[144890] in North American Network Operators' Group
Re: insurance
daemon@ATHENA.MIT.EDU (Randy Carpenter)
Tue Sep 20 15:21:54 2011
Date: Tue, 20 Sep 2011 15:21:51 -0400 (EDT)
From: Randy Carpenter <rcarpen@network1.net>
To: Owen DeLong <owen@delong.com>
In-Reply-To: <2C44254A-9953-4F8A-9643-18A58A6C4F68@delong.com>
Cc: nanog@nanog.org
Errors-To: nanog-bounces+nanog.discuss=bloom-picayune.mit.edu@nanog.org
> >> The reality is that with the mega-insurance companies able to set
> >> whatever crazy premiums they feel like, and raise them every
> >> other month, the cost of being fully insured is sometimes more
> >> than what you can charge as a consultant.
> >
> > This is just not true. Insurance companies are regulated by State
> > Insurance boards. If an insurance company wants to raise rates,
> > they
> > have to submit a proposal to the their state insurance board. They
> > can
> > only raise rates for a "class" of customers. For example, all
> > customers
> > aged 50 - 62.
> >
>
> This is generally NOT true for E&O and Professional liability
> insurance.
>
> For the most part, that goes largely unregulated. The state insurance
> boards
> tend to focus on consumer-oriented forms of insurance (auto, home,
> life).
>
> Owen
Yep. I don't remember the specifics, but our quote was ridiculous (like $thousands per month). Our health insurance premiums also goes up 30+% nearly every year. So much for regulation there...
-Randy
