When another entity acts on your behalf, and you do nothing to stop this, they are, in contract law terminology as I understand, your agent.
If they act as your agent, whether or not you gave them express authority to do so, and you become aware of the agent's actions but fail to stop them, you have in fact authorized them to act as your agent.
QBE does a poor job at being an agent for Seterus in my opinion.
Last year during my homeowner policy review, given the market downturn, my property value decreased, so I reduced my homeowner's insurance coverage to match. Later that year, I get a letter from QBE, the insurance company for Seterus, saying that they have reviewed the recent coverage amount and are concerned that I am not fully covered. I checked with my Homeowners insurance company, all was well, so I called Seterus to complain. I confess to being rather irritated in my phone conversation with Seterus. The Seterus guy I talked to saw absolutely no reason this was a bad thing, and asked me if maybe I had made improvements to the house. He asked if I would be uspet that they told me I was paying too much if that's what their review disclosed. Right - you're paying too much on your insurance, your coverage is too high - does anyone with two functioning brain cells really see that letter showing up in the mailbox since it would COST Seterus interest revenue? I was told I had to talk to QBE. I called QBE and asked them how they could prove I needed more insurance without an appraisal, but they would not back off issuing the policy until my agent sent the info. This is why I say "Questionable Ethics". Seterus's insurance agency was telling their customers, in letters identifying them as an insurance agent for QBE, that they needed more insurance (when very likely they really did not!), which would be charged on the escrow account, and on which Seterus would collect additional mortgage interest. Maybe questionable ethics isn't strong enough, I'll leave that to your opinion. I called my agent, and confirmed she would end out the necessary info". I though all was resolved/.
Don't stop reading it gets better?.
A month later, QBE send me another letter saying that because I did not increase my insurance, they (QBE) will issue me a policy for the difference and add it to my loan amount'. I call my agent, and she again confirmed my coverage is correct, and said she would find out what was up with QBE/.
Come to find out, my Agent DID fax the info to QBE the previous month/. QBE said said, "oh, sorry, it wasn't legible when it came through the first time.." WHY DIDN'T YOU ASK FOR A RESEND?
I'm still debating sending a letter to the Insurance regulatory office with jurisdiction over QBE".
Seterus did acknowledge that I owed nothing for the completely unnecessary QBE policy, but I'll tell you, if I had the money for a downpayment to go elsewhere, I would have jumped ship faster than an Cruise Boat captain who just ran aground. 1282c0b
If they act as your agent, whether or not you gave them express authority to do so, and you become aware of the agent's actions but fail to stop them, you have in fact authorized them to act as your agent.
QBE does a poor job at being an agent for Seterus in my opinion.
Last year during my homeowner policy review, given the market downturn, my property value decreased, so I reduced my homeowner's insurance coverage to match. Later that year, I get a letter from QBE, the insurance company for Seterus, saying that they have reviewed the recent coverage amount and are concerned that I am not fully covered. I checked with my Homeowners insurance company, all was well, so I called Seterus to complain. I confess to being rather irritated in my phone conversation with Seterus. The Seterus guy I talked to saw absolutely no reason this was a bad thing, and asked me if maybe I had made improvements to the house. He asked if I would be uspet that they told me I was paying too much if that's what their review disclosed. Right - you're paying too much on your insurance, your coverage is too high - does anyone with two functioning brain cells really see that letter showing up in the mailbox since it would COST Seterus interest revenue? I was told I had to talk to QBE. I called QBE and asked them how they could prove I needed more insurance without an appraisal, but they would not back off issuing the policy until my agent sent the info. This is why I say "Questionable Ethics". Seterus's insurance agency was telling their customers, in letters identifying them as an insurance agent for QBE, that they needed more insurance (when very likely they really did not!), which would be charged on the escrow account, and on which Seterus would collect additional mortgage interest. Maybe questionable ethics isn't strong enough, I'll leave that to your opinion. I called my agent, and confirmed she would end out the necessary info". I though all was resolved/.
Don't stop reading it gets better?.
A month later, QBE send me another letter saying that because I did not increase my insurance, they (QBE) will issue me a policy for the difference and add it to my loan amount'. I call my agent, and she again confirmed my coverage is correct, and said she would find out what was up with QBE/.
Come to find out, my Agent DID fax the info to QBE the previous month/. QBE said said, "oh, sorry, it wasn't legible when it came through the first time.." WHY DIDN'T YOU ASK FOR A RESEND?
I'm still debating sending a letter to the Insurance regulatory office with jurisdiction over QBE".
Seterus did acknowledge that I owed nothing for the completely unnecessary QBE policy, but I'll tell you, if I had the money for a downpayment to go elsewhere, I would have jumped ship faster than an Cruise Boat captain who just ran aground. 1282c0b
 Comments (6) |
| 1. Written by Digging Out on April 9, 2012 from kissimmee, florida, US Same issue here! My insurance agent has faxed twice to QBT and I have faxed once, this replacement cost estimator that QBE says they need to verify my insurance amount. The are trying to open a new policy on my behalf for an additional $300, meanwhile the past 54 has seen nothing but depreciation on house values! Bottom line, they are a RIP off company they to nickle and dime people! I am in the process of refinancing my property and I can't wait to get rid of these losers! |
| 2. Written by newyearbeck on March 20, 2012 from ft. myers, florida, US We used to have the same problem with Seterus. We finally refinanced under a special program called HARP for homes that are underwater(they owe more than the house is worth). Our new Mortgage company said that our coverage was just fine. We did not pay QBE what they demanded. |
| 3. Written by Pissed client on March 19, 2012 from miami, florida, US I receive every month letters from QBE trying to increae my insurance coverage or collecting more money for my escrow account. I have called them on multiple times during the last eight months. Every time I hung up, I was convinced that I had resolved the issue. However, I still dealing with this problem. They are constantly inventing situations with my insurance. In more than one ocassion they have told me that the insurance coverage is Ok. Months later I receive a letter saying that I have to paid for those months due to insufficient coverage. Just gaining time. This is the worse company I have ever seen in my life. |
| 4. Written by Pissed client on March 19, 2012 from miami, florida, US I receive every month letters from QBE trying to increae my insurance coverage or collecting more money for my escrow account. I have called them on multiple times during the last eight months. Every time I hung up, I was convinced that I had resolved the issue. However, I still dealing with this problem. They are constantly inventing situations with my insurance. In more than one ocassion they have told me that the insurance coverage is Ok. Months later I receive a letter saying that I have to paid for those months due to insufficient coverage. Just gaining time. This is the worse company I have ever seen in my life. |
| 5. Written by Anymouse on February 24, 2012 from norfolk, virginia, US See if maybe you can have an independent appraisal from an authoritative source such as a realtor or contractor to counter their appraisal - they're likely doing the admin review appraisal, make them prove their valuation is valid |
| 6. Written by Inahole on February 11, 2012 from brighton, michigan, US My situation is similar. Seterus (used to be LBPS) said I was required to have replacement insurance instead of the policy I had. I owe $85,000 (purchase price was $129,000) on the mortgage, the home is valued at $60,000 and insurance coverage is for $100,000. They said to replace the home it would cost $316,000 and forced an insurance policy of $216,000 on the home. To make matters worse, I couldn't even get a policy for that amount because the house is not worth that much. I can't refinance, can't get my own policy and am underwater, but I still make the monthly payments. What's wrong with this picture? |
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