Declarations

Gambling man
“Our investigation determined that Mr. Bowen created an elaborate scheme that diverted the premiums of dozens of customers into his personal bank accounts to fund gambling and other personal activities. To hide the theft, Bowen allegedly created fraudulent insurance cards and documents that were in effect worthless. Consumers were led to believe that they had full coverage when their policies failed to exist.”

Pennsylvania Attorney General Tom Corbett in bringing criminal charges against a Potter County, Pa., insurance agent, Jon Bowen, who is accused of stealing more than $21,000 in insurance premiums from clients for online gambling and other personal uses.

Contingency
“This amendment correctly recognizes that when we act as an agent for the insurer, it is appropriate for us to accept contingent compensation from the insurer.”

Greg Case, Aon’s president and chief executive officer, reporting that the New York, Illinois and Connecticut officials have agreed that an Aon managing general agent or managing general underwriter may now accept contingent compensation from the insurer. Aon’s original agreements, drawn up as part of the settlement over charges of bid rigging and account steering, prohibited Aon from accepting any contingent compensation. Insurance brokers Marsh and Willis have also worked out amendments allowing them to accept contingent pay when acting as MGAs.

Vital coverage
“The biggest hazard of all is being shut down. Business interruption insurance is absolutely vital.”

Carol Chastang, a spokeswoman for the Small Business Administration, on the tendency of small businesses to overlook the need for business interruption coverage.

Can’t say when
“I know of nobody in the intelligence field who doesn’t believe there will be another attack. There’s going to be another attack. They just can’t tell you when.”

Thomas Kean, former New Jersey governor and Republican chair of the 9/11 Commission that investigated the government’s security missteps leading up to the 2001 hijackings.

Topics Insurance Wholesale Aon