|
|
The Insurance Marketplace
Back in October of 1998 I wrote an article in which I stated that "today’s Marketplace offers Community Associations a wide array of insurance alternatives". Well that was then and this is now.For the last 10 years the Insurance industry has been in what is commonly called a "soft market", whereby Insurance companies were very aggressive and thus many insured's saw their premiums fall due to this added competition.
Today this "soft market" is hardening, especially in the Community Association Insurance arena. In the last 4 years, Nationwide, Maryland, CNA, St. Paul, Highlands and Travelers have taken steps to limit their writings for Community Associations. This limiting could possibly cause renewal increases above what has been normal for the last 10 years.
Each situation is different and it would be recommended that renewal premium indications be obtained from your Agent as soon as possible, so as to determine the extent, if any, of an increase. If an increase exists above what is acceptable, then the Board should prepare to bid out the Insurance program for the upcoming year. (Please refer to my article in the Sept/Oct 98 newsletter on bidding out your insurance).
Along with any review of an insurance program, coverage and price considerations should always be balanced, thus creating a comprehensive program of insurance at a reasonable cost.
Site Hosting and Design by Quad-B Systems, LLC
Copyright © 2006-2008
Copyright © 2006-2008