Florida's Chief Financial Officer Alex Sink says People's Trust...

People's Trust Insurance, a property insurer based in Boca Raton, faces suspension for allegedly using unlicensed agents.

[Tim Lewis]

People's Trust saved me money with same coverage. I will Trust the Florida Office of Insurance Regulation over that liberal Alex Sink's DFS

[Told Yaso]

Mike Gold is a j-e-r-k for not knowing the law. What do you expect from a failed copier salesman. Half the reps at this company have no clue or business skills. Bets are on that they fold during Hurricane Season.

[bbb]

Sounds like the Florida Association of Insurance Agents is trying to cause trouble for a new, lower priced option for homeowners. Lobbying Alex Sink, no doubt. I'll remember that should she ever run for another office.

[Chris Moore]

The statement that "the company doesn't use insurance agents so it can avoid charging customers broker fees" is falacious at best. Call it a salary or commission, money still comes out of the premium to pay SOMEONE for selling it. Many insurance companies use this as a sales tactic. Those SOMEONES who sell you these policies, will be of little help in a catastrophe. An agent is still held responsible for their actions while these people can hide behind a phone.

[RMM]

Now revealed that Mike Gold, CEO of People's Trust is also the General Managing Agent (MGA) of People's Trust - sounds like a very similar structure to Poe who went bankrupt. MGA may make millions on servicing fees of business and as CEO gets a share of profits in the good years. Pretty sweet arrangement.

[Lee Burke]

The People's Trust Homeowners policy is a 'cheap' alternative for those seeking budget insurance.
The PT policy has coverage limitations,exclusions and requirements not found in a standard omeowners policy.
Buyers need to read and examine the contract to see what they are really getting. Cheap is one thing. Value is different.
I'm willing to bet that the People's Trust unlicensed sales reps. do not explain that the PT policy REQUIRES that claim damages be repaired by the insurance companies designated contractors.
As a Professional agent with 36 years experience I would not want my insurance company dictating who was doing the repairs to my damaged home. The potential for a conflict of interest and abuse is obvious.
This is just ne of the contract concerns in the People's Trust policy.

[PT breaks a lot of rules]

This is great. This company has already been reprimanded for improper advertising that breaks Florida's insurance laws and NOW THIS! I guess the CEO/President (and former copy machine salesman) needs to read a little more about insurance before he solves all our problems in Florida's screwy home insurance industry. By the way, the former President who was there from the get go, was the only executive having any prior insurance industry experience with an active insurance license JUST RESIGNED BEFORE THIS HIT. Also, the company reported a major 3rd quarter loss and does not appear profitable. I applaud Mr. Gold, the CEO and consummate salesman, for his attempt to fix the problem of high insurance costs but just because I want to be a Dr doesn’t mean I can perform surgery if I do it cheaper and have money for commercials...maybe he should have read "insurance for dummies" a few more times.

[FLINS]

Today, People's Trust MGA received an order from Florida's Chief Financial Officer regarding how its representatives interact with and sell homeowners insurance to consumers in Florida.
'This comes as a surprise to us,' stated Mike Gold.'From day one, we have been completely transparent about our direct-to-consumer business model and, in fact, cleared our business plan with official representatives of CFO Sink prior to selling our first policy. Subsequently, representatives of the CFO visited our Boca Raton headquarters. We were completely open and honest about our business procedures and were not informed of any concerns at that time.
'Less than two weeks ago, we learned that the state, through CFO Sink's office, now believes every one of our representatives should be licensed. While many on our team were already appropriately certified, we immediately secured additional training to certify every remaining individual in our call center.
'People's Trust MGA will respond immediately to the state's complaint and cooperate fully. We will continue to do business in accordance with the state's requirements and expect the situation to be resolved in a manner that shows we have operated ethically and in the best interest of Florida homeowners insurance customers.'

http://www.topix.com/content/prweb/2009/03/pe...

[FLINS]

It's page 1 of any insurance licensing class that only licensed agents can advise and sell insurance. I dont know if Mr. Gold is really the best person to ask how his company is doing. Just look at all the other corporate CEO's who lied about their companies in the last year. and they didnt even invest their own money to creaate a start up like Gold did. He has a lot to lose and it looks like he might.

[John Fitsgerald Kerry]

Truth Matters
Tampa, FL

Wonder if it's going to be Sink or Swim with Peoples Trust?

Who do you trust?

[Complaints]

According to the FLOIR this company has logged over 600 complaints for the 7 months of being in business.

[Tired of stupid agents]

As a professional agent, you should know better. People's Trust does NOT "cheat" you out of coverage. The standards they use are compliant with the OIR, and more often than not, they see that companies that you probably worked for OVER INSURE. Get a life buddy.

[Wilbur]

Underinsuring a property is a hazardous act. As well as not recommending flood insurance on a property that is provided by FEMA. Without proper licensing People's Trust is doing a great disservice to the public and will pay dearly in lawsuits.

[BocaBoy]

FUnny, I had a Condo during Wilma with Citizens because nobody else would insure me. Wilma flooded the condo, ruined my bathroom and wood floors. I was paying $2400 a year for condo insurance. Guess what? They declined me and I had to pay for it myself.

Now I'm paying $1200 with Peoples trust on a $400k home. Guess what I'm expecting? For another hurricane to come and damage something so People Trust can deny me...Well guess what, both companies are scub bags, but at least PT is the cheaper of the two.

[Mr Solvent]

bbb wrote:

Sounds like the Florida Association of Insurance Agents is trying to cause trouble for a new, lower priced option for homeowners. Lobbying Alex Sink, no doubt. I'll remember that should she ever run for another office.

When compared coverage for coverage I've found them not to be comparable at all. Typically as expensive if not more expensive than other options. Don't forget this is the guy who violated Florida Law by offering $250 checks if he couldn't "beat your rate." If you're going to open an insurance company, you should probably know the law of the land.

[A-N-T]

Are you do worried about the company that you have been following it all along, since the beginning? And why is that? Because it has been taking all your business from you ...people don't want to pay increase coverages unnecessarily... For instance, let's give someone 10% other structures coverage, do they have any other structures?? A fence? A shed? Anything? NOPE! Let's just get the price higher, so alternatively, your commission is higher. You tell these people that the coverages are included, you "include" 10% other structures...but nothing is ever "included" EVERYTHING has a price tag on it--nothing in life is free! It's a shame you agents have nothing better to do but follow a company that you wanna sit and bash and see fail horribly--why don't you just give stop fightin against them...

Mr Solvent wrote:

<quoted text>
When compared coverage for coverage I've found them not to be comparable at all. Typically as expensive if not more expensive than other options. Don't forget this is the guy who violated Florida Law by offering $250 checks if he couldn't "beat your rate." If you're going to open an insurance company, you should probably know the law of the land.

[Reed]

A-N-T wrote:

Are you do worried about the company that you have been following it all along, since the beginning? And why is that? Because it has been taking all your business from you ...people don't want to pay increase coverages unnecessarily... For instance, let's give someone 10% other structures coverage, do they have any other structures?? A fence? A shed? Anything? NOPE! Let's just get the price higher, so alternatively, your commission is higher. You tell these people that the coverages are included, you "include" 10% other structures...but nothing is ever "included" EVERYTHING has a price tag on it--nothing in life is free! It's a shame you agents have nothing better to do but follow a company that you wanna sit and bash and see fail horribly--why don't you just give stop fightin against them...
<quoted text>

This guy must must work for People's misTrust. Coverage B in the 440-220 handbook that is taught covers other structures on the property. By eliminating coverage you are violating the insureds trust and once they find out the claims director has no experience in settling claims let alone catastrophe claims. Whether he had a short stint in property management or just got a GC license the dirtbags that work for this company should know at least something about construction methods.

[kathleen]

Please,
Other structures seems to be PT's favorite dig doesnt it? Look at the FAQ on thier website.
Either you have other structures or you dont, you can decide what you want to cover with most companies, 0%, 2%, 5% 10% or even more! Wow, sounds like an option at least! That 10% runs a whole $50, agents cut of that is what? Maybe $3.75 Dont act like agents are screwing people out of $50 so they can get their $3.75 thats a load.
How about that long consent order signed today?
http://www.floir.com/pdf/PeoplesTrust_103029-...
I am so pleased this investiation has come into the light of the general public!

[hmmm]

I use to work for PT. I knew something seemed shady from the get go, besides it was like working in a sweat shop with a bunch of morons.I wish them luck but I wouldn't recommend them to any one I know .

[Jennifer]

kathleen wrote:

Please,
Other structures seems to be PT's favorite dig doesnt it? Look at the FAQ on thier website.
Either you have other structures or you dont, you can decide what you want to cover with most companies, 0%, 2%, 5% 10% or even more! Wow, sounds like an option at least! That 10% runs a whole $50, agents cut of that is what? Maybe $3.75 Dont act like agents are screwing people out of $50 so they can get their $3.75 thats a load.
How about that long consent order signed today?
http://www.floir.com/pdf/PeoplesTrust_103029-...
I am so pleased this investiation has come into the light of the general public!

How about the fact that agent's make 20% on your premium every year, that's not just a few cent's. Every five years your entire premium going in an agent's pockets, no wonder they were so pissed off - we deserve a fair market- not politicians that get put into office unfairly and undservedly and then attack people who are actually trying to do the right thing and change the way insurance is Florida is.