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Pratt County hears insurance renewal review; EMC urges fleet-safety policy and maintenance plans
Summary
An insurance representative reviewed Pratt County's renewal, citing rising loss ratios driven by commercial auto claims and large reserves. The county was urged to adopt a fleet-safety policy, develop roofing/maintenance plans and track claims to limit future premium increases.
An insurance representative for EMC reviewed Pratt County's insurance renewal and warned commissioners that recent claims have driven the county's experience modification and will increase future premiums.
The representative said Pratt County's experience modification (mod) rose from 0.68 to 0.83 in the latest renewal cycle. That change produced roughly an 11.9% increase in the county's premium even though base rates fell. "When you do that — when anyone does that to an insurance company — they will take action," the insurance representative said, referring to the county's recent loss history.
Why it matters: the mod and large reserves can increase premiums for multiple lines, including commercial auto and umbrella/ excess coverage. The representative identified a single commercial-auto reserve of about $386,001 tied to a…
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