MARYLAND INSURANCE COMMISSIONER CLARIFIES INSURANCE COMPANIES’ UTILIZATION OF PERCENTAGE DEDUCTIBLES FOR HOMEOWNERS IN AREAS AFFECTED BY HURRICANE IRENE
Baltimore, MD Maryland Insurance Commissioner Therese M. Goldsmith today issued Maryland Insurance Administration Bulletin 11-25 to remind property insurers that Maryland law provides that “hurricane deductibles” pay be imposed only in limited circumstances. To lawfully impose a percentage deductible for hurricane damage, the insured’s home must be located in a part of Maryland that was Read the Rest…