Insurers Urge Surcharges, Reforms to Fix North Carolina Beach Plan
Southeast News • December 3, 2008
Property/casualty insurers are urging North Carolina officials to impose surcharges on policies in the state's residual market property insurer, the Beach Plan, and take other financing and ...
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Subject: STATE SPONSORED ORGANIZED CRIME
Posted On: January 25, 2009, 11:28 am CST
Posted By: James Dunn
Comment:
"responsibility for risk reduction"
Living in a Coastal County, I have been forced into the "BEACH PLAN". Why? Because no Insurer is underwriting new policys. When Travelers raised my deductible to 5% ($13,000 plus or minus), I dropped them like a bad habbit. Mr. Goodwin, current Commissioner, has described the current condition as a "ticking time bomb". I agree with him, but the explosion will be from policy cancelations; not a natural disaster that might happen. I am approximately 27 miles from the coast and chose this area about 25 years ago because I didn't want exposure to the coast. I have property in an adjacent county, which is physically closer to the coast (but not a coastal county) that I anticipate moving to in the near future. Right now I am at my limit of what I am going to pay for insurance, so upon renewall if the premium is elavated, I intend to cancel and go with out. If one thinks I am alone in this thinking, raise the premiums and watch the explosion of this "ticking time bomb".
Subject: STATE SPONSORED ORGANIZED CRIME
Living in a Coastal County, I have been forced into the "BEACH PLAN". Why? Because no Insurer is underwriting new policys. When Travelers raised my deductible to 5% ($13,000 plus or minus), I dropped them like a bad habbit. Mr. Goodwin, current Commissioner, has described the current condition as a "ticking time bomb". I agree with him, but the explosion will be from policy cancelations; not a natural disaster that might happen. I am approximately 27 miles from the coast and chose this area about 25 years ago because I didn't want exposure to the coast. I have property in an adjacent county, which is physically closer to the coast (but not a coastal county) that I anticipate moving to in the near future. Right now I am at my limit of what I am going to pay for insurance, so upon renewall if the premium is elavated, I intend to cancel and go with out. If one thinks I am alone in this thinking, raise the premiums and watch the explosion of this "ticking time bomb".