Statewide Underwriting Services is implementing important changes to our Mid-Hudson Co-Operative Insurance Co. for BOP & SMP lines of business (and) Claverack Cooperative Insurance Co. for BOP lines of business.
In reviewing the need to improve profitability and competitiveness in the New York marketplace, we have received an approved rate increase from the NYSDFS to be effective 05/17/2021 for New & Renewal Business.
- Mid-Hudson Co-Op: BOP & SMP lines of business will have a 2-5% statewide average base rate increase to improve profitable growth.
- Claverack Cooperative: BOP line of business will have a 2-5% statewide average base rate increase to improve profitable growth.
Please note that individual rates will vary based on the rating factors present for each account.
Please continue to work with your Commercial Lines Underwriter for proper pricing and coverage of your BOP & SMP submissions. They are available to help assist you if you have any questions.
We appreciate your business and continued partnership as a viable resource for your commercial accounts today as well as for many years to come.