UWR
Where in Guidewire would you look to determine if there is an underwriting review for a quote?
The Risk Analysis Tab.
Where would you look to find the Guidelines (GL) for our insurance carriers?
Expert or Sharepoint. If you cannot find GLs for a carrier, search Teams or reach out to your TL.
How much is a midterm cancellation fee? Can we ever waive a cancellation fee?
$25 for an admitted policy and $250 for non-admitted/ E&S policy. No, we cannot waive a mid-term cancellation fee.
Can we cancel a policy at the request of an Agent?
Yes. As long as they are the agent of record (the agency on the policy).
NOTE: Agents from the same Agency that's listed on the policy/ quote have the same level of access as the listed Agent.
What things do we need to verify on every single call?
Do we cover manufactured homes or mobile homes?
Mobile homes are unacceptable in our UW guidelines. The main difference between a mobile home and manufactured home is the year built. Mobile homes are built 1976 and prior.
Also, for Bamboo to accept it, it has to meet all the below conditions:
1. Has to be a on a permanent foundation.
2. Insured must own the land.
3. Needs to be a manufactured home.
Name the two brands of electrical panels that are unacceptable.
Zinsco and Federal Pacific.
How can we tell why a payment was reversed?
Unless there is a note from finance indicating a NSF, the Name Insured would need to contact their bank to find out the exact reason why.
Can we make premium bearing changes on a policy at the request of the Name Insured?
No, the request must come from the listed Agent on the policy.
What do we need to reinstate a policy cancelled for not-taken?
After you verify that the Close Date is within the last 45 days by looking at Summary--> Completed Policy Transactions --> Close Date, we can accept payment to reinstate the policy.
Is an unfenced pool ever acceptable?
Yes, if there is an HOA. They would need to provide us with the HOA documents.
Is Limited Animal Liability Coverage available for a tenant occupied policy?
No, it is not available for a tenant occupied policy.
How can you verify if a policy is set up for autopay?
In Billing Center: locate the Default Payment Method on the Policy Summary screen.
If the Default Payment Method shows ACH or Card info, the policy is on Autopay.
If the Default Payment Method shows “Responsive”, the policy is on Manual Payments.
Can we update the Primary Name Insured on a Texas policy?
No, because we run a credit check for Texas policies.
If the Mortgagee listed on a policy requests a policy change, what would be needed to process that change?
***TRICK QUESTION!!!*** Mortgagees cannot request policy changes outside of changes or updates to the MTG clause or change the "Bill Whom" from NI to MTG or MTG to NI.
What do we do when an Agent tells us the "Sign and Submit" button is grayed out and there is no UWR?
Check notes to make sure Review was actually approved, then check roles to see if they are licensed, and if all else fails reach out to TL to unlock quote.
What perils do a Difference in Conditions Endorsement (DIC) cover?
Non-weather water (pipe and appliance leaks) losses, theft, and liability.
Can we transfer a Return Premium to another policy?
Yes, we would just submit an RP ticket. **We can only transfer funds to an active policy. Funds cannot be transferred to a quote**
Are we able to update the Name Insured on a policy from an individual to an LLC/ Trust? What would we need to make that change? Is it different for CA/TX?
Yes, in CA policies may be updated to Trust, LLC, or the name may be corrected with proper documentation.
For Texas policies, Trusts and LLCs must be listed as additional insureds or interests.
If the cancellation's effective date is for a date that is 30 calendar days or less in the past from the current date, what would be require?
A written or typed request from the Primary Named Insured that includes:
The name of the Primary Named Insured as it appears on the policy (must match).
The complete policy number/ID.
The requested date of cancellation.
The signature of the Primary Named Insured.
A completed ACORD Form 35 (Cancellation Request / Policy Release).
A completed DocuSign Cancellation Request Form
This can be a template sent from Bamboo directly to the Primary Named Insured.
We will also accept a cancellation request that was completed between the Primary Named Insured and Agent if it includes all the same info required by a written or typed request (see above).
A declarations page from the Primary Named Insured’s new/other carrier showing coverage for the same Risk Address that’s covered by our policy.
Bamboo declarations pages from duplicate policies are acceptable.
We do not accept unbound quotes for cancellations.
A completed Seller’s Statement showing the date the property was sold.
If cancelling due to the property being sold, we must cancel for the date after the sale is finalized.
A letter from the Primary Named Insured’s escrow company stating that escrow “fell through” or the dwelling purchase was cancelled.
Where do Agents see if there is an UWR needed on their dashboard?
Their Agent Alerts.
What document can we send to the Name Insured so they can look over HOW and WHY we would cover something, besides the Guidelines.
The Policy Forms.
When would we warm transfer a call to the Return Premium Team?
If the Named Insured has passed away, and the family wishes to Continue coverage, what would we require to keep the policy active?
We require the following:
• Death Certificate AND
• The ‘Death of Named Insured Form’ needs to be filled out and attached to the policy.
What do you do when an Agent is calling under the Agency listed on the policy, but wants to update the contact information for the Agent of Record on the policy?
We would have them submit a request through Agent Self Service. https://bambooinsurance.com/agency-requests/