NORTHWEST G F MUTUAL INSURANCE COMPANY POLICYHOLDER CLAIM SURCHARGE. Applies to Dwelling Property

Transcription

1 Applies to Dwelling Property NORTHWEST G F MUTUAL INSURANCE COMPANY POLICYHOLDER CLAIM SURCHARGE The policyholder claim surcharge applies to all paid claims excluding paid wind/hail claims over $10,000. Beginning July 2002, loss history is utilized Surcharge 1st claim paid 0% 2nd claim paid 5% 3rd claim paid 10% 4th claim paid 20% 5th claim paid 35% 6th claim paid 50% 7th claim paid 75% 8th claim paid 100% 9th claim paid 150% 10th claim paid 200% The history is utilized on an ongoing 5 year basis. Any paid claims over 5 years will be removed from the calculation at policy renewal. ND LL FL 12/13

2 NORTHWEST G F MUTUAL INSURANCE COMPANY Eureka, South Dakota DWELLING PROPERTY RESIDENTIAL - FL PROGRAM The FL Dwelling Property Program provides property and liability coverages using the forms and endorsements as described herein. CLASSIFICATION AS DWELLING A FL Dwelling Property Policy may be issued to insure: 1 A dwelling structure used for residential purposes and designed for occupancy by 1 to 4 families and with not more than 4 roomers or boarders. 2 Dwellings while in course of construction. 3 Owner occupied dwellings. 4 Non-owner occupied dwellings. This Program may not be issued to insure: 1 Property on a farmstead or which is any way related to a farming operation. 2 Any mobile home or trailer home whether or not modified and/or placed on a foundation. 3 A structure originally designed for other than a dwelling. 4 Any seasonal dwelling exposure (refer to HO Section, or the Vacant Program of this Section.) POLICY FORMS AND DESCRIPTION OF COVERAGES FL-20 GENERAL POLICY PROVISIONS Coverage A - Residence Coverage B - Related Private Structures Coverage C - Personal Property Coverage D - Additional Living Expense & Loss of Rent Coverage INCIDENTAL PROPERTY COVERAGES Removal Trees, Plants, Shrubs and Lawns Outdoor Antenna Coverage FL-1 BASIC FORM PERILS SECTION Provides Actual Cash Value Coverage against loss from - Fire and Lightning Aircraft Sudden & Accidental Damage From Smoke Explosion Windstorm or Hail (minimum $1000 deductible) Riot or Civil Commotion Vandalism Vehicles FL-2 BROAD FORM PERILS SECTION Provides Replacement Cost Coverage for Dwelling and Related Structures and Actual Cash Value Coverage for Personal Property against loss from - ND FL-1 12/13

3 Fire or Lightning Falling Objects Explosion Weight of Ice, Snow or Sleet Windstorm or Hail (minimum $1000 deductible) Collapse of a Building Riot or Civil Commotion Sudden & Accidental Tearing Apart, Aircraft Burning or Bulging Vehicles Accidental Discharge or Overflow of Freezing (maximum limit 20% of Coverage A) ( maximum limit 20% of Coverage A) Vandalism Sudden & Accidental Damage From Smoke Glass Breakage Burglary Damage Sudden & Accidental Damage From No Automatic Theft Coverage Artificially Generated Electrical Currents FL-3 SPECIAL FORM PERILS SECTION Provides Replacement Cost Coverage for Dwelling and Other Structures against all risks of physical loss except as excluded or limited, and provides Actual Cash Value Coverage for Personal Property for same perils as in Broad Form FL-2. 1) windstorm or hail minimum $1000 deductible 2) smoke 3) overflow 4) sudden tearing 5) freezing - maximum 20% of Coverage A limit GL-600 DWELLING LIABILITY COVERAGE Coverage L - Bodily Injury / Property Damage Liability Coverage M - Medical Payments UNDERWRITING REQUIREMENTS INSURANCE TO VALUE A dwelling insured under FL-1 must be written for 100% of the Actual Cash Value. Actual Cash Value is defined as the cost to replace the property with materials of like kind or quality. A dwelling insured under FL-2 or FL-3 should be written for 100% of the full Replacement Cost. Replacement Cost is defined d as the cost to replace the property with materials of like kind or quality. the E2Value link. The Replacement Cost/Market Value Rating Option is available for a risk which qualifies for Replacement Cost Coverage, however, due to the local "market value" the replacement value may constitute an over insurance situation. You must be careful not to confuse "Market Value" with either "Actual Cash Value" or "Replacement Cost Value." Market value is the price the home would sell for. In many cases, market value has no relationship to the replacement cost or actual cash. Minimum Coverage Limits FL-1 Coverage A - $20,000 FL-2 Coverage A - $40,000 FL-3 Coverage A - $50,000 A current photograph must be submitted with the application. One photograph must be submitted for each structure to be insured. Vacant and unoccupied dwellings are ineligible for coverage, except under the vacant coverage and rating section (refer to ND FLV-4 & 5). If a dwelling becomes vacant or unoccupied during the policy term, contact the Underwriting Department. Due to the application of the "Policyholder" Low Loss Discount to this program, we will not accept transfers or assignments from one insured to another. Rather a new policy must be issued for the new ownership. Coverage may not be written for any risk located in a commercially rated area. ND FL-2 12/13

4 NORTHWEST G F MUTUAL INSURANCE COMPANY Any risk within 5 miles of nearest REPORTING fire department may qualify for the applicable rate for that City Fire classification. The FL Dwelling policy is an annual policy. Any revision of the rates, rules or regulations may be applied to the policy as of anniversary date. Coverage cannot be bound or written for any risk for which similar insurance has been cancelled, declined or refused renewal. Self-constructed or self-assembled solid fuel exposures are NOT insurable. Heat reclaimers are NOT permitted. Wood, coal or oil fueled stoves are NOT acceptable as the primary heat source but will be acceptable as supplemental heat to an approved system. Supplemental wood, coal or gas fueled units SHOULD be vented to a clay-lined masonry chimney built from the ground, however, consideration will be given to a UL approved triple lined vent pipe. POLICY COVERAGES COVERAGE A - DWELLING FL-1 FL-2 FL-3 $20,000 minimum $40,000 minimum $50,000 minimum COVERAGE B - RELATED PRIVATE STRUCTURE Specific coverage must be requested and shown on the policy declarations page. Refer to rate on Page 17. COVERAGE C - PERSONAL PROPERTY Specific coverage must be requested and shown on the policy declarations page. Refer to rate on page 17. COVERAGE D - ADDITIONAL LIVING EXPENSE AND LOSS OF RENT Specific coverage must be requested and shown on the policy declarations page. ND FL-3 12/13

5 LOW LOSS DISCOUNT The Low Loss Discount FL Dwelling Property Program is designed to give the policyholder with a good loss history the benefit of a discount. This discount is figured at the time of annual premium billing from the Company. Any policy having an accumulated loss ratio of 20% or less earns a 3% discount of the total annual policy premium. The loss ratio is based on the "accumulated" premiums paid to NWGF to the accumulated losses paid by NWGF. This discount will accumulate at 3% per year to a maximum 15%, as long as the policy maintains a consecutive 20% or less loss ratio. The accumulated loss ratio is figured only from the inception date of this Low Loss Discount FL Dwelling Property policy. If the property was insured previously under a different type of policy with the Company, that loss history will NOT affect this discount. The following is an example of the Low Loss Discount. Year Accumulated Loss Ratio Discount 1 0% 3% 2 0% 6% 3 40% NO DISCOUNT 4 30% NO DISCOUNT 5 20% 3% 6 15% 6% 7 5% 9% The Low Loss Discount is a policyholder discount, thus the premiums and losses are accumulated for the life of the policy. Payment Option PAYMENT OPTIONS Semi-Annual Option Minimum Premium $100 Quarterly Option Minimum Premium $ Pay Option Minimum Premium $500 $5.00 handling fee payable with each installment When applicable, a $25 insufficient funds (NSF) charge will apply. ELECTRONIC FUNDS TRANSFER - EFT Full Premium EFT Option - 10% premium credit. Premiums can be set up to be automatically withdrawn from a designated checking or savings account. An ACH authorization agreement must be completed and submitted to NWGF. New Business EFT Set Up The completed and signed ACH Authorization Agreement must be submitted with the completed application and 20% of the total premium. Renewal Business EFT Set Up The completed and signed ACH Authorization Agreement must be submitted with 20% of the renewal premium. Existing Business EFT Set Up The completed and signed ACH Authorization Agreement must be submitted for set up for the "next" renewal term. The minimum withdrawal is $25.00 A $1.00 handling fee per each withdrawal will apply for the monthly EFT plan. When applicable, a $25 insufficient funds (NSF) charge will apply. ND FL-4 12/13

6 Northwest G. F. Mutual Insurance Company TERRITORIAL DEFINITIONS NORTH DAKOTA COUNTY TERRITORY Adams 1 Barnes 1 Benson 1 Billings 2 Bottineau 1 Bowman 2 Burke 2 Burleigh Cass The entire city of Bismarck 3 Twp. of Hay Creek 3 Remainder of County 1 The entire city of Fargo 3 Remainder of County 1 Cavalier 1 Dickey 1 Divide 2 Dunn 2 Eddy 1 Emmons 1 Foster 1 Golden Valley 2 Grand Forks The entire city of Grand Forks 3 Twps. of Falconer and Grand Forks 3 Remainder of County 1 Grant 1 6/13

7 Northwest G. F. Mutual Insurance Company NORTH DAKOTA COUNTY (continued) TERRITORY Griggs 1 Hettinger 1 Kidder 1 LaMoure 1 Logan 1 McHenry 1 McIntosh 1 McKenzie 2 McLean 1 Mercer 2 Morton The entire city of Mandan 3 Remainder of county 1 Mountrail 2 Nelson 1 Oliver 2 Pembina 1 Pierce 1 Ramsey 1 Ransom 1 Renville 2 Richland 1 Rolette 1 Sargent 1 Sheridan 1 Sioux 1 6/13

8 Northwest G. F. Mutual Insurance Company NORTH DAKOTA COUNTY (continued) TERRITORY Slope 2 Stark 2 Steele 1 Stutsman 1 Towner 1 Trail 1 Walsh 1 Ward The entire city of Minot 2 Twps. of Harrison and Nedrose 2 Remainder of County 2 Wells 1 Williams 2 6/13

9 NORTHWEST G F MUTUAL INS CO NORTH DAKOTA - FL-1 VANDALISM ($500/$1000 WIND & HAIL DEDUCTIBLE) ACTUAL CASH VALUE Territory 1 Non Own Non Own Non Own Non Own Own Own Own Own , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Each additional $ Delete Vandalism Peril - 10% credit Vacant/Seasonal Occupancy refer to page FLV-4 & 5 ND FL-5 12/13

10 NORTHWEST G F MUTUAL INS CO NORTH DAKOTA - FL-1 VANDALISM ($500/$1000 WIND & HAIL DEDUCTIBLE) ACTUAL CASH VALUE Bism/Mandan Fargo/Grand Forks Territory 2 Territory 3 Non Own Non Own Non Own Non Own Own Own Own Own Own Non Own 20, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , Each additional $ Delete Vandalism Peril - 10% credit Vacant/Seasonal Occupancy refer to page FLV-4 & 5 ND FL-6 12/13

11 NORTH DAKOTA - FL-2 ($500/$1000 WIND AND HAIL DEDUCTIBLE) REPLACEMENT COST COVERAGE Territory 1 Non Own Non Own Non Own Non Own Own Own Own Own , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ND FL-7 12/13

12 NORTH DAKOTA - FL-2 ($500/$1000 WIND AND HAIL DEDUCTIBLE) Territory 1 Non Own Non Own Non Own Non Own Own Own Own Own , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ND FL-8 12/13

13 NORTH DAKOTA - FL-2 ($500/$1000 WIND AND HAIL DEDUCTIBLE) Territory 1 Non Own Non Own Non Own Non Own Own Own Own Own , , , , , , , , , , , , Each additional $ FL-3 - Add 15% of the applicable FL-2 base rate Minimum of $50,000 coverage Actual cash value option refer to FL-13 "Seasonal" occupancy increase Class 9-10 Owner applicable FL-2 or FL-3 rate by 15%. ND FL-9 12/13

14 NORTH DAKOTA - FL-2 ($500/$1000 WIND AND HAIL DEDUCTIBLE) REPLACEMENT COST COVERAGE Bism/Mandan Fargo/Grand Forks Territory 2 Territory 3 Non Own Non Own Non Own Non Own Own Own Own Own Own Non Own 40, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ND FL-10 12/13

15 NORTH DAKOTA - FL-2 ($500/$1000 WIND AND HAIL DEDUCTIBLE) Bism/Mandan Fargo/Grand Forks Territory 2 Territory 3 Non Own Non Own Non Own Non Own Own Own Own Own Own Non Own 130, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ND FL-11 12/13

16 NORTH DAKOTA - FL-2 ($500/$1000 WIND AND HAIL DEDUCTIBLE) Bism/Mandan Fargo/Grand Forks Territory 2 Territory 3 Non Own Non Own Non Own Non Own Own Own Own Own Own Non Own 228, , , , , , , , , , , , Each additional $ FL-3 - Add 15% of the applicable FL-2 base rate Minimum of $50,000 coverage Actual cash value option - Refer to FL-13 "Seasonal" occupancy increase Class 9-10 Owner applicable FL-2 or FL-3 rate by 15%. ND FL-12 12/13

17 Household Goods Coverage Other Structures Additional Living/Loss of Rent Earthquake Coverage FL-56 Theft Peril Endorsement FL-35 NORTHWEST G F MUTUAL INS CO OPTIONAL COVERAGES $500/$1000 WIND & HAIL DEDUCTIBLE Theft Coverage Extension ML-422 (Maximum 180 day coverage/minimum $50.00 earned premium) Fire Department Service Endorsement FL-30 Solid Fuel Heat Charge $2.00/1000 $6.00/1000 $2.00/1000 $1.00/ % increase of base table rate $10.00/1000 $5.00/100 $40.00/unit A risk with a supplemental solid fuel heat exposure must include a completed solid fuel inspection checklist form. A photo of the solid fuel heat unit and a photo of the chimney must be submitted. Only factory assembled units by the manufacturer will be accepted. Must be installed by a trained qualified professional and must meet local fire and building codes and the manufacturer's instructions. This charge is a totally earned premium. No premium refund is allowed. Pay Option Handling Fee New Home Discount - Refer to page FL-14 Premises Alarm Credits FL-216 Tenants Improvements FL-30 FL Repair Cost Terms $5.00/bill 5% of base tbale rate $5.00/1000 coverage Underwriting discretion/older &/or historic home risks Water Backup of Sewers or Drains $50.00 charge for $3,000 limit $70.00 charge for $5000 limit. $ charge for $10,000 limit. Operable sump pump &/or drain tile required. Reported/paid claim in prior 3 years will prohibit coverage. EQUIPMENT BREAKDOWN - FL4902NW Applies to Form 3 Coverage will be applied automatically for each new & renewal Form 3 RATE Included in base premium. A $500 deductible applies No policy credits or charges will apply. Form 2 & Form 3 Coverage Enhancement - Included Home Service Line - $10,000 maximum/$500 Deductible Actual Cash Value Option - NW-96 Wood Shake Surcharge Apply 20% charge to base table rate 20% credit of table rate Steel Roof Surcharge Apply 10% charge to coverage A base table rate Charge can be deleted with application of NW-CDR - Cosmetic Damage Exclusion to Roof Surfacing applying to Coverage A and if shown on declarations Coverage B ND FL-13 12/13

18 NORTHWEST G F MUTUAL INS CO REPLACEMENT COST/MARKET VALUE RATING OPTION FL-256 The premium is developed as follows: 1 Determine the Replacement Value of the risk. 2 Determine the 90% of the Replacement Value of the risk and select the appropriate premium for that value. 3 Determine the Market Value of the risk and establish an amount of coverage. 4 Apply the appropriate credit to the premium developed in #2 - Amount of "insurance" requested as a % of the "total" replacement value Credit 73-79% 2% 66-72% 4% 58-65% 6% 50-57% 8% NEW HOME DISCOUNT RATING OPTION A new home discount will be applied per the following discount schedule: Percentage Discount for Homes completed and occupied durin g and through the 3 years preceding the current calendar year 25% 4 years preceding the current calendar year 24% 5 years preceding the current calendar year 22% 6 years preceding the current calendar year 20% 7 years preceding the current calendar year 18% 8 years preceding the current calendar year 14% 9 years preceding the current calendar year 10% 10 years preceding the current calendar year 6% This discount is computed off the applicable base table rate. STANDARD SURCHARGE - Apply charge for standard tier based on the following consumer reports factors: 1 Claim/Clue activity (excluding 1 weather related claim) 5% charge for the Insured property in prior 3 years 2 Insured negative credit factors consisting of: 10% charge a. bankruptcy b. judgements c. liens &/or d. collections 3 4 No prior coverage on property No supporting coverage of Insured Homeowner 5% charge 5% charge To a maximum 20% charge Windstorm or Hail Percentage Deductible Option ML-405 Windstorm/hail cuase of loss % deductible options The applicable credit applied to the Coverage A 500/1000 deductible base table premium. Coverage A limit percentage deductible factor 1% deductible 2% deductible 5% deductible 250, , , , ,001 - or more Coverage A lmiit in excess of $600,000 must be written with a minimum 1% wind/hail deductible option unless prior underwriter approval for other deductible option. ND FL-14 12/13

19 NORTHWEST G F MUTUAL INS CO SECTION I DEDUCTIBLE OPTIONS $ 250/$500 Wind & Hail Deductible 75% Charge of Section I Premium $250/$1000 Wind & Hail Deductible 50% Charge of Section I Premium $ 500/$500 Wind & Hail Deductible 45% Charge of Section I Premium $750/$750 Wind & Hail Deductible 35% Charge of Section I Premium $ 500/$1000 Wind & Hail Deductible Base Rates $750/$1000 Wind & Hail Deductible 10% Credit of Section I Premium $1000 Deductible 15% Credit of Section I Premium $2000 Deductible 20% Credit of Section I Premium $3000 Deductible 25% Credit of Section I Premium $5000 Deductible 30% Credit of Section I Premium $10,000 Deductible 40% Credit of Section I Premium 1-2 Family 3-4 Family Addl Insureds GL-108 DWELLING LIABILITY RATE STRUCTURE - GL 0605 & GL 062 Liability Limits Medical Payments Each 100, , ,000 1,000, ,000 additional $1,000 to INC Incl 4 $10,000 Maximum INC Incl 4 Add $2 INC Incl 2 Personal Injury 1-2 Family 100, , ,000 1,000, Family Automatic Personal Injury coverage. May be deleted with GL at the Insured's request. SECTION II DEDUCTIBLE OPTIONS $ 250 Deductible 5% of Section II Premium $ 500 Deductible 10% of Section II Premium $ 750 Deductible 15% of Section II Premium $1000 Deductible 20% of Section II Premium $2000 Deductible 25% of Section II Premium $3000 Deductible 30% of Section II Premium $5000 Deductible 40% of Section II Premium ND FL-15 12/13

20 VACANT PROPERTY PROGRAM Coverage for unoccupied/vacant residential risks must be written under this program. The following risks are eligible: 1. Vacant Dwelling 2. Seasonal Dwelling 3. Repossessed Dwelling 4. Standard Risks due to credit, prior claims &/or without supporting owner property policy. 5. Dwellings in poorer condition and upkeep 6. Dwellings with up to four family units The following risks are ineligible: 1. Commercial Properties 2. Dwellings with more than four family units 3. Dwellings for which coverage has been rejected or non-renewed due to losses 4. Dwellings which have been previous targets of arson or vandalism 5. Dwellings with broken or missing windows or doors 6. Dwellings where exterior premises are not maintained. Underwriting Requirements: 1. Dwellings must be insured for at least 25% of the replacement cost or $15 per square foot, whichever is greater. 2. A minimum of two current photos must be submitted of each structure to be insured. The photos must show the front and rear of the structure. 3. Risks which are located in a commercially rated area cannot be written. 4. Risks which have been rejected or non-renewed due to condition, can not be written. Policy Forms and Description DWELLING PROPERTY Coverage A - Residence Coverage B - Detached Structures Coverage C - Personal Property Base Additional Charge Additional Charge ND FLV-1 12/13

21 NORTHWEST G F MUTUAL INSURANCE COMPANY FL-1 Basic Form Perils Section Fire, Lightning or Explosion Included Extended Coverages - Windstorm or Hail (minimum $1000 deductible) Riot or Civil Commotion Aircraft Vehicles Smoke Vandalism Included NW-90 Broadened Coverages Optional Glass Breakage Burglary Damage Falling Objects Weight of Ice, Snow or Sleet Collapse Sudden/Accidental Tearing Apart Freezing (maximum limit 20% of Coverage A) Sudden/Accidental Damage Electrical Currents NW-99 Vacancy Coverage Limitation Included Fire or Lightning coverage is reduced by 1/3 when vacant beyond 90 days GL-0605 Premises Liability Optional Policy Period All vacant dwelling property policies are issued for a term of one year. Deductible Options $ 500/$ Wind & Hail deductible e Base Table $750/1000 Wind & Hail deductible 10% credit of the table rate $1000 deductible 15% credit of the table rate $2000 deductible 20% credit of the table rate $3000 deductible 25% credit of the table rate $5000 deductible 30% credit of the table rate $10,000 deductible 40% credit of the table rate Coverage Options Broadened Perils $3.00/$1000 Coverage B - Detached Structures $6.00/$1000 Coverage C - Personal Property $2.00/$1000 Solid Fuel Heat Charge $40.00 per unit OL&T - GL Rates on Page FL-15 Minimum Annual Policy Premium - $100 ND FLV-2 12/13

22 RATING RISK FACTORS When any of the following factors apply to the risk, add the increased %. Roof over 25 years of age Electrical wiring over 25 years of age Located in city of 10,000 or greater population 10% charge 10% charge 20% charge ND FLV-3 12/13

23 NORTHWEST G F MUTUAL INSURANCE COMPANY FL-1 W/VANDALISM & ACV $500/$1000 Wind & Hail Deductible Base 1-4 Family Vacant/Seasonal Dwelling Class 1-8 Class , , , , , ,000 16, , , , , , , , , , , , , , , , , , , , , , , ND FLV-4 12/13

24 NORTHWEST G F MUTUAL INSURANCE COMPANY FL-1 W/VANDALISM & ACV $500/$1000 Wind & Hail Deductible Base 1-4 Family Vacant/Seasonal Dwelling Class 1-8 Class , , , , , , For each additional $1,000 $7.50 $12.00 ND FLV-5 12/13