The Massachusetts Property Insurance Underwriting Association (MPIUA), also known as the FAIR Plan, has filed for rate increases for its multi-peril homeowners risks. The FAIR Plan is seeking a 4.5 percent increase in rates for HO Forms 2, 3 and 5; a 1.3 percent hike in HO6; and a decrease of 1 percent for HO 4. The proposed effective date for each filing is Dec. 31, 2004. For the first time, the FAIR Plan has included a provision for underwriting profit and contingencies. Its filing also includes a factor to account for potential hurricane losses. The Division of Insurance has scheduled a hearing on the rate filing for Nov. 3.
Was this article valuable?
Here are more articles you may enjoy.
After Losing Job and Crypto, Man Falsely Claimed $1.3M From 107 Class Actions 
20 Years After Hurricane Katrina: Are Insurers Ready for a Different $100B Disaster? 
Damaged Manhattan Tower Owner to Reconstruct 15 Floors After Evacuation 
Remember the Fall of Patriot National? Trial in Suit vs. Mariano’s Lawyers to Begin From This Issue
