American Bankers Insurance Company of Florida, an Assurant company, has filed changes to its Mobilowners program in Maryland, including a rate cap for business transferred from other carriers.
The new book-roll provision would limit premium increases to 15% for claim-free policies until they reach the insurer’s filed rate. The cap may remain in place for up to five years but will not be available in Territories 1 and 3.
The filing also revises the installment billing plan to charge $5 per installment and clarifies how policy credits are applied. It accompanies a separate form filing that includes an updated replacement cost endorsement.
The filing was submitted to Maryland regulators on July 15 and remains pending.
