The Massachusetts Division of Insurance recently rejected arequest by the state’s largest commercial home insurer that couldhave cost customers more money to deal with damages from winterweather, The Boston Globe reported
Webster, Mass.-based insurer Mapfre USA Corp. wanted to add adeductible and require consumers to pay as much as $10,000 of thecosts of repairing ice-dam damage before the its coverage kickedin. It was the first time an insurer has proposed an ice-damdeductible, which regulators earlier this month rejected as vagueand unfair, The Globe reported.
The plan would have provided consumers with few protections,leaving it to Mapfre, as opposed to independent agencies, todetermine whether costly home repairs were tied to ice dams, saidChris Goetcheus, a spokesman for the state’s Division of Insurance.The ice-dam deductible would have been in addition to the standarddeductible on homeowner policies.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
