Tucson Insurance Agent License Revoked for Misappropriating Premium

The Arizona Department of Insurance (ADOI) revoked the insurance licenses of Herbert Zaring III and his agency, Arizona Policies Unlimited Inc. in Tucson. An insurance agent in Arizona since 1981, Zaring sold insurance to businesses in southern Arizona and, on several occasions, Zaring failed to forward his clients’ premium payments to the insurance company, potentially leaving his clients unprotected, ADOI said.

In June 2008, a Tucson construction company paid Zaring $15,041.40 for a general liability insurance policy. Zaring deposited the check into his bank account, but failed to remit the premium to the insurer and took the money for his own use. In January 2008, the Tubac Chamber of Commerce paid Zaring $1,677 for a director’s and
Officer’s policy. Zaring cashed the check but never submitted the monies to the insurer for the policy. Not only that, Zaring provided documents to the Chamber of Commerce leading them to believe the policy was actually in effect, ADOI said.

Zaring has made restitution to these victims, but customers of Herbert Zaring or Arizona Policies Unlimited should contact their insurers identified on their insurance documents and verify their policies are in full force and effect.

“These cases are a good reminder that even the most sophisticated insurance consumers can be the victims of financial exploitation,” said Christina Urias, Arizona Insurance Director.

Source: ADOI