The Maine Department of Professional & Financial Regulation Bureau of Insurance published a Bulletin on liquor liability insurance reporting requirements. Insurance companies offering liquor liability coverage are required to report the number of policies written, the amount of premiums written, the number of claims incurred, and the amount of claims incurred for each calendar year. The report for each calendar year is due by March 1 of the following year. The Liquor Liability Report Form can be found on the Maine Bureau of Insurance website.
The requirement to report includes any stand-alone liquor liability policy, any endorsement removing a liquor liability exclusion that would otherwise apply, and any comprehensive liability coverage where an itemized premium is charged for liquor liability risk.
Companies that meet any of the following criteria are required to file the Liquor Liability Report Form:
- Collected premium for liquor liability coverage in Maine
- Offered liquor liability coverage in Maine or had policies in force providing liquor liability coverage
- Received at least one liquor liability claim in the state
- Has incurred claims for covered Maine liquor liability risks
Companies that meet any of the criteria but do not file a report may be subject to enforcement action. Companies that do not meet any of the criteria for a calendar year are not required to file.
The Bulletin can be found here.
Ray Sugrim
Ray Sugrim is an Insurance Editor with FC&S Expert Coverage Interpretation, a division of National Underwriter Company and Arc Network. Ray is responsible for helping develop and edit content for subscribers. Ray is a St John’s University graduate with a degree in Risk Management & Insurance and is a CPCU candidate.