The Liquor Liability Joint Underwriting Association of Massachusetts (LLJUA) said it is lowering its rates for higher-limit coverage by more than 20%, effective immediately.
Insureds buying coverage of $2 million per person and $2 million per occurrence ($2 million/$2 million), the highest level of coverage available through LLJUA, will receive a 21% reduction. Those purchasing coverage of $1 million per person and $1 million per occurrence ($1 million/$1 million) will receive a 22% reduction.
Rates vary based on the type of business, size, location, claims record and whether the business provides entertainment.
Massachusetts Insurance Commissioner Nonnie Burnes recently approved the new rate structure.
LLJUA serves as the insurer of last resort for liquor liability insurance.
Under the new rates, agents will receive a commission of 17.5% for businesses that previously had no coverage; 15% for businesses that previously had coverage, but are new to LLJUA; 12.5% for renewals, and 10% for temporary policies.
Source: Mass. LLJUA
www.lljua.org
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