The request, submitted in February by the North Carolina Rate Bureau, was initially denied by Causey, continuing his long-standing practice of rejecting initial rate hike proposals. The North Carolina Department of Insurance confirmed the hearing timeline in a recent statement.
At the heart of the proposal is a state-administered insurance pool, funded through a combination of legislative appropriations (capped at $25 million), fees from participating managers, and interest income. Liability coverage would be limited exclusively to prescribed burns conducted by certified individuals, with exclusions for workers’ compensation, automobile liability, and other professional liabilities. Source link
“Some takeaways were that interest rates are likely to remain somewhat high, especially if tariffs are high, but that there’s a huge need for housing, especially multifamily housing,” he said. “So, networks can take back to their agencies, saying, ‘You ought to look at commercial habitation risk,’ because there’s building, there’s growth, there’s funding, and…
In parallel with the product launch, Westfield announced a $750,000 donation to the Center for Disaster Philanthropy (CDP) to support flood recovery and mitigation efforts. The contribution includes $500,000 for national recovery initiatives and $250,000 directed to CDP’s Atlantic Hurricane Season Fund, which addresses flood-related needs during hurricane season. Source link
A key part of the underwriting process—and a major factor in determining property eligibility and pricing—is a community’s ISO Public Protection Class (PPC). The PPC program, developed by ISO, evaluates a community’s fire protection capabilities, including emergency communications, fire department readiness, water supply, and community risk reduction efforts. Source link
