Unable to raise $27,000 from private foundations, a Baltimore group championing a proposal for a quasi-government non-profit insurance company has begun seeking donations and loans elsewhere.
The City Wide Insurance Coalition wants individuals and churches to pay for a feasibility study of the insurance company. The group believes it is needed to provide a cheaper insurance alternative to city residents, who pay higher automobile premiums than people in other parts of the state.
"We are going to have to find sources more committed to social progress than profits," said Robert Kaufman, the president of CWIC. At the group's meeting last night, Kaufman made a plea that 21 or more individuals or organizations make loans of $1,000 each, which he said will be repaid with 6 percent interest if an insurance organization is ultimately formed. "Those loans would be our first obligations to repay," he said before the meeting.