FIRE WORKS DISPLAYS AT RISK:

A Texas Department of Insurance (TDI) Fraud Unit investigation revealed that one insurance agent’s actions may have left over 100 public firework displays scheduled for this Fourth of July uninsured, as well as hundreds of trucks filled with petroleum products traveling on the nation’s highways. As a result, an emergency cease-and-desist order has been issued to Tesher Corp. in Tyler and its president, insurance agent John William Tesseyman III. The investigation was conducted with the help of the Travis County District Attorney´s office. Tesseyman allegedly sold millions of dollars of worthless general liability insurance policies to individuals and companies that conduct indoor and outdoor public fireworks displays, as well as operate retail firework outlets across the nation. The bogus policies also covered petroleum companies located in dozens of states. TDI Commisioner Jose Montemayor urged petroleum companies and fireworks distributors nationwide to check their policies to make sure they were not purchased through Tesseyman. The agent sold the policies through the Tesher Corp., Southwest Pyro Consortium and Southwest Property and Casualty in Tyler. He does not hold a surplus lines, corporate general property and casualty or corporate surplus lines license. In the past 12 months, Tesseyman has moved his insurance business through four different insurance carriers, all of which have cancelled any working arrangement with Tesseyman and his corporation. The investigation was initiated following a written complaint filed in January by an insurance broker. Tesseyman is reportedly out of the country. When he returns, he faces an arrest warrant issued by State District Judge Julie Kocurek of Austin that lists charges of misapplication of fiduciary property over $200,000, theft over $200,000 and securing execution of a document by deception over $200,000; as well as a third-degree felony charge of unauthorized insurance.