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News Breaks | | | | November 10, 2011 | | 09:25 EDT |  | PMIC | Penn Millers Holdings comments on impact of severe grain elevator explosion
The company announced that on October 30, the company received the first notice of a severe explosion that occurred at an insured grain elevator on October 29. The company carried only the property coverage for the insured location and is in the process of estimating the total incurred loss, with current estimates in a range of $4.0M to $6.0M. Under the terms of its property reinsurance treaty, the company retains the first $1M of any one loss. However, the claim is likely to trigger reinstatement premiums owed under the treaty, which the company currently estimates to be in a range of $3.7M to $4.8M. | |
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