AAIS will soon
begin filing updated versions of its Homeowners base forms and seven
Homeowners endorsements. The new forms will be compatible for
use with Homeowners endorsements filed starting in 2006 and currently
approved in most states.
For the most part,
the latest forms provide further "fine-tuning" of provisions regarding
loss caused by water. Among other things, the standard water damage
exclusion in the base forms is revised to emphasize that:
-
The exclusion
applies regardless of the cause of an excluded event;
-
There is no
coverage for loss caused by matter carried by excluded water (e.g.,
flood-borne debris);
-
There is no
coverage for water that overflows, escapes, or is discharged from a
dam, levee, dike, etc, designed to retain or control water; and
-
Provisions
excluding loss due to tidal events now include, but are not limited
to, tidal waves, tsunamis, tidal surges, storm surges, and storm
tides.
Also, where
applicable, provisions addressing loss caused by freezing and accidental
discharge are refined to specify types of water loss that are covered or
not covered. Minor adjustments are also made in certain forms to the
incidental coverage for Collapse and the peril for Vandalism and Malicious Mischief.
The endorsement
changes, for the most part, are introduced to reflect the changes in
water loss provisions in the booklet base forms.
For information on
affiliating with AAIS for use of its Homeowners Program, contact Rick Maka, director of marketing, at
rickm@AAISonline.com, or by calling 800-564-AAIS.
AAIS affiliates can still sign
up for tomorrow's web seminar at
10 a.m. Central time (11 a.m. Eastern) describing the recent comprehensive revision
of its
Boatowners Program. Participation is open to
staff members of AAIS affiliates. To register,
In addition, AAIS has scheduled a second web seminar
for 10 a.m. Central time (11 a.m. Eastern) on Thursday, Nov. 13.
That seminar will provide an overview description of
AAIS's new Agricultural General Liability Program (AgGL). When
filed later this year, the AgGL will provide the industry's first
general liability forms specifically designed for agricultural
enterprises. The program was described in an
article in the latest
edition of AAIS's Viewpoint magazine.
The web seminar will feature Sherry Taylor, AAIS
manager of farm and agribusiness, and Deborah Summerlin, AAIS vice
president of insurance lines, describing the AgGL forms and the features
of its manual.
To register,
A recent
order from the New Jersey Department of
Banking and Insurance establishes the percentage surcharge member
insurers of the state guaranty fund can impose on applicable policies to
recoup their assessments to the fund.
The order states that insurers that have paid their
assessments as of the Oct. 16 deadline can impose a surcharge on all
policies issued or renewed on or after Nov. 1, 2008. Companies can
assess surcharges up to 0.9% of their annual net direct written premium
for affected lines, including most property/casualty lines. Surcharges
can amount to 1.4% of annual direct written premium if a company has not
fully recouped its 2007 guaranty fund assessment.
