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CFO Sink Suspends Miami Beach Public Adjuster's License for Diverting Consumers' Funds

6/4/2010

CONTACT: Jerri Franz or Nina Banister, (850) 413-2842
- Public adjuster withheld over $34,000 in homeowners’ claims payments. -
 
TALLAHASSEE— Florida CFO Alex Sink announced today the emergency suspension of a North Miami Beach public adjuster’s license after he allegedly misappropriated over $34,000 of homeowners’ claims payments.
Abraham Blumberg, 34, president of National Loss Consultants, Inc., repeatedly misappropriated homeowners’ claims payments in the past year from six different Florida insurance consumers.  Blumberg withheld in total over $34,000 of Florida consumers’ funds after receiving payment from various companies including Citizens Property Insurance Corporation (“Citizens”). 
“Mr. Blumberg’s actions have deprived these homeowners of the necessary funds to perform repairs on their homes,” said CFO Sink. “I will not allow a public adjuster to conduct business in the state of Florida without the highest standards of honesty and integrity.”
On February 2, 2010, Citizens contacted the Florida Department of Financial Services indicating that they were receiving telephone calls from insureds where they had issued claim settlement checks, which had been cashed, but the insureds were not receiving their portion of the claim settlement.  CFO Sink’s Division of Agent and Agency Services immediately investigated the allegations.  Visits to National Loss Consultants revealed it was closed, telephone numbers disconnected, and nobody could be found nor the consumers’ funds. 
While the majority of insurance professionals licensed in the state of Florida adhere to a strict code of professional conduct, it is important to verify the licensure of all insurance agents and adjusters before retaining them to perform financial services on your behalf.  It is also important to keep accurate records of your insurance claims information and when you suspect deceptive practices by an agent or adjuster do not hesitate to call the Florida Department of Financial Services for assistance. 
CFO Alex Sink encourages all Florida insurance consumers to “Verify Before You Buy” by visiting www.MyFloridaCFO.com. Consumers who have questions about public adjusters can call CFO Sink’s Consumer Helpline at 1-850-413-3089 or 1-877-MY-FL-CFO (877-693-5236). 
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