11 Aug 08 
The Home Builders Association of Georgia is Fighting Back
If you're new here, you may want to subscribe to New Homes Section's Blog. Thanks for visiting!
After consecutive reports of Builders Insurance directors receiving excessive salaries, the Home Builders Association of Georgie (HBAG) has urged its members who are policyholders/owners of Builders Insurance to “take back” the company.
Fees and indirect compensation to Builders Insurance directors was reported to be more than $1.9 million in both 2006 and 2007; however the HBAG suspects that additional payments in 2007 have likely gone unreported.
“Moreover, since 2000, premiums have skyrocketed while dividends to policyholders/owners have plummeted from 14.6 percent of premiums to 1.5 percent,” according to Business & Finance Week.
After repeated requests for accountability and transparency being ignored, the HBAG has asked its members to support action to amend the Business Insurance Charter to have power returned to the policyholders/owners and to have a new board of directors instated.
“At a time when our industry is fighting for survival in a tough economy, it’s outrageous that Builders Insurance’s board members have padded their pockets with exorbitant payments that rightfully belong to our members who are the policyholders and owners of this company,” said Charlie Eison, president of the HBAG. “We need to take control and return Builders Insurance to its rightful mission of serving our members – not creating a financial jackpot for directors.”
Tags: builders insurance, business & finance week, charlie eison, georgia homebuilders, hbag, Home Builders, home builders association of georgia
Reader's Comments
Leave a Comment
That is a shame for something like that to happen - hopefully they will get it squared away soon.
Dear blog Writer,
I notice on the right is a list of top commenters. Is that a plugin for wordpress?
This is really desturbing. If has always been the case that you would find hustlers in business but it seems since the turn of this century that you are finding more and more shady types robbing people in white colar manners.
I hope the GBAG members can bring the directors to their knees.
James
Every time something like this hits the media, I find myself both relieved that the white collar crooks have been caught and disturbed by the number that are almost certainly still out there, raking in cash illegitimately. How do these people get by without looking around every morning and feeling ashamed of the wealth they have acquired? It’s embarrassing.