The applicant or applicant's representative must fully complete the application form.
No coverage shall apply and no policy will be issued under the Plan until the full premium quoted by the Program or the installment equivalent is received at the office of the Program.
A minimum of eighty percent (80%) coinsurance is required on all properties except dwellings. (Refer exceptions to the Underwriting Committee)
No replacement cost insurance will be provided.
Standard (buy-back) deductibles will not be waived.
In situations where there is a history of claims frequency, higher deductibles may be applied upon approval by the Underwriting Committee.
If hazardous conditions are reflected by the initial inspection and the property owner is notified of these hazardous conditions, then these hazardous conditions must be corrected prior to the issuance of a policy.
No property shall be insured for more than its actual cash value.
Insurance in existence and insurance written in the Plan must be concurrent. (Form, coinsurance and perils.) (Refer exceptions to the Underwriting Committee)
The maximum limit of liability per fire division which may be insured under the Plan shall be:
|One, two, three and four family dwellings||$250,000||$150,000|
If the risk is equipped with an approved automatic sprinkler system above limits may be adjusted by the Underwriting Committee.