New Business Underwriting Guidelines

Transcription

1 New Business Underwriting Guidelines All Risks Single Vehicle Multiple Vehicles Program Ultra Premier Deluxe Standard Basic licensed at least 9 years; at least 5 years, least 20 least 5 years if least 9 years. unless part of years part of family family account account Driving Experience Minimum Liability Limits Coverage Drivers age <21 and 75+ ineligible 100/300 or 300 CSL At least one vehicle must have full coverage licensed less than 5 years must be incident free; Drivers age 75+ ineligible 50/100 or 100 CSL Policy Type Companion HO2, 3, 5 Policy Monoline Auto least 3 years, unless part of family account licensed less than 3 years must be incident free; Drivers age 75+ require Physician s Statement 30/60/15 or 75 CSL All vehicles must have liability coverage At-Fault Accidents None One NAF Accidents None One Comprehensive Losses Minor Violations At-Fault Accidents None One NAF Accidents None One Comprehensive Losses Two (no more than one per driver) Minor Violations None One Two (maximum one accident) Two Three (no more than 2 per driver) Three 8/1/2014 1

2 Additional Requirements Operators with major violations within the past 3 years are ineligible for coverage. Any principal operator must be at least 19 years of age unless he/she is a resident relative of a named insured. Any driver age 75 or older must submit a Physician Statement. Operators must be U.S. residents and have been licensed at least 3 consecutive years in the United States. Operators with less than 3 years driving experience may qualify if part of a family policy. must be licensed in Maryland. Drivers may be excluded as allowed by Maryland law, but spouses may not be excluded on new business. Any risk canceled or non-renewed by any carrier within the preceding 3-year period is Any risk without prior continuous coverage for at least 6 months is Exception: This guideline does not apply if the prior writing company canceled/non-renewed coverage because it no longer offers Personal Auto coverage in Maryland. All vehicles must be registered to the named insured(s) and/or drivers rated on the policy and must be garaged in the state of Maryland. Vehicles titled in company/corporate names are Cumberland will only offer minimum limits of liability required under Maryland law where Family Day Care is provided in the named insured s residence. Policies with one or more vehicles exceeding 30 miles one way to work and/or 30,000 annual miles are eligible for the Standard or Basic Underwriting Programs. Policies with one or more vehicles exceeding 40 miles one way to work and/or 40,000 annual miles are Major Violations Operators with the following major violations within the past 3 years are ineligible for coverage: Failure to stop for school bus with flashing red lights Exceeding maximum speed by 20 or more mph Exceeding special speed limit in school zone Careless driving Leaving the scene of an accident Driving while license suspended or revoked Driving while intoxicated or under the influence of drugs Any felony arising out of the use of a motor vehicle Drag Racing Racing on highways Failure to stop when involved in a motor vehicle accident Fleeing a police officer 8/1/2014 2

3 Restricted Vehicles The following vehicle types are not eligible for coverage: Vehicles with more than two axles, or a gross weight exceeding 13,500 pounds All trailers (including campers) and pickup trucks with camper bodies exceeding 25 feet in length or rented to others Motor homes, motorcycles, mopeds, motor scooters, and motorbikes Go-carts, snowmobiles, all-terrain vehicles, dune buggies, golf carts, kit cars, grey market vehicles or any vehicle primarily designed for off-road use Vehicles used for door-to-door delivery or mail service, driver training, or emergency vehicles Physical damage coverage for antique or classic cars Vehicle Make/Models including, but not limited to: Aston Martin: All Models Ferrari: All Models Maserati: All Models Bentley: All Models Lamborghini: All Models Porsche: All Turbo Models Bugatti: All Models Lotus: All Models Rolls Royce: All Models Dodge Viper Refer to underwriter prior to binding: Model year 2010 and older with a symbol greater than 26 Model year 2011 and newer with a symbol greater than 61 Any vehicle exceeding $80,000 cost new 8/1/2014 3

4 RENEWAL UNDERWRITING GUIDELINES Renewal Underwriting Guidelines The following are applicable to all Underwriting Programs: At-Fault Accidents Any risk with more than one at-fault accident within the preceding 3-year period is NAF Accidents Any risk with more than two not-at-fault accidents within the preceding 3-year period is Single Any risk with more than three paid comprehensive claims within the preceding 3- Comprehensive Losses Vehicle year period is Minor Violations Any risk with more than three minor moving violations within the preceding 3-year period is Any risk with a total of more than three individual incidents from any combination of the above items is At-Fault Accidents Any risk with more than two at-fault accidents within the preceding 3-year period is NAF Accidents Any risk with more than three not-at-fault accidents within the preceding 3-year period is Multiple Any risk with more than three paid comprehensive claims within the preceding 3- Comprehensive Losses Vehicles year period is Minor Violations Any risk with more than four minor moving violations within the preceding 3-year period is Any risk with a total of more than four individual incidents from any combination of the above items is Operators with major violations within the past 3 years are ineligible for coverage. Any risk where there is a failure to provide requested information critical to the underwriting or rating of the policy is Any principal operator must be at least 19 years of age unless he/she is a resident relative of a named insured. Any driver age 75 or older must submit a Physician Statement. must be licensed in Maryland. Drivers may be excluded as allowed by Maryland law. Any risk canceled or non-renewed by any carrier within the preceding 3-year period is Any risk without prior continuous coverage for at least 6 months is Exception: This guideline does not apply if the prior writing company canceled/non-renewed coverage because it no longer offers Personal Auto coverage in Maryland. All vehicles must be registered to the named insured(s) and/or drivers rated on the policy and must be garaged in the state of Maryland. Vehicles titled in company/corporate names are Cumberland will only offer minimum limits of liability required under Maryland law where Family Day Care is provided in the named insured s residence. Policies with one or more vehicles exceeding 40 miles one way to work and/or 40,000 annual miles are 8/1/2014 4

5 RENEWAL UNDERWRITING GUIDELINES Major Violations Operators with the following major violations within the past 3 years are ineligible for coverage: Failure to stop for school bus with flashing red lights Exceeding maximum speed by 20 or more mph Exceeding special speed limit in school zone Careless driving Leaving the scene of an accident Driving while license suspended or revoked Driving while intoxicated or under the influence of drugs Any felony arising out of the use of a motor vehicle Drag Racing Racing on highways Failure to stop when involved in a motor vehicle accident Fleeing a police officer Restricted Vehicles The following vehicle types are not eligible for coverage: Vehicles with more than two axles, or a gross weight exceeding 13,500 pounds All trailers (including campers) and pickup trucks with camper bodies exceeding 25 feet in length or rented to others Motor homes, motorcycles, mopeds, motor scooters, and motorbikes Go-carts, snowmobiles, all-terrain vehicles, dune buggies, golf carts, kit cars, grey market vehicles or any vehicle primarily designed for off-road use Vehicles used for door-to-door delivery or mail service, driver training, or emergency vehicles Physical damage coverage for antique or classic cars Vehicle Make/Models including, but not limited to: Aston Martin: All Models Ferrari: All Models Maserati: All Models Bentley: All Models Lamborghini: All Models Porsche: All Turbo Models Bugatti: All Models Lotus: All Models Rolls Royce: All Models Dodge Viper Refer to underwriter prior to binding: Model year 2010 and older with a symbol greater than 26 Model year 2011 and newer with a symbol greater than 61 Any vehicle exceeding $80,000 cost new 8/1/2014 5