PEMCO Insurance is an American personal-lines mutual insurance company based in Seattle, Washington. Its name is an acronym for Public Employees Mutual Insurance Company.
In 1936, Seattle schoolteacher Robert J. Handy took advantage of the newly legalized “credit union” concept to found Seattle Teachers Credit Union (now School Employees Credit Union of Washington). Handy is reputed to have started the credit union with $5 in capital. Out of that enterprise grew a group of seven different but related companies, the largest of which is now PEMCO Insurance. PEMCO has grown from premiums of $8,500 in 1949 to $322 million in 2006. The current president and CEO of PEMCO Insurance is Stan W. McNaughton. He is the son of Stanley O. McNaughton, who was president from 1970 until his death in 1998.
PEMCO’s stated niche market is in what some in the insurance industry refer to as “preferred risk”– that is, policyholders who are least likely to have traffic tickets or car accidents, and who take proactive steps to protect their own property with safeguards like car alarms, smoke detectors, and deadbolt locks. [edit]Competition Lawsuits Brought Against PEMCO Insurance
Are you an injured person that was involved in a serious accident in which either you or the at-fault has been covered by the PEMCO Insurance Company? If you have been left with no other option but to take legal action, it is critical to research how other people and organizations have successfully navigated insurance claims negotiations and settlements with specific insurance companies in order to achieve a just settlement or court outcome. Sufficient research will assist you in avoiding similar mistakes others have made when legally dealing with insurance companies. Research can provide insight as to which courses of action might affect the value of your settlement. It also helps highlight crucial legal strategies and avenues that have historically helped win lawsuits against major insurance companies such as PEMCO Insurance.
Insurance companies are famous for delaying the release of settlement funds until the last possible second. This questionable practice is implemented by an extremely high percentage of insurance companies. It is designed as both a money-making and a money-preserving technique. Major insurance companies usually have access to tens of billions of dollars due to high volume revenue and cash flow. Similar to banks, they invest these funds in order to amplify their profits. Even if they are required to pay a settlement, they will hold the money as long as legally possible in a leveraged effort to increase their own profits through the interest they earn on their investments.
In addition to delaying the disbursement of settlement funds, most insurance companies implement many of the following strategies to cut costs and generate profit:
Nickel and dime smaller individual clients with various charges with the knowledge they cannot afford to investigate their legal options.
Present clients with a very small initial settlement offer, as many policy holders do not realize they do not have to accept the insurance company’s first offer.
Wait until the last possible week to disperse funds, as some negotiations can last well over a year.
If you have sustained personal injuries that will be permanent, it is important to use an expert trial attorney.
Cases Involving PEMCO Insurance: What does the term insurance "bad faith" mean? (View Full Article – Davis Law Group)
PEMCO Insurance is an American personal-lines mutual insurance company based in Seattle, Washington. Its name is an acronym for Public Employees Mutual Insurance Company.
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