from:	Neal Donovan <neald@gorgesco.com>
to:	Matthew Merckel <mmerckel@tidewaterproperty.com>,
jk <jacob.kogan@gmail.com>
date:	Mar 12, 2025, 9:12 AM
subject:	RE: GOM I - Proposed Special Assessment and Proxy
 
Good Morning,
 
 
 
Please see below total premiums per year. There was a $1M+ fire loss in January
2021, just before renewal. Westminster seemed as though they were going to
continue coverage but they were bought out by another insurance carrier in
late 2022 and then nonrenewed the policy. We had to get coverage on the surplus
market starting 2023 which is reflected in the premium, the large loss should
be aged out for most carriers next renewal, hoping to get back into the admitted
market then and reduce the premium burden.
 
 
 
2018: $87,022
 
2019: $89,521
 
2020: $86,878
 
2021: $97,671
 
2022: $109,195
 
2023: $223,489.59
 
2024: $247,330.72
 
2025: $249.630.22
 
 
 
Thanks,
 
 
 
Neal Donovan
 
Gorges & Company, Inc. 
 2345 York Road Timonium, MD 21093
 
410-561-8280(3041) | 410-561-9728 (Fax)
www.gorgesco.com