Greetings!
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Effective April 1, 2013, commercial automobile rates for the involuntary market in Massachusetts will increase on average 4.1% for new and renewal business.
As one of four servicing carriers for commercial automobile business ceded to the Commonwealth Automobile Reinsurers (CAR), Arbella is in the process of programming the new rates into our policy processing system. The rates, just approved by the Massachusetts Division of Insurance, increase the price of insurance for:
- Trucks, tractors, and trailers
- Private passenger autos that are part of a fleet*
- Public automobiles, including buses and van pools
- Garage operations
- Special vehicle types, such as mobile equipment and driver training autos, etc.
*This rate change does not affect non-fleet private passenger automobiles.
Based on the timing of our receipt of the new rates from CAR, some of the April policies have been released with the old rates and will be re-rated once the new rates are programmed into our policy processing system. We expect that only a small number of policies will be impacted.
If you have any questions, please don't hesitate to contact your commercial lines underwriter or territory manager.
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Sincerely,
William S. Hughes, CPCU Assistant Vice President, Commercial Lines Arbella Insurance Group This message was sent to all Arbella Connect™ commercial lines principals and users. Please forward to other people in your agency that might find this information useful. This notice and all product related notices are posted on Arbella Connect under Commercial Lines Updates. |