LIEUTENANT GOVERNOR VARGRAVE A. RICHARDS NEGOTIATES SUCCESSFUL RATE
FILING WITH INSURANCE OFFICIALS
Lieutenant Governor Vargrave Richards announces that on April 4, 2003,
the Office of the Lieutenant Governor successfully negotiated with insurance
officials and has approved a rate filing for the underwriters at Lloyd's
PWS International facility.
Richards states that he is pleased with the negotiations and has approved
the rate filing which includes:
" Discounts for hazard mitigation devices that provide a significant
reduction in the premium paid by policyholders;
" A range of deductible options from 5% to 20% resulting in more
premium savings for consumers; and
" An increase in market capacity of at least $15 million.
Richards reports that consumers also have the option of excluding paint
and roof coating for additional discounts. Additionally, Richards states
that: "unlike many other Lloyd's facilities (and some competitors)
this rate filing includes coverage for fire resistive and masonry, as
well as, mixed and frame construction categories. As a result, almost
any homeowner would qualify for coverage under this facility."
Lieutenant Governor Richards says that he "remains optimistic
that future negotiations with underwriters at Lloyd's or any other facility
will continue on a positive path and that the Division of Insurance
in the Office of the Lieutenant will continue to thrive."
Richards concludes that the Division of Insurance under his leadership
as Commissioner of Insurance is poised for a turnaround that will meet
mutually
beneficial goals for agents, facilities and consumers alike."
