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General Information The New Mexico Property Insurance Program (hereinafter referred to as "the Program") is the underwriting association for the New Mexico FAIR Plain (Fair Access to Insurance Requirements). The New Mexico FAIR Plan Act which is contained in Article 29 of the New Mexico Insurance Code was enacted by the legislature to provide essential property insurance to responsible and qualified applicants in the State of New Mexico who are unable to secure such insurance in the normal insurance market. Under the FAIR Plan Act, all insurers licensed to write and writing essential property insurance are required to become and remain a member of the New Mexico FAIR Plan and the Program and subscribe to the articles of agreement on file in the superintendent's office. The New Mexico FAIR Plan and Program are subject to approval and regulation by the Superintendent of Insurance. The Program is a not-for-profit underwriting association and is not an insurance company required to obtain a certificate of authority to transact property insurance business in the State of New Mexico. The Program is not authorized to appoint agents nor is it required to pay premium tax. The applicant may apply directly to the program for coverage or may choose to use a representative or an insurance agent to act on the applicant's behalf. We pay a 10% service fee to licensed producers of record as independent contractors on all fire policies written. As independent contractors, the Internal Revenue Service has ruled that a Form 1099-MICS is required for payments aggregating $600 or more to an individual not an employee or agent as fees. We are located at 2201 San Pedro Drive, NE-Bldg. 20, Albuquerque, NM 87110. Our telephone number is (505) 878-9563. We are open Monday through Friday and our operating hours 8:00 A.M. - 4:30 P.M. We are closed for lunch from 12:00 P.M. - 1:00 P.M. Our servicing carrier is Audubon Insurance Company. PLEASE MAKE CHECKS PAYABLE TO THEM. AS OF JANUARY 1, 2004 ALL CLAIMS WILL BE FAXED TO AUDUBON AT 225-612-2800. We have adopted the Dwelling '8 ISO Program utilizing the Dwelling Property 1, Basic Form Ed. 7-88. The Basic Deductible is $250 which is the minimum allowable. The minimum premium per policy is $75.00. Fire Department Service Charge was newly introduced into the policy form. Formerly, coverage was available only by endorsement. $500 of coverage for liability assumed by contract or agreement for fire department service charges is provided. Coverage is an additional amount of insurance without deductible. For the Dwelling Program, we file our own rates which utilize a Loss Cost Factor that is built into them. These rates are used for new and renewal business. It is your responsibility to rate Dwelling Policies. With the new on-line availability rating is simple, however if you do not have the Internet, samples are provided and Base Premium computation is shown on page DP-GR-5 of your rate kit. Form No. CP 00 99 Standard Property Policy is currently used for commercial risks. It was modified in 1991 and the revised form broadens some coverages and clarifies terminology and certain conditions. The Basic Deductible is $500 which is the minimum allowable. The minimum premium per policy is $150.00. Commercial policies are rated on the basis of Insurance Services Office (ISO) Class and Specific Loss Costs. we then apply our current Loss Cost Factor of 2.20. The information and material being provided to you may not cover all the rules and rates in our operation. If you have any questions or problems, please call our office. Our staff will be happy to help you. |
