COMMERCIAL PROPERTY
QUALIFIED PROPERTYWe can cover many commercial buildings. Please refer to the Iowa FAIR Plan for information on writing Commercial Property and any premium quote.
INELIGIBLE PROPERTYProperties designated by Insurance Services Office, Inc. as manufacturing are not eligible.
ELIGIBILTY REQUIREMENTS
(All applications are subject to underwriting approval.)
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The applicant must have received within the last six months a notice of rejection,
non-renewal or cancellation from an insurer.
The property is located in Iowa at a fixed location.
Property meets FAIR Plan underwriting requirements.
A separate application must be submitted for each property location. Applications submitted must be on forms designated by the FAIR Plan. All questions must be answered and the applicant must sign the form. Incomplete applications may be returned causing delay in processing.
REQUESTS FOR INSURANCE COVERAGE, CONDITIONS OF COVERAGE AND DECLINATIONS. PRODUCERS DO NOT HAVE BINDING AUTHORITY. Any binder issued by the producer is NOT recognized at any time or in any way by the Iowa FAIR Plan. The Iowa FAIR Plan does not issue binders.
To request coverage, submit a property completed, signed, and readable Iowa FAIR Plan Commercial Property Application and the correct premium.
The Iowa FAIR Plan will consider beginning coverage effective at 12:00 noon the day after it receives these items. Also see Producer Information Section, Submitting Applications over the fax machine. A later effective day may be requested. Application may be made for a premium quote by not enclosing a premium.
The Iowa FAIR Plan will determine the provisions of the coverage provided including effective date and time, coverage forms and endorsements, restrictions, limits and deductible. The Iowa FAIR Plan may decline the request for coverage. If the request is declined, applicant and producer will be notified by mail within five (5) business days after receipt of the application.
Make checks or money orders payable to the Iowa FAIR Plan.
FORMS AVAILABLE
The Iowa FAIR Plan uses the following standard ISO Commercial Property forms:
CP 00 99 04 02 Standard Property Policy
CP 01 97 11 05 Standard Fire Policy Provisions
IL 09 52 03 08 Cap on Losses from Certified Acts of Terrorism
CP 12 18 06 95 Loss Payable Provisions
$1,000,000 limit on any one premises, not to exceed the current actual cash value of the building. Coverage requested above $500,000 requires the approval of the Iowa FAIR Plan Governing Committee.
DEDUCTIBLESThe basic deductible is $250 all peril deductible. $500, $1,000 and $2,500 are also available.
We may require an increased deductible as a result of claim history.
MINIMUM PREMIUMS$250 minimum premium applies to all policies.
PROTECTION CLASSProtection classes used by the Iowa FAIR Plan are as follows:
1-8: Inside city limits of protected city/town.
9: Outside city limits of protected city/town with hydrant within 1,000 feet.
10: Outside city limits of protected city/town with no hydrant within 1,000 feet.
Note: Inspector will make final determination of protection class.
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