Effective 06-03-2010 New and 08-07-2010 Renewals

As National Risk Solutions and GeoVera Specialty Insurance Company continues to focus their resources on providing an A.M. Best A- Rated “Excellent” catastrophe wind and property market, the following changes will be implemented with the effective date of 06-03-2010 for New Business and 08-07-2010 for Renewals.

The updates noted below will allow us to achieve our primary goal – to continue to provide a market for your homeowner insurance business in Texas.

Base Rate Changes :

The coastal areas (Tier 1 and Tier 2) will experience on average a 25% base rate increase.
The “inland counties” will experience on average an 8% base rate increase.

         In addition to the base rate changes, other factors affecting premium include:

       Roof age surcharge

       Prior loss factor changes

       Reduction in central alarm and security package credit

       Credit reduction for the US-A endorsement

       Minimum Amount of Insurance:

       Minimum AOI increase from $75,000 to $85,000.

Important Notification:   Please be aware that any changes made on or after 06-03-2010 to existing quotes are subject to underwriting and rate changes noted above.

Geovera Specialty insurance Company Announces Annual AOI Changes

GeoVera Specialty utilizes information from Marshall & Swift/Boechk, who is a leading supplier of local building cost information, to value our insured (or quoted) residential property.  We periodically review this data and as a result will be updating the data in our system. This update will be effective for new business quoted on or after 1/15/10 and renewals 3/21/10 and later.  Please keep in mind, if an existing quote is altered after 1/15/10, the risk will be re-quoted using the new valuation data.

These updates will result in average increases as shown on the table below:

Average AOI Increase by State

Homeowners

AL        0.63%
FL        2.61%
GA        0.97%
LA        1.66%
NC        1.87%
SC        0.92%
VA        7.47%
 

• Dwelling (Cov. A) Minimum Limit $100,000 - Maximum $850,000: Remainder of Florida
  Maximum $1,000,000: in Miami-Dade, Broward, Palm Beach, Collier & Lee Counties
• Year Built 1945 and later
• Dwelling Coverage up to 125% of Coverage A
• Seasonal/Secondary Homeowners, tenant occupied, vacant and unoccupied are eligible!
• Deductible options 2%, 3% 5% & 10%
• Ordinance or Law (Building Ordinance) issued at 25% of Coverage A
• This policy will only cover the peril of Wind/Hail and Hurricanes.

Click on the below link for further details or call our customer service center at 1-866-417-4855.

New! HO-3 Wind Only Product Now Available in Florida!

Notice: This policy is intended to be sold with a standard homeowners insurance policy which has excluded the peril of hurricane and windstorm. Careful analysis must be performed to identify any coverage gaps which may occur between unique forms covering the same dwelling.
 

Due to the wide availability of admitted markets in NON-catastrophe exposed locations, effective January 15, 2010 for new business and March 1, 2010 for renewals, eligible locations will change in AL, GA, NC, SC & VA.  GeoVera Specialty will cease writing new & renewal business in the gray areas on the maps below which are not designated as catastrophe exposed.

GeoVera Specialty and National Risk Solutions will continue to provide the same outstanding market for catastrophe exposed business in the teal areas of the map.  (If you are unable to open the link to GeoVera Specialty's map locator, please visit our website at www.nrsinsurance.com and scroll to the News section.

Click Here for a map showing the new Location Eligibility and more specific details.

New Business: Properties located in the ineligible zip codes must be quoted and bound by 11:59 PM PST on January 14, 2010. All existing quotes for properties located in the gray areas will expire and become ineligible for the GeoVera Specialty program effective January 15, 2010, 12:00 AM PST. For your convenience, the ineligible applications will be available for printing and review.   All properties bound will process in the same manner to which you are accustomed.

After January 15, 2010, 12:00 AM, the RHQ Quoter will error after the first page if the property you are quoting is not in an eligible zip code.

Renewals: Policies for property located in the ineligible zip codes will be non-renewed beginning March 1, 2010.

Please contact our office for alternative solutions for your impacted GeoVera Specialty policies.

Foreclosure, Repossession, or Bankruptcy -

In the General Information section on the application,  the applicant is asked if there has been a foreclosure, repossession, or bankruptcy in the past 5 years. This question is used to determine eligibility for the program.  A “yes” answer would deem an applicant ineligible.  Recently, GeoVera Specialty Insurance Company has noticed a trend of inaccuracies with respect to this question. In the event of a loss, when GeoVera Specialty finds there was in fact a foreclosure, repossession, or bankruptcy in the 5 years prior the inception date, GeoVera Specialty will have an obligation to fully investigate the procurement of the policy which could result in rescinding the policy and not affording coverage for the loss. This is of great concern to all of us because it not only results in additional expense in the claim investigation, it also exposes you to unnecessary liability should a policy be rescinded and coverage denied.  GeoVera Specialty noticed this trend, they ran the entire book of business to determine which policyholders had bankruptcies within the five years prior to the original effective date of the policy.  As these policies were never eligible for the program, GeoVera Specialty will be sending notice of cancellation mid term to these insured(s) next week including the Fair Credit Reporting letters. 

In addition, as a foreclosure, repossession, or bankruptcy would deem an insured ineligible for our program, GeoVera Specialty will be non-renewing all policies for which a bankruptcy occurred after inception of the policy. If you have any questions, please contact our customer service at 866-417-4855.

NRS is Pleased to Present Our Newest Product Line -  LIQUOR LIABILITY!!

12/1/09 - We are proud to announce the commencement of our Liquor Liability Program.  Our Liquor Liability products are written on A++ AM Best rated paper.  Please see our newest list of available products within our Liquor Liability program:

Bars, Taverns, & Restaurants
Monoline Liquor
Monoline Preferred Restaurants
Retail Liquor Stores
Host Liquor Liability
Catering Plus
Club Select (Fraternal, Social Clubs, & and Veteran Service Organizations)
Fine Dining
Special Events
Hole in One: Golf Course Tournament Prize Indemnification (The Long Shot)

Attach Floor Covering Limitation Endorsement US 05 15 (06-09) to all Florida HO-3, HO-3T, HO-4 and HO-6 new business and renewals.  Effective for NB quoted 12/04/2009 and later and for renewals effective 02/07/2010 and later.  Hard Floor Covering Limitation which states that payment for covered losses involving damage to “Hard Floor Covering” will be limited to the “room (s)” where the direct  loss occurred.  Please refer to your online underwriting manual for a copy of the endorsement

Discontinued GeoVera Specialty Insurance Company Special Provisions - Florida US 01 11 (09-07) for HO-3, HO-3T, HO-4 and HO-6 GeoVera Specialty will no longer provide coverage for the peril of sinkhole collapse on renewals in the counties of Hillsborough and Pinellas and zip codes which border on these counties. US 01 11 (09-07) is replaced by US 01 10 (12-09) in these counties and the zips bordering these counties.  Effective for renewals 02/07/2010 and later.  Please refer to your online underwriting manual for a copy of the endorsement.

Attach GeoVera Specialty Insurance Company Special Provisions - Specific Florida Locations US-01-10 (12-09) to HO-3, HO-3T, HO-4 and HO-6 GeoVera Specialty will no longer provide coverage for the peril of sinkhole collapse on renewals in the counties of Hillsborough and Pinellas and zip codes which border on these counties.  Replaces US 01 11 (09-07) in these counties and the zips bordering these counties.   Effective for renewals 02/07/2010 and later.  Please refer to your online underwriting manual for a copy of the endorsement.

GeoVera Specialty will no longer provide coverage for the peril of sinkhole collapse on new and renewals in the counties of Alachua and Marion and zip codes which border on these counties. Instead, a new endorsement US-01-10 (12-09) will be used to provide the coverage of Catastrophic Ground Cover Collapse.      Discontinued GeoVera Specialty Insurance Company Special Provisions - Florida US 01 11 (09-07) for HO-3, HO-3T, HO-4 and HO-6 new business and renewals (US 01 11 (09-07) is replaced by US 01 10 (12-09)    Effective for NB quoted 12/04/2009 and later and for Renewals effective 02/07/2010 and later.  Please refer to your online underwriting manual for a copy of the endorsement.

The FL Special Provisions forms US-01-10 and US-01-11 have both been updated to a (12-09) version to reflect a 45 day notice requirement for cancellation and nonrenewal notice in lieu of the current 90 day notice provision.  The significant coverage difference  between the US-01-10 and the US-01-11 is that US-01-10 limits coverage to  “Catastrophic Ground Cover Collapse” only, where as US-01-11 offers coverage for the peril of “Sinkhole Collapse”.  

US-05-15 _06-09_ Hard Floor Covering Limitation

US-01-11 (12-09) Special Provisions - Florida

November 10,2009 - Geovera Insurance Company of Texas, HO-B Admitted Product Will Be Withdrawing From The Texas Admitted Homeowner's Market.

Effective March 2, 2010, no renewal policies are to be bound. GeoVera Insurance Company will be providing notice to your policyholders within the next 20 days of their decision to withdraw. For policyholders with policies renewing subsequent to March 2, 2010, policyholders' will receive nonrenewal notices 60 days prior to the end of their policy term.

GeoVera Specialty Insurance Company GeoVera Specialty Insurance Company will remain open for new business in Tiers 1 and 2 for the coastal market.  The GeoVera Insurance Company HOB product does not affect the GeoVera Specialty Insurance Company products. Thank you for your continued support and business at NRS.  Please contact our customer service for any questions, support or to find out about another product for your agency.

Did you know that NRS offers multiple homeowners and personal lines products? In light of the recent changes with the GeoVera Admitted Homeowner (HO-B) Product, call NRS or check out our personal lines area of our web site to learn more about our other homeowner products.

NRS Continues to respond to agent feedback!!!

The GeoVera Specialty RHQ Website has been enhanced to offer a Four Payment Plan in addition to the current options of Full Pay and Three Pay.   Simply select the Four Pay Option at the time of binding and proceed to making your online binder payment!!!!   It’s that easy!!!!!!

Your clients will benefit from this new payment option by being able to pay 25% down (plus taxes and fees) instead of 40% down.  The first installment will include 100% of the taxes and fees and the subsequent payments will include a $ 4.00 installment fee.

The Four Payment Plan is outlined below to further assist you in explaining this new option to your customers:

After September 4, 2009, GeoVera Insurance will not be accepting any new business in its HO-B program.  Quotes that have been bound as of September 4th for future effective dates will be honored for 60 days according to our binder terms.  GeoVera is currently evaluating its HO-B business in Texas and until this review is complete, we have made the decision to discontinue writing new business.

This decision is in no way connected to the financial health of the company.  GeoVera Insurance is a subsidiary of GeoVera Holdings which has recently had its “A- rating with a positive outlook” re-affirmed by A.M. Best.  The overall financial health of the company continues to be excellent.”

GeoVera Specialty Insurance Company will remain open for new business in Tiers 1 and 2 for the coastal market.  The GeoVera Insurance Company HOB product does not affect the GeoVera Specialty Insurance Company products.

Thank you for your continued support and business at NRS.  Please contact our customer service for any questions, support or to find out about another product for your agency.

Our Phone Number: 1-866-417-4855
Our General Fax Number: 1-866-654-7382
(Individual Direct Fax numbers will remain effective and operational)

Overnight Payment & Mailing Physical Address: 800 Carillon Parkway, Suite 150 St. Petersburg, FL 33716

Regular Payment & Mailing Address: PO BOX 20869 St. Petersburg, FL 33742

New Business Quoting Improvements

In response to your feedback, GeoVera Insurance has further streamlined our online new business quoting process for our HO-B product.  Many of the property information tabs have been defaulted to the most commonly selected choices.  This expedites the quoting entry by allowing you to simply review certain tabs for accuracy rather than having to make a selection.  In addition, we have eliminated a couple of the questions. 

Any active quote in RHQ is valid through the date indicated PROVIDED that you DO NOT make ANY changes to the application. Any change to the application will result in the application being quoted again and new changes will apply. Your previous quote will no longer be valid once
any change has been made and you will not be able to obtain the original quote.

We recommend that if you have a change that needs to be made to the application prior to binding that you bind the quote AS IS and submit an endorsement request to be processed once payment has been received.

Please call our toll-free customer service number with your questions at 866-417-4855, option 8 then 8 again.

To better serve both new and renewal customers, GeoVera Specialty Insurance Company will no longer be using a renewal credit in their rating methodology. By taking this approach, they have been successful in minimizing the impact of their upcoming rate increase for all policyholders.

In this economy, everyone needs a raise!
National Risk Solutions has negotiated a “raise” for our producers who are using the GeoVera Specialty program. Based on your GPW volume with GeoVera Specialty Insurance Company, you could see as much as a 50% increase in commission revenue on your renewal business and 25% increase on your New Business written with GeoVera Specialty!

Agencies with total GPW between $200,000 and $500,000 as of March 31, 2009, will receive 13% commission for new and renewal polices effective from April 1 through June 30, 2009 (up from 12% new and 10% renewal). 

Agencies with in force premiums greater than $500,000 as of March 31, 2009, will receive new and renewal commissions of 15% (up from 12% new and 10% renewal) for policies effective April 1 through June 30, 2009.  Commission amounts are determined at policy effective date.

If your agency has met the threshold to receive a commission increase, we will notify you shortly. National Risk Solutions will evaluate commissions on a quarterly basis and continue to negotiate on your behalf. Based on the success of our first raise, we are hopeful that we will be able to give more “raises” next quarter.

National Risk Solutions is very proud to announce our new partnership with MARKEL© MARINE, a market leader in Boat Insurance.

“Markel Boat” is the newest product being offered by MARKEL© MARINE for boats up to 26’ 11” in length and now we are offering it to you!

Here are just some of Markel’s Exclusive Insurance Coverages:

No limit on vessel age for Hull Coverage
• $500 Emergency Towing Coverage (Included)
• $1000 Personal Effects Coverage (Included)
• Boat Lift Coverage (Optional)
• Diminishing Deductible for most boats up to 65MPH
• Plus more!!

HO3: Homeowner's Policy

• Coverage "A" Maximum to $1 Million for Miami-Dade, Broward, Palm Beach, LEE and Collier Counties
• Coverage "A" Maximum to $850,000 for the Remainder of the State.
• Seasonal and Secondary Homes
• Direct Bill and online payment options at time of binding
• Extended Replacement Cost of 125% of the Dwelling
• Replacement Cost for Personal Property
• Ordinance and Law Coverage of 25%
• 24/7 Online quote and bind
• Customer Service Call Center and Technical Support

HO3-T: Owner Tenant Occupied Dwelling Policy

• $75,000 - $500,000 with 1-4 units
• Personal property coverage of 5%
• Loss of use/fair rental value coverage of 10%
• Premises only liability limit options of $50,000, $100,000 or $300,000
• Extended Replacement Cost of 125% of the Dwelling
• Replacement Cost for Personal Property
• Ordinance and Law Coverage of 25%
• Property Loss Assessment Coverage of $5,000

Specialty Client Group:

• High Value Homeowners
• Vacant Property and Dwelling Fire
• Umbrellas and Comprehensive Personal Liability
• Excess Flood
• Personal Article Floaters
• Small Boats
• Small Commercial

As the Nation’s economic crisis unfolds, you may have read how the Florida Insurance marketplace could be impacted.

Clearly, the concerns regarding the Florida Hurricane Catastrophe Fund’s claim-paying capacity in the event of a hurricane are alarming.    It brings up questions that you as an insurance agent should be asking.

• What happens to those carriers who use the Cat Fund for their reinsurance?
• What happens to the claims submitted by customers of these companies?
• What happens to insurance agents in this situation?  Could agents have E&O exposures?
• Should agents be explaining this serious situation to customers and offering alternatives?