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Storms May Scare Insurance Companies

November 29, 1999 General by Bill McGinty

A number of insurance companies had record claims losses associated with the tropical storm this summer.  Suffolk County in New York recorded the largest amount of claims.  Insurance companies site the high cost of repairs on Long Island as a major cause of the high claim costs.

The concern is that this will accelerate the exodus of Insurance companies willing to write insurance on long Island and other Beach communities.  As of now, I still have a number of quality insurance companies open to insuring Beach Homes.  At a minimum, Beach House owners shouldn't be surprised if premium charges increase next year.  I am always talking to the insurance companies and will keep everyone updated.  I will pass along anything I hear.

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The ELS Financial Service Group implements insurance programs protecting Specialty Financial Service Firms including Registered Investment Advisors, Independent Broker Dealers, Certified Financial Planners, Family Offices, Niche Venture Capital and Investment Banking firms .  ELS handles their specialized insurance issues including Professional Liability, Errors and Omissions, General Liability, Property, Employment Practices, Fiduciary, Fidelity and Workers Compensation.

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