New educational materials that provide
information about the Personal Inland Marine (PIM) Program
are now available in the Education section of
AAISdirect.
The new PIM materials can be used as
references or training tools for staff and agents. The
materials are based on the countrywide forms and
endorsements; users should remember to consult
state-specific forms and endorsements when applicable.
The education material includes:
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An AAIS Watercraft Comparison Chart
- This chart compares the eligibility and coverages for
watercraft under the Homeowners 09 08, Personal Inland
Marine 05 09, Boatowners 05 08, and Yacht Rev. 1.0
programs.
-
AAIS Coverage Comparison - Personal
Inland Marine Personal Articles Coverage and Homeowners
Scheduled Personal Property - This chart compares the
coverages provided by Personal Inland Marine form PM
0001 02 06 and a Homeowners policy amended by
endorsement HO 3061 01 06 - Scheduled Personal Property
Coverage or HO 3063 01 06 - Scheduled Personal Property
Coverage - Agreed Value.
-
Personal Inland Marine Vehicle and
Boat and Outboard Motor Class - This chart provides a
coverage overview for vehicle classes, such as golf
carts, ground care vehicles, mobility assistance
vehicles and snowmobiles, and for the Boat and outboard
motor class.
-
Personal Inland Marine Applications
and Appraisals - This material provides an overview of
the types of information that should be captured in
Personal Inland Marine applications and appraisals.
Insurers interested in affiliating with
AAIS for use of the Personal Inland Marine Program can contact Rick Maka, director of
marketing, at
rickm@AAISonline.com or by calling 800-564-AAIS, ext.
222.
AAIS will soon
file revised amendatory endorsements under personal lines and
farm programs in Iowa to comply with new rules, effective July
1, 2010, that affect cancellation, renewal, and nonrenewal
requirements.
The new rules, created by statute, include
the following:
-
Policies in effect for 60 days can be cancelled for specific reasons only;
-
Policyholders must be given at least 30
days' advance notice of nonrenewal; and
-
Insurers must give at least 30 days
advance notice of an offer to renew a policy.
The new rules also set forth requirements
for renewal notices.
New endorsements are being filed under the
following AAIS programs in Iowa: Boatowners, Dwelling
Properties, Farm Properties, Farmowners, Homeowners,
Mobile-Homeowners, Personal Inland Marine, Personal and Premises
Liability, Personal Umbrella and Farm Umbrella.
For information on affiliating with AAIS for
use of any of these programs, contact Rick Maka, director of
marketing, at
rickm@AAISonline.com, or by calling 800-564-AAIS, ext. 222.
NOTE: This section of the May 19
Advisory was modified on July 14, 2010 to reflect recent
communications from the Wisconsin Office of the Commissioner
of Insurance.
AAIS has
determined that insurers issuing umbrella liability policies in
Wisconsin must continue to offer uninsured and underinsured
motorists (UM & UIM) coverage under those policies.
Policyholders may elect to accept or reject the coverage.
MAY 19 ORIGINAL: A change to the Wisconsin law, which becomes effective May 28,
2010, clarifies that the minimum UM & UIM limits for policies
insuring motor vehicles are not applicable to umbrella or excess
policies. AAIS will modify the UM & UIM endorsements now on file
for the Wisconsin umbrella programs to provide UM & UIM coverage
at the umbrella policy limit. The corresponding selection or
rejection forms will be modified accordingly.
JULY 14 UPDATE: In July 2010, the OCI reported to
AAIS that it would continue to require insurers to offer
umbrella UM & UIM limits of at least $100,000 per person and
$300,000 per person limits for owned autos. An OCI bulletin to
that effect is being drafted. Hence, AAIS will not be modifying
the relevant endorsements at this time.
AAIS will also pursue the possibility of removing the
anti-stacking provisions that were previously included in the UM
&UIM endorsements filed for the Wisconsin umbrella programs.
The Kentucky
legislature recently changed the reinsurance limits provided by
the Kentucky Mine Subsidence Insurance Fund.
Effective July 15, 2010, the fund will--
-
Increase the reinsurance limits for
damages to structures due to mine subsidence from $100,000
to $300,000; and
-
Add coverage up to $25,000 for living
expenses incurred by owners of a residence who have been
temporarily displaced as the direct result of damage to the
residence caused by mine subsidence.
Rates for coverage under the fund have been
revised to reflect the expanded coverage.
A new Kansas statute specifies that
insurers will pay claims for certain types of property directly
to the primary policyholder without requiring dual endorsement
by a mortgagee or lienholder.
The new law, which applies to all policies written on or after
July 1, 2010, affects claims paid for personal property, household
contents, additional living expense, and other covered items
that are not subject to a recorded security interest.
Robert Guevara, AAIS
vice president of inland marine, will speak on "Trends in
Inland Marine Coverage" at an upcoming seminar
sponsored by the Midwest Advisory Committee of the Inland Marine
Underwriters Association (IMUA).
The seminar
will be 8:30-10 a.m., Wed., June 9, in the UBS Tower, One North
Wacker Dr. in downtown Chicago. Registration begins at 8 a.m.;
the cost is $35 beforehand, $40 at the door; breakfast will be
provided.
In his address, Guevara will concentrate on topics in builders'
risk and installation floater coverage. He will discuss important court rulings,
"green" coverages, equipment breakdown coverage, coverage for
historic preservation tax credits, and the important distinction
between "delay in construction costs" and "soft costs."
To register for the seminar, see the
registration form.
Direct questions to Scott Gennusa at
sgennusa@harleysvillegroup.com.
