Share your thoughts. Sad to see fire damages in CA and flood damages in NC. Inability to obtain property insurance is bound to have affects on LSA business. I’m in WA and PNW known for large tree vegetation. Once upon a time, I worked for fire department in CA which implemented weed and vegetation abatement. CA politicians decided could no longer put money into abatement program. Now 20 years later seeing results in northern and southern CA. Hope powers that be will re-evaluate this process. Forum members live in different states ~ are you seeing canceling of property insurance where you live? Looking forward to your comments. Be safe !!
2 Likes
@alice2uworld Yes, many insurance carriers are exiting certain states that have recurring force majeure events . . .
Concur 
percent. Very sad to see those steps being taken.
I remember when insurance was designed to protect the insured (not solely for the stockholders benefit).
#alice2uworld regarding your topic, you brought up two important considerations. One the cancelation of the weed and vegetation abatement program by CA politicians and the property insurance companies making changes in the way they are doing business. States are allowing land developers to build in areas that have a lot of various hazards. Insurance companies are in the business to make a profits, so they are pulling out of areas they consider high risks and claims losses. In Florida, we are experiencing similar circumstances with property insurance companies rising rates or pulling out to the state. Understand insurance companies are the most highly regulated businesses by the states. “Statutory reserves are the funds that state insurance regulators require the insurance companies operating in their state to maintain at any given time. The purpose of statutory reserves is to help ensure that insurance companies have adequate liquidity available to honor all of the legitimate claims made by their policyholders.” Another source that address this concern. " The growing scarcity of coverage due to escalating climate risk puts much-needed housing capital in jeopardy (https://www.multihousingnews.com/insurance-burdens-stymy-investment/). I do not see those situations having any negative impact on our business. Matter of fact, the opposite may happen, we may see an increase in the demand for our services, especially in the impacted areas due to the increase for building permits to rebuild people homes and businesses.
Sad but true. When I was employed 15 years with large company based in Seattle and working in many US states, worked with 65 under writers including Lloyds of London. Quickly educated in school of hard knocks how insurance companies calculate to impress stock market ratings and profits benefitting insurance execs. Instructed by President and VPs for major commercial insurance execs in Seattle so I could perform my job for bidding process, contracts and risk management. Learned how claims were denied and to negotiate denials. Often had to deal with pond scum.
2 Likes
Hello cfletcher ~ appreciate your comments. I do understand insurance process and have had my share of working with insurance pond scum reps. Insurance and building permits are different all over the US and other countries and creating challenges. In my neck of the woods, building permits are notarized by individual issuing offices such as city and counties ~ don’t anticipate outside notary work for in house tasks. Do imagine more people relocating to WA so may increase LS assignments. Every state has issues ~ will be interesting to see if CA fire victims continue to reside in CA or relocate to other states. Time will tell. Feel very bad for CA victims.
1 Like
I totally feel sad for the people impacted by the fires in CA. In these types of matters, there can be a work overload. Which can create a demand for notary services. I pray for our Notary/LSAs colleagues in those areas too.