Post Date September 18, 2012 - I don’t understand theft! People who steal are scum in my opinion. That may be a little harsh, but it’s true. If there are two acts I can’t stand most of all, it’s stealing and lying. When they are perpetrated by those in any business, it’s makes me very angry. A Local Insurance Agent in New York was charged with larceny and scheme to defraud after he allegedly stole nearly $650,000 in auto insurance payments from his customers.
Local Insurance Agent Charged With Larceny
The local insurance agent, Joseph Koch owner of The Louis Koch Insurance Agencies Inc., based in Baldwid, New York was alleged to have stolen insurance premiums paid by a company engaged in commercial property management in the period between June 2009 to June 2011. The local insurance agent spent the money on lease payments on a Mercedes Benz car, country club memberships, his residence mortgage payments, trips to Las Vegas, and his personal income taxes. The local insurance agent was charged with multiple counts of grand larceny and devising a scheme to defraud his New York and New Jersey Auto Insurance Customers. Koch was arrested by Nassau County district investigators. The local insurance agent was under investigation by both the states Department of insurance and the District Attorney’s Office. Nassau County District Attorney says the local insurance agent is also faced with “potential serious liability issues”.
The bottom line is; the insurance payments stolen to pay for Koch’s Car’s, Trips and goodies did not get remitted to the insurance companies they we intended. This means the customer whom were under the impression the were insured for the premiums they paid for – the coverage was null and void. Any claims which were incurred during the time the customer’s policy was cancelled would become the responsibility of the local insurance agent. Considering Koch is accused with stealing the missing insurance payments, the agencies Errors & omissions Insurance Policy will refuse to compensate any customers for losses they may suffer. Anyone whom intentionally steals funds which don’t belong to them is an overt act and not an error or omission.
Michael E. Dortch
President & Managing Agent
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania 19446
(800) 807-0762 ext. 206