RANDOM :)
Do we need a DIC Form signed for every policy?
No.
We only need the DIC form when the policy has a 'Difference In Conditions' Endorsement Added
What is the minimum and maximum coverage A can be?
The minimum is $70,000
The Maximum is $2,000,000
What can be used to cancel a policy that is more then a 30 day backdate?
Declarations page, closing document , OR Document from escrow stating the loan never closed
What is the fee for using a credit card and or debit card?
2.78%
Would a grill / Trees/ Dog house or Lawn chair be considered debris?
No these are all items that are expected to be outside
Can we accept a closing document for cancellation that says 'Estimate' on it?
As long as it is a closing document then we do not have to worry if it says 'Estimate'
What does coverage B cover?
Coverage B covers : Other structures
What is the fee for mid term cancellation?
$25.00
What is the installment fee on breaking payments up
For example: The fee added to every installment for being broken up on a 3 pay, 5 pay, or 10 pay?
$10.00 per installment
If the vendor loss is for insured name different but the claim is something like a dog bite or theft/ do we still need the home inspection report ?
Yes
(It does seems silly because the claim has nothing to do with the home, BUT this claim gives UW an excuse to request more information on the home/ Going through the HIR will give UW some insight on the house and if there is anything wrong with the home)
How long are HO-3 & DP-3 policies?
(Unless Cancelled early)
1 year
12 months
Is personal property covered at Replacement cost or actual cash value?
The loss settlement provision for Personal Property is on a replacement cost basis without a deduction for depreciation. However, optional actual cash value basis loss settlement provisions can be selected for a premium credit.
What is the fee if any at all for a flat cancel?
No fee is placed if the policy is flat cancelled
Is the $70.00 Bamboo Service fee charged every year to every insured
yes
Every new policy that is bound as well as each time a policy renews, the $70.00 Bamboo service fee is added
If a home came in for debris and there is no debris BUT the home is in VERY poor condition (looks to be falling apart)/ Can we send this to our TL to take a look possible denial?
If you see a home and technically they provided all we need to approve the quote but the home looks to be in very poor condition, reach out to me and lets see what we can do. (we dont want to accept homes that look to be falling apart, as there will most likely be a claim soon)
How long of a term is a DP-1 policy offered for
3 months / then it will be non-renewed
Can extended replacement cost be added for coverage A?
yes, we offer 125% or 150% (See section 16.3 of the guide for details)
Can we take an email or a verbal cancellation request?
No
we must have a signed statement or a document that supports the cancellation
How much is the insufficient funds fee ?
(When an insured goes to make a payment but there was not enough money in the insureds account)
$25.00
Will UW approve any Vendor loss with an open claim?
No,
UW will not approve any quote that has an open claim. They must send in an LOE proving this is closed.
(This is to protect us so we can not be liable for any of that claim)
If there is an active moratorium in place for the specific zip code the agent is trying to bind coverage in, will we allow the policy to be bound and coverage start?
No
If we have placed a moratorium in place on that zip code NO coverage can be bound until this is lifted
(Fire would need to be 100% contained before this is lifted)
Is there a maximum coverage for coverage B?
yes, the max coverage for coverage B is 70% of coverage A
Can we waive the cancel fee if the agent has to cancel the policy due to switching to a new Bamboo policy?
Yes
If the insured is staying with Bamboo and for example switching from a DP-3 tenant occupied to now be a HO-3 owner occupied home/ we can waive the cancel fee
How much is the late fee?
$10.00
If the payout amount is $0 do we need receipts?
No we do not need receipts if there was no payout :)