including not using licensed insurance agents to sell its policies in its call centers, and employed deceptive ads.

    On Wednesday, the Office of Insurance Regulation clamped down on Peoples Trust, preventing it from writing any new policies until it corrects the myriad of violations. It has 30 days to correct most of its mistakes.

    Its growth will be severely curtailed through 2010. Peoples Trust will only be allowed to write just over $5.2 million in direct premiums in the next 22 months.

    It ended 2008 with $22.6 million in direct premiums.

    Peoples Trust is also required to buy within 75 days sufficient reinsurance to cover losses from the kind of storm that could hit the state once in 100 years. That's the minimum coverage required by state law. An insurer can buy more if it wants.

    The company is being fined $155,000 and must deposit another $500,000 with OIR. That money will be used if Peoples Trust becomes insolvent.

    In a written statement, Gold said that "while we fine-tune operations to meet state standards, People's Trust has agreed not to take on additional policyholders. Achieving full compliance will ultimately make us a stronger organization and we look forward to again providing Floridians cost-effective insurance coverage."

    Earlier this month, Alex Sink, Florida's chief financial officer, cited the insurer for not using licensed agents.

    Gold had said nearly two week ago that all of his staff was licensed by the time the CFO's order was issued. However, he said he believed

    that as the company was preparing to begin operations, he had gotten clearance from the Department of Financial services, which licenses agents, to use staffers work without an agent's license.

    Actually when the company began selling policies last March, it only had one licensed agent on its payroll: former president and chief operating officer Richard A. Widdicombe. He left Peoples Trust about a month ago.

    The consent order it signed with OIR requires Peoples Trust to immediately hire top executives with industry experience.

    In an interview, Widdicombe said he had advised Gold to use a combination of licensed direct sales staffers and agents. "If agents didn't have to take continued education courses and pay a fee to the state [to be licensed,] we might as well have Girl Scouts selling insurance policies."

    Peoples Trust's original licensing agreement said if the company deviated from its approved business plan, its license could be revoked.

    Ed Domansky, an OIR spokesman, said Insurance Commissioner Kevin McCarty didn't go that far because Peoples Trust is cooperating with regulators and working to correct mistakes. Revoking its license would be an option if that cooperation changes.

    Domansky said the agency's investigation of Peoples Trust came about in part because of a complaint filed by the Florida Association of Independent Agents, but also as part of its ongoing review of insurers working in this state.

    The FAIA complaint, as well as issues raised by other agents groups, noted Peoples promised lower premiums in part because it drastically reduced coverages and raised deductibles on polilcies.

    Among the violations found by OIR, Peoples Trust failed:

    to use approved rates;
    to inspect the homes it insured to verify their replacement costs, including not videotaping or photographing the property;
    to obtain proof that homeowners who received credits for mitigation measures such as shutters and reinforced garage doors actually installed them;
    to have homeowners sign documents stating they declined flood and windstorm coverage;
    to notify homeowners they have a right to mediation as a means of settling a claim;
    to acknowledge claims within 14 days after they were filed and failed to begin investigating them within the required 10 days; and
    to maintain required records for claims handling.

  5. #5
    Join Date
    Sep 2005
    Posts
    14

    Re: Peoples Trust Insurance Denied Claim

    People's Trust Insurance Scam - I noticed on an internet search that they are getting in trouble with insurance regulators on a variety of issues.

  6. #6
    Join Date
    Oct 2011
    Posts
    1

    Re: Peoples Trust Insurance Denied Claim

    This company is absolutely the worst insurance company in Florida. They talk a good game to get your business but be ready because they will then do a complete 180 degree turn on you once they have your money. Their management and customer service has got to be rated in the same neighborhood as some of the overseas outsourcing to india and other third world countries. They totally suck so stay away and get a company that really does care for you!!!

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