Cwilly, if a standard carrier, including the Fair Plan (MPIUA) is willing to write the policy Surplus Lines can not be used. Both the agent and the policy holder sign off acknowledging that.
would the consumer like to actualy get paid when he has a claim? Also this is not an insurance company, its the insurer of last resort and thus isnt suposed to be cheep.
Perhaps you should be looking somewhere else to improve your income and cash flow.
You should reasses methods to insure homes.
100 year old+ 3 family home should not have to be insured for 80% or better of “Replacement Cost” resulting in coverage limits of 3-4 times market value.
This creats a “moral hazard” and a situation that dictates trouble in the loss department. $3-5000 premiums put a termendous weight on people in those towns where 3 family homes are predominant. You
now have an ISO program through Lloyd’s that is selling like crazy with people saving $600-$1200 on their premiums. Time
to look inward and not just toward increases. Reasses and find other methods to insure these old dwellings!
Oh give the “greedy insurer” rhetoric a rest. There is so much adverse selection, concentration of risk and supressed rates in MA on all fronts its hard to make a dime in this state.
One hurricane in the Cape and you will be lucky if there are any insurers left standing in MA.
The 1,050 page rate filing includes much more than rate changes.
The filing includes a “Loss History Plan” to debit rates:
20% for filing 1 claim
30% for filing 2 claims
40% for filing 3 claims
50% for filing 4 or more claims
This is on pages 32 & 33 of the rate filing.
I couldn’t find the Loss Free Credit seciton of the rate filing…
December 11th is the deadine to notify the Division of Insurance if you want to make public comments on the first day of the hearings.
If you don’t notify your intent to speak at the hearing you still have a chance, just attend the hearing and notify the hearing officer you’d like to speak.
Cwilly, if a standard carrier, including the Fair Plan (MPIUA) is willing to write the policy Surplus Lines can not be used. Both the agent and the policy holder sign off acknowledging that.
would the consumer like to actualy get paid when he has a claim? Also this is not an insurance company, its the insurer of last resort and thus isnt suposed to be cheep.
The average consumer can expect to be squeezed again by the greedy insurance companies. How much more can we take?!
Perhaps you should be looking somewhere else to improve your income and cash flow.
You should reasses methods to insure homes.
100 year old+ 3 family home should not have to be insured for 80% or better of “Replacement Cost” resulting in coverage limits of 3-4 times market value.
This creats a “moral hazard” and a situation that dictates trouble in the loss department. $3-5000 premiums put a termendous weight on people in those towns where 3 family homes are predominant. You
now have an ISO program through Lloyd’s that is selling like crazy with people saving $600-$1200 on their premiums. Time
to look inward and not just toward increases. Reasses and find other methods to insure these old dwellings!
Oh give the “greedy insurer” rhetoric a rest. There is so much adverse selection, concentration of risk and supressed rates in MA on all fronts its hard to make a dime in this state.
One hurricane in the Cape and you will be lucky if there are any insurers left standing in MA.
The 1,050 page rate filing includes much more than rate changes.
The filing includes a “Loss History Plan” to debit rates:
20% for filing 1 claim
30% for filing 2 claims
40% for filing 3 claims
50% for filing 4 or more claims
This is on pages 32 & 33 of the rate filing.
I couldn’t find the Loss Free Credit seciton of the rate filing…
December 11th is the deadine to notify the Division of Insurance if you want to make public comments on the first day of the hearings.
If you don’t notify your intent to speak at the hearing you still have a chance, just attend the hearing and notify the hearing officer you’d like to speak.
See you at the hearing…