PRODUCER INFORMATION – ALL LINES
AUTHORITY OF PRODUCERS (“INSURANCE AGENTS”)The Plan has no agents. We use the term producer to refer to the “insurance agent” who assists the applicant in applying to the Plan. Producers (“insurance agents”) are not representatives or agents of the plan.
Producers (“insurance agents”) cannot:
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• Act as agents for the Plan.
• Bind coverage for the Plan.
• Alter or change policies of the Plan.
• Settle losses of the Plan.
• Decline or refuse to insure a risk on behalf of the Plan.
• Act on behalf of the Plan or commit the Plan to any course of action.
SUBMITTING APPLICATIONS OVER FAX MACHINE (515-255-6549)
Dwelling Property and Commercial Property:
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If we receive an application over the fax machine before 12:00 noon, the application receipt date will be the date the application is received over the fax, provided the original application and full premium are postmarked the date the fax is received. Applications received over fax after noon will be considered received the following day. Also, if the application is received over the fax at or before noon and the postmark or original application and premium is not the same date, the policy will be made effective the date the original application and premium are actually received in the Iowa FAIR Plan office.
Homeowners and Farm Property:
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If we receive the application and required photos over the fax machine, the policy effective date will be 12:01 a.m. the following day provided the original application and full premium are postmarked the date the fax is received. If the postmark of the original application and premium is not the same date, the policy will be made effective the date the original application and premium are actually received in the Iowa FAIR Plan office.
If you have any questions or if this is not perfectly clear to you, please call to verify.
We are not and will not be responsible for late or otherwise incorrect postmarks.
Applications received over fax are not automatically bound and are subject to underwriting as would be any application received through the mail.
NEW/RENEWAL BILLING OPTIONSFull Payment is required with the application and with the Renewal Premium Notice – No Exceptions. The Mortgagee/Additional insured can be billed only on renewals.
RENEWAL PREMIUM NOTICESRenewal Premium Notices are mailed 45-60 days prior to renewal to the Named Insured(s), the Producer and the Mortgagee/Additional Insured if we have record of having been notified.
ACTION REPORTThe Iowa FAIR Plan will immediately fax an “Action Report” to the producer on applications received by mail or fax provided we have a current fax number for you and can get the fax to go through within a reasonable amount of time and after a reasonable number of attempts to do so. This report will indicate if the risk has been accepted, subject to inspection and final underwriting/rating or has been declined.
REQUEST FOR POLICY CHANGESAll changes must be made in writing; requests may be mailed or faxed.
Any decrease in limits require the signature of the named insured(s).
Insured-requested cancellations require the signature of all named insured’s. Backdating of more than thirty (30) days require proof of other insurance.
Policies issued by the FAIR Plan cannot be assigned; a new application is required whenever there is a change in ownership.
SEARCH OF THE VOLUNTARY MARKETLegislation requires that all policies that have been written through the Iowa FAIR Plan for a period of 36 months be reviewed for acceptability in the voluntary market. The policy will be non-renewed. The producer will receive an advance notice of the non-renewal.
The producer is to search the voluntary markets and if unsuccessful in placing may re-apply for coverage through the Iowa FAIR Plan. This can only be accomplished by completing a new application accompanied by at least one written rejection.
PREMIUMSRate pages, in the Producer’s Manual (available to all producers) display annual premiums. There is a $100.00 minimum premium on all dwelling policies.
Note: Deductible options displayed for dwelling premiums are approximate.
If necessary, contact the Iowa FAIR Plan for a premium quotation.
CLAIM REPORTINGReport claims promptly. Producers can call in claims, mail or fax. We Accept ACORD or any insurer’s claim report. An independent claim service is used for claim handling.
INSPECTIONAll properties are subject to inspection for eligibility and possible rating. The inspector normally will not go inside the dwelling unless there is evidence of any wood burning device or it was reported on the application. An appointment will be made with the customer to inspect the wood burner, check clearances and take photos. Failure of the customer to comply with the inspection or failure to keep the appointment with the inspector will result in the termination of the insurance policy. We use an independant firm to inspect all properties at the expense of the Iowa FAIR Plan. The FAIR Plan re-inspects every five years.
THE UNDERWRITING PROCESSThe Iowa FAIR Plan underwriting guidelines are outlined in the Producer’s Manual. Contact us if you do not have a copy of this manual.
SYSTEMSWe maintain our own Accounting, Claim and Policy Issuance Systems. We issue our own policies. Additionally, we issue return premium, commission, and claim checks.