Lumberman underwriting alliance minneapolis mn craigslist

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But nobody really oversees these PEO operations, so you can get a fair number of companies that seem like financial miracles for a while, but which are actually ticking weapons of mass financial destruction.

Mind you, I have no idea what actually happened behind the scenes at this particular megawatt clusterfuck--but one can tell, just from the scant details in the press, the general outlines of how this mess may have happened. This would seem to give new meaning to the saying about a tangled web.

And yet, all of this is, sad to say, not all that unique in our modern insurance industry. No wonder things blew up, this arrangement was more complicated than anything Rube Goldberg ever designed. So there is no one really looking over their shoulders as they chase cash flow and throw old fashioned underwriting caution to the wind.

The answers, at least as this writer sees them, would be: How exactly did it come to pass that the Missouri Department of Insurance will now take control over a small insurance company with a home office in Boca Raton, Florida that was imploded by insuring a PEO based out of New York?

No more worries about underwriting losses, because the claims are the responsibility of the policyholder. Large Deductible Workers Comp policies, where the policyholder is supposed to reimburse the insurer for all claims under the deductible limit, can produce these kinds of megawatt clusterfucks when wishful thinking and avarice outweigh sound underwriting.

And this insurer, that historically specialized in underwriting those in the forestry industry, instead underwrote a large deductible policy for an employee leasing company in New York that apparently covered a lot of California businesses. The news stories also note that TS Employment served another "defunct staffing company" named Corporate Resource Services.

But I am sure an explanation will eventually be uncovered, as regulators belatedly sift through the rubble.

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A lot of people outside the insurance industry might be forgiven if the phrase "WTF? Employee leasing can provide valuable services to employers, with cost savings from economies of scale, when done right. This is hardly the first insurance company to run aground by insuring the staffing industry--and it is far from the largest--but it should serve as a warning sign to just how crazy things can get in an industry that is supposed to be cautiously conservative, an industry that the public relies upon to maintain a reliable Workers Compensation insurance system.

A PEO, by the way, that covered yet another staffing company. The combination of an employee leasing company, which provides Workers Compensation coverage for hundreds of different client companies, with a Large Deductible policy that leaves the insurer responsible for paying claims even if the policyholder defaults on the required reimbursements, can leave an insurance company holding a very large and expensive bag at the end of the day.

Then you get the combination of PEOs, which are largely unregulated, and Large Deductible Workers Comp, which seduces some insurers with thoughts of making these large accounts essentially "cost-plus" contracts, where claims costs are just a pass through to the policyholder, along with claims adjusting fees and other charges.Historical Information: Lumbermen's Underwriting Alliance (LUA) was declared insolvent and placed into liquidation by the Circuit Court of Cole County, Missouri on May 23,and was placed into Ancillary Receivership under the jurisdiction of Superintendent of Financial Services of the State of New York on July 27, Lumbermen's Underwriting Alliance in Edina, MN -- Get driving directions to Metro Blvd Edina, MN Add reviews and photos for Lumbermen's Underwriting Alliance.

Lumbermen's Underwriting Alliance appears in: Insurance. Lumbermen's Underwriting Alliance is located at the address Metro Blvd in Minneapolis, Minnesota Lumbermen's Underwriting Alliance specializes in Fire Damage, Pleasure Boats, Vision. Lumbermen's Underwriting Alliance has an annual sales volume of more information contact Category: Home & Auto Insurance,Property & Casualty Insurance,Insurance.

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Lumbermen's Underwriting Alliance Employee Reviews

Find Jobs Minneapolis, MN. May 22,  · There are a lot of news stories recently about a small Workers Compensation insurer, Lumberman's Underwriting Alliance, being put into "rehabilitation" by a Missouri judge, putting the Missouri Department of Insurance in charge of figuring out if the company needs to be liquidated or if it can be saved.

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Lumberman underwriting alliance minneapolis mn craigslist
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