Underwriting Guidelines

Transcription

1 Underwriting Guidelines These underwriting guidelines contain the governing rules for the Primary Flood Insurance Policy. The forms and endorsements shall govern in all cases not specifically provided for in these guidelines. Voyager Indemnity Insurance Company Reliable Lloyds Insurance Company

2 Voyager Indemnity Insurance Company Primary Flood Insurance Policy Underwriting Guidelines California, Florida, Kentucky, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and Washington I. ELIGIBILITY A. Named Insured: A building owner, and/or mortgagees/trustees may purchase insurance coverage on residential building and its contents under the PFIP. B. Mortgagee(s): 1. A maximum of three (3) mortgagees may be included on the policy. 2. Additional insureds or additional interests may be included on the policy. C. Coverage Limitations: Maximum Limits 1. Coverage A - Building Property. $800,000 per policy. 2. Coverage B - Personal Property. $250,000 per policy. 3. Coverage E Food Spoilage. $500 per policy. 4. Coverage F FLDCASH. $10,000 per policy. D. Flood Zones and Community: 1. Building(s) must be located in an eligible community. Eligible communities are those participating in FEMA S National Flood Insurance Program (NFIP) and are listed in the NFIP master file as active participating communities under the regular program. 2. Building in FEMA flood zones A1-A30, AE, A, AO, AH, AOB, AHB, V1-V30 and VE are eligible for PFIP. 3. Eligibility and rates will be determined based on current FEMA flood zones. NFIP grandfathering rules do not apply under PFIP. E. Ineligible Dwellings: 1. Buildings located in areas defined within Coastal Barrier Resource Act. 2. Buildings located in unnumbered V flood zone. 3. Buildings located in VE, V1-V30 flood zones built before Buildings with elevation difference (difference between lowest floor elevation and base flood elevation) of negative 1 or lower for AE, A1-A30, A, AO, AH, AHB, AOB, VE, V1-V30 flood zones. 5. Buildings located partially or fully over open water. 6. Buildings not walled and roofed. 7. Buildings under construction. 8. Condo units are ineligible for FLDCASH coverage. 9. Pre-FIRM construction date buildings with no Elevation Certificate or no LIDAR coverage to proxy a Elevation Certificate. Pre-FIRM construction dates are defined by FEMA. 10. Severe Repetitive Loss (SRL) properties as defined by FEMA. 11. Buildings with two or more flood related claims. 12. Non-elevated buildings in VE, V1-V30 flood zone. 13. Any named insured or applicant who has had any insurance cancelled or non-renewed due to misrepresentation, concealment or fraud. II. BINDING AUTHORITY Agents do not have any authority to bind coverage. Applications must be completed and submitted to the company for underwriting approval. III. PREMIUM DETERMINATION & PAYMENT A. PFIP premium must be paid in full at the time of application via check or credit card. B. Premium and premium refunds will be rounded to two decimal places. UNDERWRITING GUIDELINES 2

3 IV. MINIMUM PREMIUM RULE Minimum written premium will be $300 for the PFIP. V. POLICY PERIOD AND TERRITORY A. PFIP is an annual policy. B. Policy coverage will begin at 12:01 am standard time on the effective date of the policy term at the address of the Insured Property Location as listed on the Declarations Page. C. There is no backdating of policies allowed. D. PFIP is available in the United States and U.S. Territories, excluding the States of Alaska, Hawaii, Kentucky, Louisiana and territories of Puerto Rico, Guam, and Virgin Islands. There is no waiting period when the policy is purchased in connection with a loan closing or if policy is being rolled over from the NFIP. In other instances, a 14-day or 30-day waiting period applies to any new policy, depending on the geographic location. VI. PROPERTY INSPECTION GUIDELINES Inspections may be ordered at the discretion of the insurer or its designee. VII. SURPLUS LINES TAXES/FEES The following application/administration taxes will be separately charged. These taxes will be listed on the Declarations Page and paid by the premium payor: A. Surplus Lines Tax B. Service fees, Stamping Fees, Assessments VIII. ENDORSEMENT OR COVERAGE CHANGES A. General Change Endorsement Form should be used for changing building information, mortgagee information, loss payee information, and coverage limits. A 14-day or 30-day waiting period applies to any coverage limit change depending on geographic location unless being required as a condition of a new loan or refinance. B. FLDCASH Endorsement provides optional additional coverage for additional premium. FLDCASH Endorsement is available for all dwelling eligible under the PFIP. FLDCASH Endorsement follows the same policy period as the underlying PFIP with the same effective and expiration date as the PFIP. FLDCASH endorsement cannot be added midterm of the Policy. FLDCASH Endorsement follows all other underwriting rules listed in this document for the PFIP. IX. CANCELLATIONS A. Effective Date and Time Policies expire at 12:01 am standard time at the address of the Insured Property Location as listed on the Declarations Page. Payments received prior to the day of cancellation will be accepted and the policy will remain in force without a lapse in coverage. B. Insured s Request Cancellation request follows the rules and regulations as outlined in the Cancellation Rules Mandatory Endorsement - PFIP0004E. C. Company s Request The company may cancel the policy by providing not less than forty-five (45) days advance written notice to both the insured and mortgagee listed on the policy. Policy can be cancelled due to the following reasons: 1. When the insured has not paid the premium. 2. If there is material misrepresentation of fact which if known to us would have caused us not to issue the policy. 3. When the building risk characteristics have changed substantially since the policy was issued, making it ineligible for the policy. PFIP-UG-VI-ZZ-2 11/17 UNDERWRITING GUIDELINES 3

4 Reliable Lloyds Insurance Company Primary Flood Insurance Policy Underwriting Guidelines Georgia I. ELIGIBILITY A. Named Insured: A building owner, and/or mortgagees/trustees may purchase insurance coverage on residential building and its contents under the PFIP. B. Mortgagee(s): 1. A maximum of three (3) mortgagees may be included on the policy. 2. Additional insureds or additional interests may be included on the policy. C. Coverage Limitations: Maximum Limits 1. Coverage A - Building Property. $800,000 per policy. 2. Coverage B - Personal Property. $250,000 per policy. 3. Coverage E Food Spoilage. $500 per policy. 4. Coverage F FLDCASH. $10,000 per policy. D. Flood Zones and Community: 1. Building(s) must be located in an eligible community. Eligible communities are those participating in FEMA S National Flood Insurance Program (NFIP) and are listed in the NFIP master file as active participating communities under the regular program. 2. Building in FEMA flood zones A1-A30, AE, A, AH, AO, AHB, AOB, V1-V30 and VE are eligible for PFIP. 3. Eligibility and rates will be determined based on current FEMA flood zones. NFIP grandfathering rules do not apply under PFIP. II. E. Ineligible Dwellings: 1. Buildings located in areas defined within Coastal Barrier Resource Act. 2. Buildings located in unnumbered V flood zone. 3. Buildings located in VE, V1-V30 flood zones built before Buildings with elevation difference (difference between lowest floor elevation and base flood elevation) of negative 1 or lower for AE, A1-A30, A, AO, AH, AOB, AHB, VE, V1-V30 flood zones. 5. Buildings located partially or fully over open water. 6. Buildings not walled and roofed. 7. Buildings under construction. 8. Condo units are ineligible for FLDCASH coverage. 9. Pre-FIRM construction date buildings with no Elevation Certificate or no LIDAR coverage to proxy an Elevation Certificate. Pre-FIRM construction dates are defined by FEMA. 10. Severe Repetitive Loss (SRL) properties as defined by FEMA. 11. Buildings with two or more flood related claims. 12. Non-elevated buildings in VE, V1-V30 flood zone. 13. Any named insured or applicant who has had any insurance cancelled or non-renewed due to misrepresentation, concealment or fraud. BINDING AUTHORITY Agents do not have any authority to bind coverage. Applications must be completed and submitted to the company for underwriting approval. III. PREMIUM DETERMINATION & PAYMENT A. PFIP premium must be paid in full at the time of application via check or credit card. B. Premium and premium refunds will be rounded to two decimal places. IV. MINIMUM PREMIUM RULE Minimum written premium will be $300 for the PFIP. UNDERWRITING GUIDELINES 4

5 V. POLICY PERIOD AND TERRITORY A. PFIP is an annual policy. B. Policy coverage will begin at 12:01 am standard time on the effective date of the policy term at the address of the Insured Property Location as listed on the Declarations Page. C. There is no backdating of policies allowed. D. PFIP is available in the United States and U.S. Territories, excluding the States of Alaska, Hawaii, Kentucky, Louisiana and territories of Puerto Rico, Guam, and Virgin Islands. There is no waiting period when the policy is purchased in connection with a loan closing or if policy is being rolled over from the NFIP. In other instances, a 14-day or 30-day waiting period applies to any new policy, depending on the geographic location. VI. PROPERTY INSPECTION GUIDELINES Inspections may be ordered at the discretion of the insurer or its designee. VII. SURPLUS LINES TAXES/FEES The following application/administration taxes will be separately charged. These taxes will be listed on the Declarations Page and paid by the premium payor: A. Surplus Lines Tax B. Service fees, Stamping Fees, Assessments VIII. ENDORSEMENT OR COVERAGE CHANGES A. General Change Endorsement Form should be used for changing building information, mortgagee information, loss payee information, and coverage limits. A 14-day or 30-day waiting period applies to any coverage limit change depending on geographic location unless being required as a condition of a new loan or refinance. B. FLDCASH Endorsement provides optional additional coverage for additional premium. FLDCASH Endorsement is available for all dwelling eligible under the PFIP. FLDCASH Endorsement follows the same policy period as the underlying PFIP with the same effective and expiration date as the PFIP. FLDCASH endorsement cannot be added midterm of the Policy. FLDCASH Endorsement follows all other underwriting rules listed in this document for the PFIP. IX. CANCELLATIONS A. Effective Date and Time Policies expire at 12:01 am standard time at the address of the Insured Property Location as listed on the Declarations Page. Payments received prior to the day of cancellation will be accepted and the policy will remain in force without a lapse in coverage. B. Insured s Request Cancellation request follows the rules and regulations as outlined in the Cancellation Rules Mandatory Endorsement - PFIP0004E. C. Company s Request The company may cancel the policy by providing not less than forty-five (45) days advance written notice to both the insured and mortgagee listed on the policy. Policy can be cancelled due to the following reasons: 1. When the insured has not paid the premium. 2. If there is material misrepresentation of fact which if known to us would have caused us not to issue the policy. 3. When the building risk characteristics have changed substantially since the policy was issued, making it ineligible for the policy. PFIP-UG-RY-GA-2 11/17 UNDERWRITING GUIDELINES 5