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AAIS has begun filing a comprehensive revision of its Commercial
Inland Marine (CIM) program of forms, rules, and rating information
for the traditionally filed classes of commercial inland marine insurance.
The filing, which carries a proposed effective date of
Feb. 1, 2006, includes the following classes:
The revised forms add titles and paragraph breaks to
identify limitations, exclusions, and other terms and conditions. While
making it easier to identify policy provisions, this feature also complies
with specific requirements in Oregon, thus eliminating the need for
companies to maintain separate forms for that state.
Among the general changes to the CIM forms are:
The forms filing also includes updated schedules of
coverage that reflect the forms revisions, plus sample declarations filed
on an advisory basis.
In the manual revision, premium modification and
deductible modification factors, where applicable, have been incorporated
into the rating steps rather than shown separately.
For information on affiliating with AAIS for use of
its Commercial Inland Marine Program, contact Rick Maka, director of
marketing, at rickm@AAISonline.com
or by calling 800/564-AAIS.
David Linton, an information technology specialist
with 14 years' experience in programming, applications development, and
systems implementation, has joined AAIS as director of information
services. He will be responsible for expanding AAIS's capabilities for
providing service and sharing information electronically with its member
companies.
Dave holds a multidisciplinary degree in computer
science, business, and social science from Michigan State University, and
has worked for three firms that worked extensively in financial services.
Among other things, Dave was instrumental in developing forms management
applications for MetLife and CUNA Mutual Ins. Co.
More details are available in a press
release.
Liability endorsements recently filed by AAIS will
allow insurers to modify liability coverage for mobile equipment and
vehicles to reflect changes in standard commercial auto coverage.
The endorsements, filed under the AAIS Artisans,
Businessowners, and
Commercial Liability programs, exclude liability
coverage for bodily injury and property damage arising from the ownership
or use of a vehicle or piece of equipment if it was required to be insured
under a state "financial responsibility" law or some other
insurance requirement. The endorsements have a proposed effective date of
Oct. 1, 2005.
The endorsements will enable insurers to coordinate general liability
coverage provided under an AAIS-based policy with new treatment of such equipment under
standard commercial auto policies. Current commercial auto policies are
often written to cover all vehicles and equipment required to be insured as
vehicles, while older forms may not.
Companies are advised to consult a table provided in
the bulletin announcing release of the endorsements. The table indicates how
underwriters can identify when coverage is properly in place, or when
there may be coverage gaps or overlaps.
As of Jan. 17, 2006,
insurers writing personal lines in New Jersey will have to notify
policyholders by mail within seven days of the filing of a rate
increase of 7% or greater.
The new requirement,
enacted in a law
that re-established the state's office of consumer advocate, shortens the
notice period but raises the level of increase needed to trigger the
notice requirement. Currently, companies are required to notify personal
lines policyholders within 10 days of any increase of 5% or greater.
(The notice
requirement is found in section C52:27EE-51 of the law.)
The notification requirement extends to loss
cost filings by advisory organizations, including AAIS. In 2004, AAIS
informed its New Jersey personal lines affiliates by bulletin 04-0414 of
the steps it will take in the event an AAIS filing triggers the
notice requirement.
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