AAIS recently released a new
automated rating worksheet for its
Boatowners Program.
Developed using Microsoft Excel®
and following the manual's premium determination rules, the
Boatowners rating worksheet automates the
premium calculation process for a Boatowners policy.
The worksheet is made up of three tabs:
-
An
input-output tab for entering the company loss cost multiplier,
information on the insured property, and policy limits, and for
displaying the resulting premium for each boat, motor, and trailer;
-
A calculations
tab showing how premiums are calculated following the premium
determination steps; and
-
A tables tab
providing all the tables used in the calculation of the premium.
AAIS also recently issued nine Excel®-based
schedules for the Contractors' Combination, Contractors' Equipment, and
Fine Arts Floater classes of the AAIS
Inland Marine Guide, plus an Excel®-based
completed value report for the Guide's Builders' Risk section.
All of the new Excel®-based
documents are available on the
AAISdirect Internet service to users of the applicable insurance
line programs.
For information on affiliating with AAIS for use of
the programs or AAISdirect, contact Rick Maka, director of marketing, at
rickm@AAISonline.com or by
calling 800-564-AAIS, ext. 222.
The Louisiana Department of Insurance (LDI) will be
promulgating an amended disclosure notice insurers will be required to issue with
property policies.
The notice, mandated under a recent
law, will be used to indicate:
-
What coverages are provided in a policy;
-
Whether the insured has coverage for mold or
flood damage (and that federal and private flood insurance may be
available); and
-
Whether a separate deductible is in place for
hurricane, wind, or named-storm damage. (The disclosure must include
a standardized example of how such a deductible would be applied.)
Disclosure of the first two bullet points is already
required; the latest law adds the requirement relating to separate
windstorm deductibles.
The disclosure requirement
takes effect Jan. 1, 2010.
A
law recently enacted in Minnesota authorizes insurers and producers
to use certificates to provide evidence of coverage and the amount of
insurance, under several restrictions (see lines 13.3 to 13.32 ):
-
A certificate cannot affirmatively or negatively
amend an approved policy form without written approval from the
state's insurance commissioner, and each certificate must carry a
statement to that effect.
-
The notice of cancellation provided to a third
party certificate holder cannot exceed the statutory notice of
cancellation provided to the policyholder.
-
Carriers using certificates other than approved
ACORD or ISO certificates must file them before using them, and
filed forms may not be amended at the request of a third party.
-
Producers may not issue opinion letters that are
inconsistent with the regulations on certificates.
Minnesota is at least the fourth state this year to
implement, modify, or clarify regulations governing the use of
certificates of insurance. Previous AAIS Advisories reported on
announcements regarding certificates in
Hawaii,
Ohio, and
Mississippi.
Under an arrangement with the Reinsurance
Association of America (RAA), staff from AAIS member companies can
attend reinsurance education programs at RAA member rates.
The 2009
program lineup includes:
-
Re Contracts: The Art of Designing Reinsurance Contracts and
Programs, July 14-17;
-
Re Underwriting: An Educational Forum for Underwriting
Professionals, July 30;
-
Re Claims: Reinsurance Claims Management, September 24-25; and
-
Re Finance: The ABCs of Financial Reporting & Analysis for
Property/Casualty Insurers and Reinsurers, October 7-8.
All of
these events are scheduled to be held in New York City.
For information about each program, or to register, go to
www.reinsurance.org/seminars. When registering, choose "member" as
your "registrant type" to get the tuition discount.
