A Letter From Our Chairperson
To our fellow dry cleaners and coin laundry owners:Most of the world economy struggled in 2009 after multiple bubbles burst in 2008. As we grasp for signs of recovery, the best that many of us can say so far is that things are getting worse at a slower rate!For the Exchange, 2009 was a mixed bag. Many of the Exchange’s policyholders suffered and some went out of business. Like most of its policyholders, the Exchange had to find ways to control expenses to offset declining revenue. For the most part, the Exchange’s 2009 claim results were excellent. The 2009 claim count was the lowest in recent history. We’re thankful that only one 2009 fire generated a large claim and there were no 2009 hurricane claims. However, most of 2009’s favorable results were offset by unfavorable development on pollution that occurred in prior decades. That old pollution had more than a million dollar negative effect on the Exchange’s 2009 profitability. That is frustrating since the Exchange excluded pollution coverage on every policy it has issued since the mid 1980’s. Thus, the Exchange’s 2009 net profit was only $30,000. We are disappointed that there is no 2009 profit distribution, but we are determined to persevere and we are hopeful about 2010. On behalf of the entire Advisory Committee, I thank you for your vote of confidence in electing us. We pledge our best efforts to help the Exchange meet your insurance needs as efficiently as possible. We offer our best wishes for your business in the coming year. Sincerely,  Jeanne Wolf Advisory Committee Chairperson |
From our scrapbook
NIE has a wonderful collection of dry cleaner, coin-operated, and fabricare industry ads with memorabilia throughout the years. Please visit our scrapbook to view more glimpses of our history devoted to insuring dry cleaners and coin laundries since 1915. |
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6030 Bancroft Avenue, St. Louis MO, 63109 |
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