The commercial marine market recognizes and always has the possibility and depending on your location, the likelihood of a loss as a result of some kind of waterborne storm, whether it be a hurricane or unusual condition," he says. He adds that Katrina has had "minimal effect" on the commercial coastal business in Connecticut. "Some companies are looking at higher deductibles for shore side facilities, which have gone from $1,000 to $2,500.
"The industry as a whole is healthy; we have a functioning competitive marketplace in Connecticut," he says. "There is no crisis. Consumers have options."
Insurers point out that shutter restrictions are hardly new.
"Most companies have had some form of shutter guidelines for years,
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Guideliness
Higher deductibles
Minimal Effect
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