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Insurers go to the dogs, cats: Pet policies rise as owners show growing willingness to spend on their animals

Max the golden retriever has lymphoma. But fortunately for him, the disease is not a death sentence. That’s because a pet insurance policy covered most of the $4,000 in chemotherapy and drug treatments needed to keep the canine alive. While the pet insurance industry remains relatively small, it is gaining popularity. From 1994 to 2003, the number of people purchasing health care coverage for their four-legged friends rose 76 percent, according to Veterinary Pet Insurance in Brea, Calif. Dr. Jim…

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VOICES FROM THE INDUSTRY: Life cycle costing process looks beyond initial price

The clients of most large contractors are typically as varied as the buildings they have us construct. Some buyers of construction are satisfied if they can simply get a building erected as quickly as possible at the lowest possible costs and are willing to make compromises in quality and workmanship. More sophisticated buyers are increasingly turning to a process called life cycle costing, or LLC. This process takes into consideration not only the initial price, but also the cost of…

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Conseco hoping to settle: Class action accuses insurer of misleading its customers about life insurance costs

Conseco Inc. appears close to resolving a class-action lawsuit that encompasses 75,000 polices and accuses the company of duping customers about the cost of insurance. The Carmel-based company said in a regulatory filing that it has entered settlement talks “in an attempt to avoid the risks and costs of protracted litigation” and has set aside an undisclosed amount of money toward resolving the matter. At issue are so-called Lifetime and Lifestyle universal life insurance policies purchased by customers nationwide in…

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As CD rates reach 5-year-high, banks get more interest: Many savings institutions advertise investment option aggressively, offer specials to attract new customers

Money managers are dusting off their low-risk investment options for consumers who are finding certificates of deposit attractive again. The run-up on CDs corresponds with rising interest rates that are meant to cool inflation by making the cost of borrowing more expensive. The federal funds rate-the interest banks charge one another on overnight loans-is the highest it’s been since early 2001. While that’s not so good for home buyers, it does benefit investors searching for short-term savings returns. Interest rates…

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Pafco journey out of rehabilitation hits pause: High-risk auto insurer awaits purchase by NY company

A potential savior for Pafco General Insurance Co. has pulled back from a plan to buy and revitalize the company, casting doubt over the high-risk auto insurer’s future. New York-based ICM Insurance Co. withdrew an application for a license to do business in Indiana earlier this year and gave no reason for its decision to the state Department of Insurance. “We’re certainly hopeful there could be a positive outcome, but unfortunately up to this point, there hasn’t been a dramatically…

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Smaller banks seeking relief: Legislation takes on costly regulatory costs

German American Bancorp in Jasper has spent more than $1 million the past two years complying with the stringent accounting provisions of the Sarbanes-Oxley Act. The cost alone is reason enough for the community bank’s president and CEO, Mark Schroeder, to support a measure exempting smaller public companies such as his from Section 404 of the act. He even traveled to Washington, D.C., May 3 to testify in front of the U.S. House of Representatives Small Business Committee. “Ultimately, this…

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THERE OUGHT TO BE A LAW: Judge not, lest ye have to fill out more surveys

When you voted in the primary May 2, and got to the judicial candidates, did you feel just a little … oh, what’s the right word … clueless? Uninformed? Ignorant about what any of these people actually thought about anything? Now some people might have felt that way about many of the candidates. But not you. Being the well-informed voter that you are, you’d already done your homework. Researched the issues. Asked the tough questions. And so you (and maybe…

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Health care with privileges: Boutique medical practices buy time for doctors, patients

Membership definitely has its privileges at the new north-side medical practice launched by doctors Timothy Story and Kevin McCallum. An annual retainer of at least $2,500 gives patients around-the-clock doctor access, medical records they can carry on a key chain, unlimited office visits and refreshments when they arrive. FirstLine Personal Health Care represents the Indianapolis market’s latest foray into boutique medicine, a form of health care criticized for being exclusionary since it popped up in Seattle a decade ago. Story,…

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BEHIND THE NEWS: Former Brightpoint worker gets boost from defender

B r i g h t p o i n t Inc.’s former director of risk management, Timothy Harcharik, doesn’t have a high-powered legal defense team. His federal public defender, James McKinley, is accustomed to representing people accused of drug crimes, not those charged with participating in a multimillion-dollar accounting fraud. But McKinley has done right by Harcharik so far. On April 20, federal Judge Larry McKinney of Indianapolis dismissed the indictment against Harcharik, siding with McKinley in a months-long…

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At age 2, Future Fund still work in progress: So far, 7 startups have received investments from BioCrossroads

For two years now, the $73 million Indiana Future Fund has been at work in the Indiana life sciences market. BioCrossroads, Indiana’s public-private life sciences economic development initiative, is pleased with the results so far. “When we put the Indiana Future Fund together and surveyed the landscape, there were only two or three [local venture capital] firms that really identified themselves as in [the life sciences] area,” said BioCrossroads President David Johnson. “Now we see much more traffic than we…

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Storm brings hail of business: Body shops swamped by thousands of damaged cars; auto dealers suffer lots of damage

Bill Kellar had about 240 vehicles on his west-side car lot when hail swept through Indianapolis April 14. Exactly two emerged unscathed, said the general sales manager for Palmer Dodge-Hyundai West. On the east side, Blossom Chevrolet reported damage to 650 of its 700 cars and light trucks. Its collision shop is now booked for three months and busier than it’s been in at least 25 years, said General Manager Mike Chase, who imported experts from as far away as…

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Racing for the green: Rookie owner risks house and home to realize dream

“If somebody wipes one of them out, the associated residence goes with it,” he says, only half jokingly. Now in his 14th season in t h e m o t o r – sports industry, Crawford, 38, decided to hoist his own flag for the first time this year in the Indy Pro Series, open-wheel racing’s highest minor league. For the record, he’s not a wealthy man. The second property is the only investment he and his wife, Myra, haven’t…

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Negotiations halted over sale of HealthCare Group: M-Plan owner, Medical Mutual ‘agree to disagree’ but leave door open

A plan to merge the parent of Indiana’s largest HMO with an Ohio insurer has fallen through, but both companies continue to shop for other deals. Cleveland-based Medical Mutual of Ohio a month ago cut off negotiations to buy The HealthCare Group LLC of Indianapolis, which operates M-Plan Inc. But Medical Mutual “would never say never” to future overtures, said Michael Taddeo, the insurer’s vice president of national network development. “We’ve agreed to disagree,” he said, declining to elaborate on…

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Real estate experts examine the market: Indianapolis in good shape overall, panelists say, but job growth, incentive issues, among concerns

On April 14, as part of its Power Breakfast Series, the Indianapolis Business Journal gathered a panel of commercial real estate and construction experts to discuss industry conditions in the local market. In a discussion moderated by IBJ Editor Tom Harton, panelists took on a wide range of issues, including tax incentives and the status of downtown’s residential and retail markets. Power Breakfast guests were Mike Curless, executive vice president and principal with Lauth Property Group; Mike Wells, president of…

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Ending overdue: Library shows progress amid legal tussle

There’s finally visible progress on the city’s Central Library expansion project. But the litigation over who’s responsible for its construction problems still has no end in sight. City-County Councilor Isaac Randolph is frustrated. So he wrote a proposal to order all the players in the Indianapolis-Marion County Public Library’s legal dispute to enter binding arbitration. “I’m trying to find a resolution to what’s clearly become an embarrassment to the citizens funding this,” Randolph said. “I’ve lost confidence in the leadership…

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FAMILY BUSINESS: Indiana Square damage offers lesson in disaster planning

The incident drove home the importance of disaster planning. When the storm struck at 10 p.m. that Sunday, who was prepared for the emergency? Employees were told not to come in the next morning, but how would they do their jobs? What files could be retrieved? Would computer systems work on Monday and later that week? What would happen to incoming and outgoing telephone and e-mail messages? The questions and potential problems were endless. Each owner of a family business…

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Bank’s price fell $100M: Union Federal buyer cut offer as negotiations dragged on; investors pushed for liquidity

No wonder word leaked early this year that Union Federal Bank was about to be sold. A new federal filing reveals that a deal had been brewing since early last year-spawned largely by mounting frustration among investors that they were unable to turn their stake in the bank’s privately held parent, Fort Wayne-based Waterfield Mortgage Co., into cash. “The concerns over liquidity were voiced by many shareholders at Waterfield Mortgage’s annual shareholders’ meeting in the spring of 2004,” according to…

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Local facility first to offer overnight help for anorexia: Lotus House fills void for those with eating disorders

A spacious home near Stony Creek in Noblesville once known as the Hare estate has been transformed into an intensive treatment facility for young women struggling with severe eating disorders. Dubbed Lotus House, the three-story residence began hosting patients in October. Partners Patrick Hall, 40, and Misty Rees, 33, founded the facility to provide an inpatient alternative to standard care. The facility, which offers therapies for anorexia nervosa and bulimia, is just the second in the Indianapolis area to treat…

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Steep loss forecast for Standard Management: Company still anticipates closing deals for more financing as SEC annual report deadline looms

Standard Management Corp. is projecting a 2005 loss topping $20 million, and its stock has fallen below a minimum share price required by the NASDAQ exchange. The Indianapolis pharmaceutical-services firm also missed a deadline to file its annual report, as a push to arrange more financing “has consumed a substantial portion of management’s time and limited resources,” according to a March 31 filing with the U.S. Securities and Exchange Commission. Company leaders expect a $20.3 million loss from continuing operations….

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Repairs to tower may take months: Tenants scramble for other arrangements

It was a symbol of his success. For the last three years, environmental attorney Robert Clark has relished the view from his corner office in One Indiana Square, high above the streets of Indianapolis. But on Sunday, April 2, tornadoforce winds left it in tatters. His family photos are gone. Likewise his case files and the many gifts he’d received over the years from friends or clients. “I understand there are no exterior walls,” he said. “My desk is still…

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