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?
I understand your frustration. We have had similar situations where I live. Please contact me as I would like to talk with you about it, cbrown@bwbins.com.
MPIUA is not a non-profit — it is an association of insurers, each of whom pays the income tax on their share of any MPIUA earnings. And, as for mutuals, you raise a good issue on policyholders becoming more involved in the companies they own; however, the policyholders located throughout the rest of the Commonwealth also should organize and insist that the company not risk bankruptcy by writing too much business on the Cape or the islands.
If Cape Cod Homeowner’s are a majority (only the carriers know) their interests as mutual policyholders are not being represented. If Cape Cod Homeowner’s are NOT a majority of the policyholders, then why all the hype about maximum probable loss?!
MPIUA declined my request for detailed information on their organization including a list of the Board of Directors. MPIUA claimed to be a private entity. The Division of Insurance supported MPIUA’s position-for over six months.
Finally, after a trip to the State House, and Division of Insurance, and yet another e-mail to Attorney Mindy Mero Rubin of the Division of Insurance stating:
“Last I knew, our Legislature through Massachusetts General Laws is not in the business of forming private entities (Chapter 731 of the Acts of 1968), I’d like a list of the MPIUA Board of Directors.
I received a fax on 10/20/04 at 13:37 from Attorney Rubin with the following list-not one Board member was/is from Cape Cod!
Allen R. Rome, CPCU
Rome Insurance Agency, Inc.
Fitchburg, MA 01420
Arthur R. Johnson
Holden, MA 01520
Representative of the Public
Robert Doherty
Woburn, MA 01801
Representative of the Public
Martin Fisher
Humarock, MA 02047
Representative of the Public
Carter Luke
Massachusetts Society for the Prevention of Cruelty to Animals
Boston, MA 02130
Representative of the Public
William E. Warner
Middleboro, MA 02346
Thomas Callahan
Executive Director
Mass. Affordable Housing Alliance
Dorchester, MA 02124
Edward C. Ruhl
Regional Vice President
Alternate: Robert Bellenoit, CPCU
Hanover Insurance Company
Worcester, MA 01653
Michael J. Richards
Vice President-General Underwriting
Alternate: Wayne J. Boasso, Product Manager
Commerce Insurance Company
Webster, MA 01570
Donald Barber
Vice President-Underwriting & Marketing
Alternate: Andrea McKay
Arbella Mutual Insurance Company
Quincy, MA 02169
Dennis J. Otmaskin, CPCU
President and Chief Operating Officer
Alternate: Geoffrey T. Bohanan, Vice President-Underwriting
Worcester Insurance Company
Worcester, MA 01608
Anthony Storm (no pun intended…)
State Manager- Massachusetts
Liberty Mutual Insurance Company
Westboro, MA 01581
David J. Lane, CPCU, ARM, Chairman
Net Care Services, Inc.
Essex, MA 01920
Richard Welch, Chairman
Alternate: Susan K. Scott
Premier Insurance Company of MA
Worcester, MA 01608
Kevin M. Meskell, Vice Chairman
Executive Vice President & Secretary
Quincy Mutual Fire Insurance Company
Quincy, MA 02169
F. Thimothy Hegarty, Jr.
President & CEO
Alternate: Gerard T. McDermott
Norfolk & Dedham Mutual Fire Insurance Co.
Dedham, MA 02027
Donald F. Vose, CPCU
Alternate: Donald Anderson
Vice President
The Andover Companies
Andover, MA 01810
Richard G. Meservey
Assistant Vice President
Alternate: Geraldine F. Prusko
OneBeacon Group
Foxboro, MA 02035
So Mr. or Mrs. Right thanks, but I have an understanding of how and why Massachusetts Legislature formed MPIUA. I’m questioning the lack of public disclosure of information including financials. It would also be nice to know the occupations of the Representative of the Public in order to verify they have no insurance industry affiliation.
– Jane Logan, CPCU harborsidejl@hotmail.com
There is no question that the insurance companies have a ‘lock on’ insurance in MA.
The legislators structured the requirement to do business in MA at their request.
You may cancel (and many are)your homeowners, but the catch is-you have a mortgage- your locked in. Welcome to Massachusetts.
Why should my homeowners policy increase over 25% because homes near the water are at risk?
I live miles from the coast with a $10,000 deductible.
There is no chance my insurance company is in jeopardy.
The worst insurace company ever. Stalled a claim for a Year and a half on a 2nd floor burst pipe. We lost 21K in rents,they intimated we caused the flooding, even when we provided them a recall notice on the burnham boiler!!! Payed us 13K, 2 years later, when repair estimates ranged between 25K-38K.Then cancelled a policy on another proerty costing us even more to get new insurer. Now we are forced to sell the home in a short sale losing even more money. Theives Wonder if I can sue its been 2 years?
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
Jane,
I understand your frustration. We have had similar situations where I live. Please contact me as I would like to talk with you about it, cbrown@bwbins.com.
MPIUA is not a non-profit — it is an association of insurers, each of whom pays the income tax on their share of any MPIUA earnings. And, as for mutuals, you raise a good issue on policyholders becoming more involved in the companies they own; however, the policyholders located throughout the rest of the Commonwealth also should organize and insist that the company not risk bankruptcy by writing too much business on the Cape or the islands.
If Cape Cod Homeowner’s are a majority (only the carriers know) their interests as mutual policyholders are not being represented. If Cape Cod Homeowner’s are NOT a majority of the policyholders, then why all the hype about maximum probable loss?!
MPIUA declined my request for detailed information on their organization including a list of the Board of Directors. MPIUA claimed to be a private entity. The Division of Insurance supported MPIUA’s position-for over six months.
Finally, after a trip to the State House, and Division of Insurance, and yet another e-mail to Attorney Mindy Mero Rubin of the Division of Insurance stating:
“Last I knew, our Legislature through Massachusetts General Laws is not in the business of forming private entities (Chapter 731 of the Acts of 1968), I’d like a list of the MPIUA Board of Directors.
I received a fax on 10/20/04 at 13:37 from Attorney Rubin with the following list-not one Board member was/is from Cape Cod!
Allen R. Rome, CPCU
Rome Insurance Agency, Inc.
Fitchburg, MA 01420
Arthur R. Johnson
Holden, MA 01520
Representative of the Public
Robert Doherty
Woburn, MA 01801
Representative of the Public
Martin Fisher
Humarock, MA 02047
Representative of the Public
Carter Luke
Massachusetts Society for the Prevention of Cruelty to Animals
Boston, MA 02130
Representative of the Public
William E. Warner
Middleboro, MA 02346
Thomas Callahan
Executive Director
Mass. Affordable Housing Alliance
Dorchester, MA 02124
Edward C. Ruhl
Regional Vice President
Alternate: Robert Bellenoit, CPCU
Hanover Insurance Company
Worcester, MA 01653
Michael J. Richards
Vice President-General Underwriting
Alternate: Wayne J. Boasso, Product Manager
Commerce Insurance Company
Webster, MA 01570
Donald Barber
Vice President-Underwriting & Marketing
Alternate: Andrea McKay
Arbella Mutual Insurance Company
Quincy, MA 02169
Dennis J. Otmaskin, CPCU
President and Chief Operating Officer
Alternate: Geoffrey T. Bohanan, Vice President-Underwriting
Worcester Insurance Company
Worcester, MA 01608
Anthony Storm (no pun intended…)
State Manager- Massachusetts
Liberty Mutual Insurance Company
Westboro, MA 01581
David J. Lane, CPCU, ARM, Chairman
Net Care Services, Inc.
Essex, MA 01920
Richard Welch, Chairman
Alternate: Susan K. Scott
Premier Insurance Company of MA
Worcester, MA 01608
Kevin M. Meskell, Vice Chairman
Executive Vice President & Secretary
Quincy Mutual Fire Insurance Company
Quincy, MA 02169
F. Thimothy Hegarty, Jr.
President & CEO
Alternate: Gerard T. McDermott
Norfolk & Dedham Mutual Fire Insurance Co.
Dedham, MA 02027
Donald F. Vose, CPCU
Alternate: Donald Anderson
Vice President
The Andover Companies
Andover, MA 01810
Richard G. Meservey
Assistant Vice President
Alternate: Geraldine F. Prusko
OneBeacon Group
Foxboro, MA 02035
So Mr. or Mrs. Right thanks, but I have an understanding of how and why Massachusetts Legislature formed MPIUA. I’m questioning the lack of public disclosure of information including financials. It would also be nice to know the occupations of the Representative of the Public in order to verify they have no insurance industry affiliation.
– Jane Logan, CPCU
harborsidejl@hotmail.com
There is no question that the insurance companies have a ‘lock on’ insurance in MA.
The legislators structured the requirement to do business in MA at their request.
You may cancel (and many are)your homeowners, but the catch is-you have a mortgage- your locked in. Welcome to Massachusetts.
Why should my homeowners policy increase over 25% because homes near the water are at risk?
I live miles from the coast with a $10,000 deductible.
There is no chance my insurance company is in jeopardy.
The worst insurace company ever. Stalled a claim for a Year and a half on a 2nd floor burst pipe. We lost 21K in rents,they intimated we caused the flooding, even when we provided them a recall notice on the burnham boiler!!! Payed us 13K, 2 years later, when repair estimates ranged between 25K-38K.Then cancelled a policy on another proerty costing us even more to get new insurer. Now we are forced to sell the home in a short sale losing even more money. Theives Wonder if I can sue its been 2 years?