AAIS will soon initiate a countrywide
filing of a comprehensive revision of its Commercial
Umbrella Program (CUP). The revised program will have a
proposed effective date of Sept. 1, 2011 in most states.
Under the revised CUP, insurers will
have a choice between two base forms for writing excess and
umbrella liability coverage for a risk.
One of the two forms is an updated
version of the form that is available under the existing
program. That form provides excess coverage for injuries
covered by underlying insurance and also includes umbrella
terms that apply in excess of a retained limit for limited
types of exposures that are not covered by underlying
insurance.
A new umbrella form, introduced with
this revision, provides coverage in excess of the limits of
underlying insurance. Under the new AAIS umbrella form, the
policy exclusions for most exposures are not automatically
subject to ‘following-form’ exceptions. In this way, the
coverage provided by the umbrella policy can be controlled
by the umbrella underwriter, rather than be driven by the
terms of underlying policies.
In addition to the base forms, the AAIS
Commercial Umbrella Program includes a wide range of
endorsements developed to provide companies with the ability
to broaden or restrict coverage as needed.
A sample manual that provides factors
for arriving at an initial premium based on the premiums for
underlying policies will also be available. That premium can be
modified using risk variation criteria encompassing loss
experience, loss control, risk management, and other
criteria.
For information on affiliating with AAIS
for use of the Commercial Umbrella Program, contact Rick
Maka, director of marketing and strategic alliances, at
rickm@AAISonline.com,
or by calling 800-564-AAIS, ext. 217.
On Jan. 3, 2011, AAIS will fully
transition its AAISdirect online library of
bulletins, forms, manuals, and other information to a newly
redesigned site introduced several weeks ago.
The revised service reorganizes
information into four product segments (commercial lines,
farm & ag, personal lines, and inland marine/output) plus
"services," which includes AAIS data reports and access to
printed forms available from Wolters Kluwer Financial
Services.
Among other new features, on-screen
"hover" boxes and a "quick search" feature help users find
information quickly. Also, additional search capabilities
provide three options for searching within the vast AAIS
library of information.
Through the end of December,
AAISdirect users will continue to sign on through the
previously existing portal, and have the option of accessing
information through the initial site or the new site.
As the testing period for the new site
is concluded, users will be prompted to participate in an
optional 10-question survey on its usefulness.
Questions and comments regarding the new
AAISdirect site can be sent to
beta@AAISonline.com.
AAIS is now
evaluating topics for its 2011 Main Event conference, April
10-12 in Ponte Vedra Beach, Fla.
This executive conference focuses on
product-related issues of strategic importance to
property/casualty insurers.
To that end, AAIS is seeking topics
regarding
trends in science, technology, law, economics, and other fields
that will impact property and liability risk and, consequently,
the design and development of P/C insurance products.
There are two ways to submit ideas for
topics:
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Use the
AAISalert online
submission form. This web page asks users to describe new
exposures they are concerned about, indicate how they
address the exposure or plan to address it, and how it is
likely to affect property/casualty insurance.
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Contact Joseph Harrington, AAIS director
of corporate communications, at
joeh@AAISonline.com,
or by calling 800-564-AAIS, ext. 217.
