Allstate Lifts Alaska HO Moratorium
NU Online News Service, Sept. 8, 1:27 p.m. EDT--Allstate Insurance said it is approaching an agreement with regulators on policy language to cover mold damage and is lifting a moratorium on writing new homeowners insurance business in Alaska.
The announcement was made Friday. In a statement, the Northbrook, Ill.- based carrier said it acted "as a result of productive discussions with the Alaska Division of Insurance regarding their proposed mold endorsement." The lifting was effective Thursday.
"Since we declared the homeowners insurance moratorium, we have had several favorable meetings with Insurance Director Linda Hall and her staff to discuss approval of our mold endorsement," said Elizabeth Moceri, regional counsel for Allstate's Northwest region.
Ms. Mocerci said the discussions "have been positive and, as a result of the cooperation of Director Hall and her staff, we are comfortable that we will be able to work together to resolve our differences and gain approval of an endorsement that will protect Allstate's customers from opportunistic mold lawsuits, which would result in higher rates as has happened in other states. Because of that progress, we have lifted the moratorium."
Allstate instituted its moratorium on Aug. 6, saying it was seeking to limit its exposure because homeowners policies did not have mold endorsements. The company said it had been in negotiations with the division for the past 18 months on the proposed changes.
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