Martin & Jones, PLLC
Call today for a Free consultation.
800-662-1234

Class Certification Granted for Florida Homeowners

American Banker reported on a win for homeowners in a Florida class action against Wells Fargo & Co. and QBE Insurance, Inc. over their practices with force-placed insurance. In the force-placed insurance case, a Florida district court judge granted the plaintiffs' motion for class certification for a class of Florida homeowners seeking damages arising from charges assessed against them by Wells Fargo and related entities for force-placed homeowner's coverage.

Documents submitted in connection with class certification briefing showed that QBE paid out 40 percent of total force-placed premiums as commissions to Wells Fargo and subsidiaries. Less than 10 cents out of every premium dollar went to paying claims, a loss ratio that would be deemed unacceptable in most states. The National Association of Insurance Commissioners states that premiums should be set at a rate which will yield a payout of 60% on claims. Evidence in the case suggests that Wells Fargo was willing to have its customers charged such high premiums for force-placed insurance coverage because Wells Fargo and its subsidiaries received substantial unearned kickbacks and commissions directly tied to the hefty premium charges.

No Comments

Leave a comment
Comment Information

Testimonials

Contact US Get Help Now

Send us an email or call us today at 800-662-1234 to speak with an attorney about your claim or to arrange a free consultation. It costs nothing to call and there is no obligation. In fact, we are not paid until your case is resolved. Se habla español. If you are unable to travel to one of our offices in Raleigh, Durham and Wilmington, we will meet with you at your location.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Raleigh Office
410 Glenwood Avenue
Suite 200
Raleigh, NC 27603

Toll Free: 800-662-1234
Phone: 919-821-0005
Raleigh Law Office Map

Wilmington Office
1213 Culbreth Drive
Suite 121
Wilmington, NC 28405

Toll Free: 800-662-1234
Phone: 910-256-4005
Wilmington Law Office Map

Durham Office
302 East Pettigrew Street
Suite 330
Durham, NC 27701

Toll Free: 800-662-1234
Phone: 919-544-3000
Durham Law Office Map