What are Fednat Holding's Business Segments?
Homeowners’ Property and Casualty Insurance
FNIC and MNIC underwrite homeowners’ insurance in Florida and FNIC also
underwrites insurance in Alabama, Louisiana and South Carolina. Homeowners’
insurance generally protects an owner of real and personal property against
covered causes of loss to that property.
Our homeowners’ insurance products provide maximum dwelling coverage
in the amount of approximately $3.8 million, with the aggregate maximum policy
limit being approximately $6.5 million. We currently offer dwelling coverage
“A” up to $4.0 million with an aggregate total insured value of
$6.5 million.
Premium rates charged to our homeowners’ insurance policyholders are
continually evaluated to assure that they meet the expectation that they are
actuarially sound and produce a reasonable level of profit (neither excessive,
inadequate or discriminatory). Premium rates in Florida and other states are
regulated and approved by the respective states’ office of insurance regulation.
Other Lines of Business
Commercial General Liability: We underwrite for approximately 380 classes of
skilled craft workers (excluding home-builders and developers) and mercantile
trades (such as owners, landlords and tenants). The limits of liability range
from $100,000 per occurrence with a $200,000 policy aggregate to $1.0 million
per occurrence with a $2.0 million policy aggregate. We market the commercial
general liability insurance products through independent agents and a limited
number of general agencies unaffiliated with the Company.
Personal Automobile: Nonstandard personal automobile insurance is principally
provided to insureds that are unable to obtain standard insurance coverage because
of their driving record, age, vehicle type or other factors, including market
conditions. We market this through licensed general agents in their respective
territories.
Flood: FNIC writes flood insurance through the National Flood Insurance Program
(“NFIP”). We write the policy for the NFIP, which assumes 100% of
the flood risk while we retain a commission for our service.
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