In a case of adding insult to injury reported by the New Haven Register, a Massachussetts insurance company, Andover Cos will be dropping customers along the shoreline who do not install and pay for new storm shutters. Customers up to 3/4 of a mile inland will be required to install the hurricane shutters, which can cost up to $100,000, or face losing coverage.
Thankfully, Attorney General Richard Blumenthal is urging Susan Cogswell (State Department of Insurance Commissioner) to recind her approval of this underwriting change. Apparently, Allstate and Nationwide have ALSO asked for changes to limit their liability for storm damage, although what those changes are were not detailed.
St. Paul Travelers takes a different approach - they don't require the storm shutters, but offer discounts to those who have them.
Friday, August 25, 2006
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