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Contact Us: (785)271-2300, Toll Free (800)777-1513, Fax (785)271-2341, kfp@colinsgrp.com |
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PRODUCERS NEWS |
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Contact Us: (785)271-2300, Toll Free (800)777-1513, Fax (785)271-2341, kfp@colinsgrp.com |
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PRODUCERS NEWS |
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Click on the date to review the topic: >>December 2009 - Provisional Dwelling Rating Available Online
>>November 2009 - 2009 Dwelling Rate Change and Deductible Change
>>September 2009 - FAIR Plan Website Now Available
>>November 2008 - 2008 Dwelling Rate Change
>>November 2008 - Documentation Required for Amount of Coverage Requested
>>September 2008 - Depreciation Percentage Updated
>>May 2008 - Revised Dwelling and Commercial Applications
>>May 2008 - New Producer Summary
>>October 2006 - Increase in Payment Plan Installment Charge
>>September 2006 - Charge For Returned Checks
>>January 1999 - Theft Coverage and Personal Liability Supplement Available
Provisional Dwelling Rating Available Online Agents now have access to online provisional dwelling rating.
To access
2009 Dwelling Rate and Deductible Change FAIR Plan dwelling rates will change on all new and renewal policies effective on or after 11/1/09.
The standard deductible for Kansas FAIR Plan dwelling policies is now $500. If a renewal policy has less than a $500 deductible, the deductible will be changed to $500 and a premium credit will be applied.
FAIR Plan Website Now Available FAIR Plan launches new website for use by producers. Watch for further improvements and enhancements.
FAIR Plan dwelling rates will change on all new and renewal policies effective on or after 11/1/08.
Documentation Required for Amount of Coverage Requested Actual cash value figures are required to be submitted with all new applications. Actual cash value is defined as replacement cost less depreciation. If figures are not received with the application, FAIR Plan actual cash value guidelines will be used. Purchase price will be considered market value unless documentation is submitted with the application to substantiate an increase.
Depreciation Percentage Updated The condition of the property will now be considered more of a factor in determining the appropriate depreciation percentage used to arrive at actual cash value. The depreciation percentage will reduce the replacement cost figure submitted by the agent. The following chart can be used to determine the appropriate amount of depreciation to be deducted from the agent's replacement cost figures:
The definitions we use to determine the condition of the property are as follows:
Excellent – The building is in perfect condition Very Good – The building has slight evidence of deterioration Good – The building has minor deterioration Average – The building has apparent deterioration Fair – The building has marked deterioration Poor – The building has substantial deterioration
Revised Dwelling and Commercial Applications FAIR Plan dwelling and commercial applications were revised in May of 2008. Applications submitted to the FAIR Plan with revision dates prior to May 2008 will be returned as incomplete.
A Producer Summary is now available which contains a brief overview of the FAIR Plan Manual of Rules and Procedures. To view and print the Producer Summary, click on Producer Summary.
Increase in Payment Plan Installment Charge The payment plan installment charge has increased from $3.00 to $5.00 for each of the three payments. For complete information regarding the FAIR Plan payment plan, go to Payment Plan.
A $25.00 fee will now be charged for returned checks due to insufficient funds.
Theft Coverage and Personal Liability Supplement Available Theft coverage with a minimum of $1,000 up to a maximum of $10,000 is now available. Personal Liability, Coverage L, with a limit of $100,000, an aggregate of $200,000 per policy period and Medical Payments To Others, Coverage M, with a limit of $1,000 each person is also available. For additional information, eligibility requirements and exclusions, click on Dwelling Coverages and Limits or refer to our Manual of Rules and Procedures.
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