7.7% Florida Marine Contractors Rate Drop Approved!

NCCI has filed a new set of rates to be effective January 1st 2010. These new rates have now been approved by the Florida Department of Financial Services, and show an overall rate decrease of 6.8%

The even better news for Florida Marine Contractors is that even after the 37% drop in 1.1.2007 and 19% on 1.1.2008, the proposed rates drop a further 7.7%! The proposed rate for 6006F for 2010 is just $12.58.

A MAMMOTH DROP OF 56% IN JUST 2 YEARS!

Since 2003, this group of employers has seen the largest drop of any class of businesses in Florida from rates back in 2003 of $61.65 to the proposed rate for 2010 of $12.58, a cut of ALMOST 80%.

NC Longshore Rates

Quoted with the permission of NC Insurance Commissioner Wayne Goodwin.

"Please see today’s news about the rate filing referenced in your post. Go to the link below:

http://www.ncdoi.com/media/news2/year/2009/110209.asp

I came across your blogpost several weeks ago.   You indicated that some longshoremen were concerned that they may be getting a fairly large average increase in loss costs (8.8% on average), while all other major categories of workers in North Carolina were receiving decreases on average of (-9.6%). Our staff here at the Department of Insurance looked into the details of the calculations, and persuaded the North Carolina Rate Bureau, which is not a State agency, to lower the average longshoreman increase to +1.6%.  In other words, the settlement ordered a 9.6 percent decrease to the voluntary market loss costs and no change (zero percent) to the assigned risk markets. "

Wayne Goodwin, NC Commissioner of Insurance. Nov 2nd 2009

The Power of The Keyboard!

The September 6, 2009 post "NC Longshore Rates Rise?" highlighted the hidden rate increase for Waterfront employers in NC , buried within a rate cut for other NC employers.

I am delighted to advise that the blog was brought to the NC Insurance Commissioner's, Wayne Goodwin, personal attention and he instructed his staff to look into the details of the calculation, and then persuaded the NC Rating bureau to significantly lower this rise.

Details of the changes will be posted shortly, but Mr. Goodwin has issued an invitation to those of you who are on Facebook to sign onto to the NC DOI page or sign up for their RSS feeds at http://www.ncdoi.com/media/rss-feed_mediarelations.xml in order to keep up to date with the latest updates from their department.

This blog was designed to educate and inform, but now has the additional benefit of helping to put a significant amount of money back into the pockets of NC waterfront employers!

Kudos to Mr. Goodwin and his staff for making the effort to help our small sector of the market!

OK, which state is next?