Ala. Wind-Policy Provider Limits Risks to Over $10M
Alabama wind-policy provider International Catastrophe Insurance Managers (ICAT) has announced that it will no longer accept wind coverage for risks less than $10 million in Baldwin County, Ala. According to Victor McCarley Alabama Independent Insurance Agents executive vice president, ICAT will continue to honor outstanding website quotes for 30 days.
Accounts in excess of $10 million in total insured value or in Baldwin are not affected by these changes unless specifically identified, however, ICAT will implement a rate change in beach counties effective July 19.
ICAT is taking similar action in Mississippi and Louisiana gulf coast areas. This was the alternative market for many of our members to place wind coverage when it exceeded the maximum available through the beach plan.
This market loss will be particularly difficult for businesses in these two counties who need coverage in excess of $350,000 dwelling T.I.V. on ACV basis and $1,000,000 per building/contents T.I.V. currently offered by the beach plan.
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