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Hi all,
I would like you to start by looking at a chart, which is to be found at the following URL:
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http://goo.gl/svpIw
The chart depicts the inexorable increase in our Insurance premiums over the last decade with Plastridge. It shows an increase over the Base Year of 2001 of over 800%. This culminating in our aggregate premium for 2010 reaching $6,900,000.00!!! The chart shows the increase from a theoretical $1,000.00 in the Base Year.
Finally, after UCO acted in accord with The Bilateral Agreement and common business practice and put our Insurance package out for bids, we obtained a reduction of 40% and oh by the way changed our Agent of Record to Brown & Brown.
Only after all of this change, brought about by UCO, did Plastridge came forth with their "A Game" and offered us lower quotes...I say, "To little to late"!!, Why would I do business with such a firm??? Furthermore, despite losing out in the apples-to-apples RFP and bid process, they come into our Village to sell Insurance. What kind of business ethics is that?
If you reside in an Association who has signed with The Plastridge Agency, ask your Board: Why, and where did all the money go. Do it today. Don't accept arcane Insurance Speak, ask for straight answers.
Finally, if you think that this increase can be ascribed to increases in the Consumer Price Index (CPI); think again; the following URL will take you to a chart showing the CPI from January 2001 to November 2010, the increase from the Base Year January 2001 to the latest available data is circa 25%.
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http://goo.gl/2dRga
Dave Israel
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A man is wise with the wisdom of his time only, and ignorant with its ignorance.
ReplyDelete- Henry David Thoreau
Ask yourself why one agent can reduce our premiums to a little over half with the same coverage when Dan Gladstone and Chuck from Plastridge has been telling us that what we had was the best they could do for us. COME ON NOW! The insurance for my building of 24 units went from $24,000 to $12,900 per year. Maybe that is why we could never get copies of our policies and why when we did get them, the numbers were whited out. How on the earth can anyone with this knowledge, now sign up with Plastridge??? I refuse to deal with someone who has cheated me even if I had to pay more.
ReplyDeleteDoes anyone know when an Assoc. will find out it's Insurance premium? I was told it would be different than the handout sheet and would depend on the number of Assocs. signing with Brown & Brown.
ReplyDeleteMike
Hi Mike,
ReplyDeleteJanuary 6, 2011 12:47 AM,
There will indeed be a small impact on the Wind Buydown premium as a result of those who break away from the B&B package.
So, the final numbers await the final shakeout, be patient, recall the previous 10 years, during which no such breakouts were available to The Hoi Polloi!
Dave Israel
Ok, Thanks Dave
ReplyDeleteWho was it that was in charge of negotiating with Plastridge? Was it Dan Gladstone alone? He has said numerous times how much he carded for helping the village. I think he certainly did help keep our assiciations poor. Some people made an awful lot of money on our backs!!!
ReplyDeleteHi Grace,
ReplyDeleteJanuary 6, 2011 9:42 AM,
I sat on the Insurance Committee for the last few years; I must confess that I understood very little of what went on.
There certainly were no efforts that I was aware of to obtain open competitive bidding.
Toni and Claudette have gone out of their way to instruct us all on the nuance and fine points that are Insurance and have done outstanding work in achieving the incrediuble results we have before us.
We owe the new Insurance committee a mighty thanks for a new era of open bidding and reduced competitive pricing.
Dave Israel
I would like to hear on the blog people who went with Chuck from Plastridge and why they did. I would also like to hear a post here from Chuck who has posted here before and Gladstone, and Lowenstein. If they do why they did not find better prices all the years they had the best interest in mind for Century Village.It would be very intersting to me and I think many others here in the Village. For people who do not have a computor write something in the U.C.O. paper about this big money savings. Just some thoughts I have, hope to hear some things about this .
ReplyDelete