April 15, 2002 – With the price for condominium insurance on the rise, Lt. Gov. Gerard Luz James II has scheduled meetings with condominium associations on St. Thomas and St. Croix to address their concerns.
The meetings will be held from 6 to 8 p.m. Thursday at the Lieutenant Governor's office. On St. Croix, he will meet with condominium associations from 6 to 8 p.m. April 23 at Gertrude's Restaurant.
James said in a news release that since 1992, certain underwriters have been charging commercial rates without filing them with the lieutenant governor's office as required by law.
"This precedent has lead to exhorbitant increases in commercial premius charged to condominium owners. These homeowners now find themselves paying astronomical commercial premiums," James said.
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