Vermont Mutual Latest to Exit Cape Cod Mass. Homeowners Market
East News • January 26, 2006
Another insurer has decided it can't continue to write homeowners insurance policies on Cape Cod.
Starting April 1, Vermont Mutual will stop renewing about 4,700 homeowners and 400 dwelling ...
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Subject: Vermont Mutual
Posted On: January 26, 2006, 11:27 am CST
Posted By: Jane Logan, CPCU
Comment:
Mutual insurance companies are owned by their policyholders. Policyholders are entitled to vote for members of the company's board of directors, and may receive special dividends in the form of capital distributions or reductions of policy premiums. Unlike stock companies, mutual companies exist solely to serve the insurance needs of their policyholders, and not to provide investment profits to shareholders.
How have Cape Cod Homeowners been served by the mutual insurance companies which they technically own?!
Cape Cod Mutual Insurance Company insureds need to unite and demand that the Division of Insurance protect their interests.
There should be more transparency regarding the financial transactions between mutual insurance companies and their sister stockholder owned companies.
For example Andover Group's Bay State Insurance Company. Just how does a stock company formed over 100 years after Cambridge and Merrimack Mutual that writes significantly less Direct Premium accumulate assets so quickly?!
Donald Vose, could you explain this to your former Cape Cod Homeowner Insurance policyholders?
Donald Vose, could you explain this to your current MPIUA/FAIR Plan Homeowner Insurance policyholders?
Regarding the MPIUA/FAIR Plan why aren't the financials available on the NAIC website like other carriers? The MPIUA is charging higher premiums with higher deductibles and blaming the increases on the cost of reinsurance-but doesn't buy reinsurance!
The MPIUA produces more "spin" than any Hurricane projected to hit Cape Cod.
The MPIUA is a non-profit so all this additional revenue is tax free!
Good Deal - for Donald Vose and his buddies running the FAIR Plan... More reveune, tax free with less public disclosure...
Would somebody please restore my faith in this pathetic and corrupt industry?
- Jane Logan, CPCU
Cape Cod, MA
Subject: Vermont Mutual
How have Cape Cod Homeowners been served by the mutual insurance companies which they technically own?!
Cape Cod Mutual Insurance Company insureds need to unite and demand that the Division of Insurance protect their interests.
There should be more transparency regarding the financial transactions between mutual insurance companies and their sister stockholder owned companies.
For example Andover Group's Bay State Insurance Company. Just how does a stock company formed over 100 years after Cambridge and Merrimack Mutual that writes significantly less Direct Premium accumulate assets so quickly?!
Donald Vose, could you explain this to your former Cape Cod Homeowner Insurance policyholders?
Donald Vose, could you explain this to your current MPIUA/FAIR Plan Homeowner Insurance policyholders?
Regarding the MPIUA/FAIR Plan why aren't the financials available on the NAIC website like other carriers? The MPIUA is charging higher premiums with higher deductibles and blaming the increases on the cost of reinsurance-but doesn't buy reinsurance!
The MPIUA produces more "spin" than any Hurricane projected to hit Cape Cod.
The MPIUA is a non-profit so all this additional revenue is tax free!
Good Deal - for Donald Vose and his buddies running the FAIR Plan... More reveune, tax free with less public disclosure...
Would somebody please restore my faith in this pathetic and corrupt industry?
- Jane Logan, CPCU
Cape Cod, MA