Peachtree Special Risk Brokers, LLC 621 NW 53 rd Street, Suite 385, Boca Raton, FL Office Fax
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1 Date: June 8, 2017 Peachtree Special Risk Brokers, LLC 621 NW 53 rd Street, Suite 385, Boca Raton, FL Office Fax To: Wells Fargo Boca Raton From: Heather Chechila Re: Poinciana Place Townhomes, Inc. BINDER Peachtree Special Risk Brokers has arranged the insurance summarized below. Please note that the terms of this confirmation of insurance may not be identical to those requested in your specifications. It is your responsibility as an agent for the insured to check for accuracy and to notify us immediately of any discrepancies as any changes to coverage after the issuance of this binder will be subject to carrier approval. Please refer to the policy for specific details. Policy forms are available upon request. Property Effective: 06/15/ /15/2018 Term: Annual Company: Policy #: Locations: Total Limits of Liability: American Coastal Insurance Company (Admitted) *always check AM best rating to make sure it meets clients needs* AMC per schedule on file with carrier $8,522,082 (as per schedule on file with carrier, NOT blanket) Perils: ISO Special Coinsurance: N/A, Agreed Amount Applies Building Valuation: RCV AOP Deductible: $2,500 Per Occurrence Pers. Prop Valuation: RCV Hurricane Deductible: 5% Per Calendar Year Roof Valuation: RCV Exclusions: Existing Damage Exclusion (AC 00 10) Additional Property Not Covered Exclusion (AC 14 20) Sinkhole Deductible: $2,500 Per Occurrence Sublimit: Ordinance or Law Coverage - CP Coverage A - Full Limit Coverage B/C Combined Limit: $213,055 Any B or C or Combined Limit is sublimited to 5% per Building Policy Form(s)/ Endorsement(s)/ Exclusion(s)/ Option(s): Please see attached carrier binder
2 Conditions: *Additional Option(s): Please see attached carrier binder Please see attached carrier binder Further Conditions including but not limited to: Binder valid until: 12:01 a.m. Complete, signed ACORD application, advise if the account is being financed, TRIA form, Loss Runs, Flood Form, Rental Form and CAT Form are due upon binding coverage. Payment must be received within 20 days of the effective date of coverage. Standard ISO or Company Exclusions including but not limited to all terms, conditions, exclusions as noted by the carrier. Please review the quotation for accuracy as the coverages and terms being offered may not be the same as or as broad as requested in your application. (30) Days Notice of Cancellation, except, (10) days for non-payment of premium. Please see attached Financial Notice. Any changes to coverage issued after the binder will be subject to carrier approval. Signed and dated application due upon binding. If there are terms/conditions that are inconsistent with the coverage bound, please note that your binder/policy prevails and any changes to terms/conditions, etc. must be made by endorsement request and are subject to carrier approval. The policy dictates the actual terms of coverage i.e. in the event of differences, the policy prevails. Premium Excluding TRIA: New Premium is $34, TRIA Admitted Taxes $39.00 New Total Premium is $34, Thanks for the opportunity, Heather Chechila Peachtree Special Risk If the retail agent issues a certificate of insurance or evidence of insurance it must be according to the terms of this binder and the insurance policy. Any request to change, endorse or modify the terms of this binder or the insurance policy must be submitted in writing to the insurance company for its advanced written approval and shall not be effective if communicated by means of a certificate of insurance or evidence of insurance. Peachtree Special Risk Brokers, LLC ( Broker ) disclaims and undertakes no responsibility for incorrectly issued or inaccurate certificates or evidence of insurance. Broker will provide copies of certificates or evidence of insurance issued by the retail agent to the respective insurance companies only if required by such insurance company. Be advised that the insurance company(ies) may or may not review and/or approve a certificate or evidence of insurance. If Producer provides copies of certificates or evidence of insurance to Broker, Broker will not review, analyze or otherwise comment on the accuracy, completeness or propriety of any certificate or evidence. Submission of a certificate or evidence of insurance to our office and/or the insurance company s office does not constitute approval of the certificate or evidence.
3 NOTICE OF CARRIER FINANCIAL STATUS Peachtree Special Risk Brokers, LLC, and its parent company, Brown & Brown, Inc. (collectively Brown & Brown ) do not certify, warrant or guarantee the financial soundness or stability of any insurance carrier or alternative risk transfer entity. We endeavored to place your coverage with an insurance carrier with an A.M. Best Company financial rating of A- or better.* While Brown & Brown cannot certify, warrant or guarantee the financial soundness or stability of a company or otherwise predict whether the financial condition of a company might improve or deteriorate, we are hereby providing you with notice and disclosure of financial condition so that you can make an informed decision regarding the placement of insurance coverage. Accordingly, this will serve as notice of the following with regard to the placement of the insurance indicated below and with regard to any subsequent renewal of such insurance: Brown & Brown [presented/attempted to present] other options for your insurance placement, including quotations with insurance carriers holding an A- or better rating from A.M. Best Company, but [we were unable to secure such a binder/you have elected to decline these options]. Insurance coverage is being placed through American Coastal Insurance Company, which is currently not rated by A.M. Best Company. The financial condition of insurance companies may change rapidly and that such changes are beyond the control of Brown & Brown. You have had the ability to review the financial information for this carrier as found in one or more of the following sources: a state department of insurance website, A.M. Best Company website, carrier or a carrier website. You have had an opportunity to consider the information provided regarding your insurance binder and insurance placement and review it with your accountants, legal counsel and advisors. Named Insured: Policy Number: Policy Period: Date of Notice: * A.M. Best Rating Guide: Rating for Stability: A++ to D = Highest to lowest rating Rating for Assets/ Surplus: 15 to 1 - Largest to smallest rating
4 NOTICE OF CHANGE IN POLICY TERMS Policy Number AMC This notice is to inform you about important changes to all American Coastal Policies beginning October 1, If this is a renewal policy, this applies to changes to our forms and coverage from your expiring policy. If this is a new policy with American Coastal the following describes our current Duties In The Event Of Loss Or Damage, Loss Payment, Cancellation and Nonrenewal Conditions. These changes have been approved by the Florida Office of Insurance Regulation and are designed to help fight abuse of Assignment of Benefit claims. Recent spikes in water damage and hail damage claims losses have prompted similar changes by Citizens and other Florida admitted carriers. Our promise continues to be to pay for legitimate claims quickly while preventing unnecessary repairs and increased litigation costs and rate increase for our insured s in Florida. Changes to Duties In The Event Of Loss Or Damage include the following: 1. There may be no coverage for permanent repairs that begin before one of the following occur: a. 72 hours after the loss is reported to American Coastal b. Loss is inspected by American Coastal c. Verbal or Written approval is provided by American Coastal 2. Attach all bills, receipts and related documents that justify the figures in the inventory. 3. If you are an association, corporation or other entity; any members, officers, directors, partners or similar representatives of the association, corporation or other entity must: a. Submit to examinations under oath and recorded statements, while not in the presence of any other insured; and b. Sign the same; 4. Your agents, your representatives, including any public adjusters engaged on your behalf, and anyone insured under this policy other than b. or c. above; must: a. Submit to examinations under oath and recorded statements, while not in the presence of any insured; and b. Sign the same. 5. A claim, supplemental claim, or reopened claim for loss or damage caused by windstorm or hurricane is barred unless notice of the claim, supplemental claim, or reopened claim is given to American Coastal in accordance with the terms of the policy within 3 years after the date the hurricane first made landfall in Florida or the windstorm caused the covered damage. A supplemental claim or reopened claim means any additional claim for recovery from us for losses from the same hurricane or windstorm which we have previously adjusted pursuant to the initial claim. 6. Any inspection or survey by American Coastal, or on our behalf, of property that is the subject of a claim, will be conducted with at least 48 hours' notice to the Insured. The 48-hour notice may be waived by the Insured. AC NCPT
5 The duties above apply regardless of whether the Insured, as an "insured" seeking coverage, or a representative of either retains or is assisted by a party who provides legal advice, insurance advice or expert claim advice, regarding an insurance claim under this Policy. Changes to Loss Payment include the following: If an identical replacement is not available, we may, at our option, substitute replacement of equal or greater features, functions or capacities of the damaged property, subject to policy conditions. Changes to Cancellation and Nonrenewal include the following: 1. American Coastal will provide written notice to policyholders at least 120 days prior for cancellations and non-renewals if the policy covers a residential structure or its contents, and 45 days prior to the expiration of the policy for nonresidential structures or its contents. 2. Cancellations and Non-renewals will be processed within the time periods stated above regardless of the month effective. 3. Pursuant to Florida Statutes, conditions barring Cancellation or Nonrenewal on the basis of filing claims for partial loss caused by sinkhole damage are removed. MORE INFORMATION ON THESE CHANGES CAN BE FOUND IN YOUR RENEWAL PACKET. THE DESCRIPTIONS IN THIS NOTICE ARE INTENDED TO BE FOR INFORMATIONAL PURPOSES ONLY. IN THE EVENT OF A CONFLICT, THE LANGUAGE IN YOUR POLICY AND ITS ENDORSEMENTS WILL BE CONTROLLING. PLEASE REVIEW YOUR POLICY AND ENDORSEMENT LANGUAGE CAREFULLY. AC NCPT
6 Named Insured Policy Number Poinciana Place Townhomes Inc AMC Windstorm THIS POLICY CONTAINS A SEPARATE DEDUCTIBLE FOR HURRICANE LOSSES WHICH MAY RESULT IN HIGH OUT-OF-POCKET EXPENSES TO YOU. Flood FLOOD COVERAGE IS NOT PROVIDED BY THIS POLICY. Policy Cancellation WARNING! If your policy includes windstorm coverage and you cancel your American Coastal Insurance Company (ACIC) policy mid-term for any reason other than buildings being sold, you may not be eligible to obtain a quote or binder for a period of up to three (3) years. American Coastal is an admitted insurance company in the state of Florida. Our filed rates are approved by the State Office of Insurance Regulation and are based on an annual term policy even though exposure from the Wind Season is primarily during the months from June through November. Short term policies undermine the rate adequacy of the rating plan filed and approved by the State. American Coastal does not want to participate in or promote practices that undermine rate adequacy and the rate approval process of the State of Florida. If an insured cancels a policy after being in force all or part of the wind season, it may not be eligible to obtain another quote or binder from AmRisc or American Coastal for a period of up to three (3) years. You should be aware that Citizens Property Insurance Company may not be able to offer you a policy if you purchase a short term interim policy. You should check their website for details. We recommend you talk to your current agent before cancelling any policy mid-term.
7 General Information Named Insured: DBA Name: Address: City, State, Zip: Poinciana Place Townhomes Inc Broker: Company: Heather Chechila Peachtree Special Risk Brokers 3132 Fortune Circle Suite D27 Account No.: Wellington, FL Policy: AMC Company Information Company: American Coastal Insurance Company Quote Date/Time: 06/07/2017 4:17:47PM Effective Date: 06/15/2017 Valid Until: 10/13/2017 Expiration Date: 06/15/2018 Quoted By: Bud Brickey Policy Information Policy Type Commercial Property County Palm Beach Location Rest of State Protection Class 4 BCEGS Non-Participating EC Zone Seacoast 1 Coverage Perils Covered ISO Special Coinsurance: N/A, Agreed Amount Scheduled Building Valuation RCV AOP Deductible: 2,500 Per Occurrence Pers. Prop Valuation RCV Sinkhole Deductible: 2,500 Per Occurrence Roof Valuation RCV Hurricane Deductible: 5% Per Calendar Year Exclusions Existing Damage Exclusion (AC 00 10) Additional Property Not Covered Exclusion (AC 14 20) Total Limits of Liability: Options/Endorsements/Standard Forms $8,522,082 (as per schedule attached, NOT blanket) Ordinance or Law Coverage - CP Coverage A Full Limit (y/n): Coverage B Limit: Coverage C Limit: Coverage B/C Combined Limit: Coverage A/B/C Combined Limit Y $213, Any B or C or Combined Limit is sublimited to 2.5% per Building Equipment Breakdown Limit: Sinkhole Coverage Sinkhole coverage includes catastrophic ground cover collapse (CP 01 25) and sinkhole coverage endorsement (AC SLC-03-14). $0 Not Covered Standard forms and endorsements to apply. Other options available upon request. Percent deductibles are per building 10% Minimum Earned premium applies. This quote is subject to acceptance both sides with NO COVER GIVEN Property Enhancement Endorsement - AC All Buildings With outstanding damage are excluded. Coverage explicitly excludes all flooding, including but not limited to flooding during windstorm events. Coverage excludes all damage directly or indirectly caused by any Named Storm in existence upon AmRisc receipt of written request to bind. Policy Totals Premium Subtotal: Equipment Breakdown: TRIPRA: Emergency Management Preparedness and Assistance Trust Fund: Citizens 2005 Emergency Assessment: Florida Hurricane Catastrophe Fund (FHCF) Emergency Assessment: Fire College Trust Fund: Florida Insurance Guarantee Assessment: Total Premium $34, $4.00 $35.00 $34, Not Covered REJECTED
8 Commercial Property Schedule - Building Information BUILDINGS CONTENTS Building # Building Values Premium Group I Premium Group II Contents Values Premium Group I Premium Group II Premium Subtotals 1 $773,390 $1,264 $1,698 $0 $0 2 $773,390 $1,264 $1,698 $0 $0 3 $773,390 $1,264 $1,698 $0 $0 4 $773,390 $1,264 $1,698 $0 $0 5 $773,390 $1,264 $1,698 $0 $0 6 $773,390 $1,264 $1,698 $0 $0 7 $773,390 $1,264 $1,698 $0 $0 8 $773,390 $1,264 $1,698 $0 $0 9 $773,390 $1,264 $1,698 $0 $0 10 $682,222 $1,114 $1,499 $0 $0 $0 $2, $682,222 $1,114 $1,499 $0 $0 $0 $2, $40,058 $56 $306 $0 $0 $0 $ $63,500 $80 $251 $0 $0 $0 $ $13,995 $18 $67 $0 $0 $0 $85 16 $19,850 $26 $78 $0 $0 $0 $ $5,090 $6 $24 $0 $0 $0 $30 19 $54,635 $77 $2,013 $0 $0 $0 $2,090
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