Missouri Garage Program Revisions
In an effort to maintain premiums in the proper proportion to our Missouri loss experience, we are implementing a rate increase in our Garage product. This rate revision will result in an overall rate increase of 24% and will be effective 08/01/2015 for new business and 09/01/2015 for renewals.
The major metro areas, Saint Louis and Jackson counties, will receive increases above the 24% average. The typical increase for risk outside those major metro areas will be in the 15% range, with some risks receiving rate increases above that level and some being below it.
Also, as you are reviewing your upcoming renewals each month, please be sure to verify the current inventory amount with your insureds, as we are seeing an increasing number of policies that are not meeting coinsurance requirements.
Thank you for your support of Southern Pioneer!
Tennessee Garage Program Revisions
IMPORTANT NOTICE REGARDING LIMIT HAIL DEDUCTIBLE FOR TENNESSEE GARAGE PROGRAM
DUE TO A TREND OF INCREASED HAIL ACTIVITY OVER THE PAST SEVERAL YEARS, WE WILL NO LONGER OFFER A LIMIT HAIL DEDUCTIBLE. PLEASE ADVISE ALL AGENCY PERSONNEL OF THIS PRODUCT COVERAGE CHANGE.
EFFECTIVE 08/01/2015, YOU MAY NO LONGER ISSUE A NEW BUSINESS POLICY THAT INCLUDES THE LIMIT HAIL DEDUCTIBLE.
STARTING WITH RENEWALS EFFECTIVE 09/01/2015, ALL RENEWAL POLICIES THAT INCLUDED THE LIMIT HAIL DEDUCTIBLE WILL BE ENDORSED TO ADD SPPC-GL-07 HAIL DAMAGE DEDUCTIBLE ENDORSEMENT AS A PART OF THE RENEWAL POLICY, WHICH STATES, “THERE SHALL BE NO MAXIMUM DEDUCTIBLE FOR ALL ‘LOSS’ IN ANY ONE EVENT CAUSED BY HAIL.”
RATE REVISIONS FOR TENNESSEE GARAGE PROGRAM
In an effort to maintain premiums in the proper proportion to our Tennessee loss experience, we are implementing a rate increase in our Garage product. The changes will be effective 08/01/2015 for new business and 09/01/2015 for renewals.
The overall rate impact of these revisions will be an increase of 19.6%. Individual policies may see a change above or below that amount, depending on the coverage provided by the policy. If you have any questions please contact your marketing representative or underwriter.
As always, thank you for your support of Southern Pioneer!