I hope your holidays were festive. Now it’s time to get back to business and we have a great announcement to start the year.
We’re pleased to announce that our non-standard homeowners market is once again accepting new business. During the suspension we identified several changes necessary to sustain this program into the future. Here is a summary of the program changes:
- This program will feature a 24-48 hour response time. If a longer response time is needed the underwriter will inform you.
- New business has been reactivated in all states except: CA, CT, DE, MA, MT, NC, NJ, NY, RI, and WV. Renewals can be kept in these states, however new business will not be accepted.
- Coverage A minimum is increased to $250,000 in non-coastal areas. Coastal minimums remain unchanged. Click here for more information.
- Protection class 1-8 only for new business. (No PC 9 & 10.)
- Non-standard Renters, Non-standard Condo and Personal Builders Risk have been discontinued
- All other categories (seasonal, unsupported, rental dwelling, corporate/LLC owned, etc.) are now combined into Non-standard Homeowner product. The products will now be:
- Non-standard Homeowners or Rental Dwellings
- Vacant dwelling- non-standard
- We require a copy of the gross premium check made payable to your agency before new business coverage will be bound, which eliminates premium finance or mortgagee payments as an option for new business unless you bind far enough in advance to get a check for the annual gross premium. Once the invoice is posted, NET premium must be paid to IIAA Agency Administrative Services, Inc. within 5 days.
- We are no longer accepting attached Lexington app for quoting. You must instead fill out the form on Big “I” Markets.
So if you need a non-standard homeowners market and are in one of the eligible states, look to BIM first! Please contact us at email@example.com if you have any questions.
Andrew McElhannon is the Member Services Coordinator for the Independent Insurance Agents of Georgia www.iiag.org, and can be contacted at: firstname.lastname@example.org or b y phone at 770-458-0093, x.110, or 800-878-6487.