FLORIDA LONGSHORE RATES SLASHED:

Following a concerted effort by LIG Marine Managers (www.LIGInsurance.com), the U.S. Department of Labor, the Marine Industries Association of South Florida, the Florida Marine Contractors Association and many others, NCCI announced it would be filing for a reduction in the Florida Longshore surcharge effective July 1, 2004. That filing was made at the end of April and, if approved, will result in the loading being cut from the existing 349 percent to 148 percent. This means the Longshore multiplier will reduce from 4.49 to 2.48 and thus Florida Longshore “Surcharge F” rates which are calculated by use of this load, will drop by approximately 45 percent for new and renewal business with effective dates on or after July 1, 2004. “This is a great step towards an economically feasible rate for many Longshore exposures in Florida and those involved in the process should be congratulated,” stated Ian Greenway, president of LIG Marine Mangers. “Suddenly, coverage will become much more affordable for marine contractors and artisan contractors with Longshore exposures and the arguments for those not buying coverage will be greatly diminished, thus presenting some excellent new opportunities.”

Topics Florida