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byline: Hershal Chaddha

Study finds Virginia’s home insurance rates have significantly increased in the last decade

Virginia saw a 41% increase in home insurance rates between 2007 and 2016.

Despite what may seem like a sharp increase, Virginia ranked 34 out of all states and D.C. for its rate increase, based on a report published by QuoteWizard. 


Rankings are based on states that experienced the largest dollar increase in their average home insurance rate from 2007 to 2016. The premiums increased $283 during that time period.


QuoteWizard allows consumers to compare insurance quotes online and on the phone. The organization used data from the National Association of Insurance Commissioners to find the percent change in home insurance rates. It found that these rate increases were primarily driven by natural disasters.


The report also said that 11 out of the top 15 states were in Tornado Alley boundaries. Oklahoma came in first with a 78% increase in home insurance rates, which amounts to an extra $821 paid each year. Western states had the lowest rate increases in the country. Nevada was ranked 51 with only a 7% or $47 increase.

Bath County bourbon stave mill adding second shift

After one year of operation, Speyside Bourbon Stave Mill in Bath County is investing $114,000 in an expansion.

The facility, which makes parts used to create bourbon barrels, had 35 employees when it opened. It plans to add a second shift over the next three years, a move that will add 45 jobs.

The growth of the bourbon industry has fueled the expansion. “We want to be able to supply our bourbon distilleries with a product that they need,” says Maggie Anderson, who does project development for Speyside Bourbon Cooperage Inc., the mill’s parent company.

Speyside Bourbon Cooperage also plans to open a stave mill in Washington County in September, which will employ roughly 35 people. Additionally, the company anticipates opening a bourbon cooperage in Smyth County by early 2020. That facility will hire 150 people.


The company is eligible to receive up to $33,750 from the Virginia Jobs Investment Program (VJIP) for the Bath County expansion. VJIP provides consulting services and funding for employee training activities.

Speyside Bourbon Cooperage Inc. is part of France-based Tonnellerie François Frères Group. In addition to facilities in Virginia, the company has locations in Kentucky and Ohio.

 

Canadian manufacturer bringing jobs to Southwest Virginia

Lured by incentives established with recent legislation, a Canadian manufacturer is bringing new jobs to Southwest Virginia.

Polycap LLC, a Toronto-based manufacturer, is investing $7.7 million to establish its first U.S. manufacturing facility in Russell County, creating 48 jobs, the Virginia Economic Development Partnership announced on Thursday. Polycap plans to occupy a 76,000-square-foot shell building in Lebanon.

Polycap is a manufacturer of specialty caps and closures for plastic packaging used in various industries.The company could not be immediately reached for a comment Thursday.

“We made the decision to choose Virginia, for what will eventually become our North American headquarters, over options in Ontario and Ohio because we believe Virginia offers the most to contribute to our success,” Tom Lato, president of Polycap, said in a press release. “Government at all levels, coupled with various industry associations, provides unprecedented incentive programs such as House Bill 222, which was spearheaded by Delegate Will Morefield and Delegate Lashrecse Aird.”

Gov. Ralph Northam signed House Bill 222 into law in the 2018 General Assembly session. The legislation offers tax credits for up to 10 years to eligible companies that move to certain economically distressed localities. 

The Russell County Industrial Development Authority was granted a $3.37 million loan by the Virginia Coalfield Economic Development Authority to build out the shell building for Polycap. Additionally, Gov. Ralph Northam approved a $130,000 grant from the Commonwealth’s Opportunity Fund to assist Russell County with the project.

The company is eligible to receive benefits from the Virginia Jobs Investment Program, which provides consulting services and funding for employee training activities.

Third series in ‘The Walking Dead’ franchise to film in Virginia

The third series in AMC’s “The Walking Dead” franchise will film its debut season in Central Virginia starting this summer.


The series is a spin-off of the AMC program “The Walking Dead,” now in its ninth season. “The Walking Dead” is about characters fighting to survive in a post-apocalyptic world. The new series will feature two female protagonists who are coming-of-age during the apocalypse.


“The series will provide high-paying jobs for our skilled workers and will invite economic opportunity for Virginia businesses large and small” Gov. Ralph Northam said in a press release. 


The show will be eligible to receive a Virginia film tax credit. The exact amount will be based on the number of local workers hired, goods and services purchased and promotions of Virginia tourism.


Production of the 10-episode series will be the second AMC series to film in the commonwealth. AMC’s “TURN,” which ended in 2017, filmed four seasons Virginia. The show had a total economic impact of over $217 million.


Filming is expected to wrap up around late fall/early winter. The series is expected to air in 2020.

Top Guard Security names new chief operating officer

Leonard “Lenny” Lyon has been named chief operating officer at Hampton Roads-based Top Guard Security. He will assume the role April 22.


Top Guard provides clients with professional security services management. The firm has 1,000 employees.


Before joining Top Guard, Lyon spent 27 years in the Navy where he retired as captain. During that time, he provided security to Navy bases and ships.  He also led Navy training to teach weapons, maritime patrols and site security.

Defense manufacturer to bring 44 jobs to Rockbridge County

Dynovis Inc. is expanding in Rockbridge County. The Virginia-based manufacturer said Thursday that it is investing $592,000 to establish a new manufacturing operation in the county, which will create 44 jobs.

The company will renovate a formerly vacant 75,000-square-foot facility and will invest in new equipment to increase its production capabilities.

Dynovis Inc. serves aerospace and defense companies by developing deployable equipment, such as rapid deployment shelters and aerostats.  

The company is eligible to receive up to $30,800 from the Virginia Jobs Investment Program, which provides consulting services and funding for employee training activities.