FAQ ID # 270 - Per this CR-M & Wind rule: "Commercial-Residential Multi-Peril & Wind Only: Maximum limits per building – none. However, any scheduled building with a replacement cost over $10,000,000 must be submitted to Citizens at least 30 business days prior to effective date for individual risk rating consideration (A-Rated Risk)." Please clarify for me before we purchase the TurboStorm product: If I have a building with a RC of OVER $10ml I have to submit it directly to Citizens for the A-Rated Risk. Does your program supply all of the forms necessary for submitting an A-Rated Risk? And would your program be able to tell us what the A-Rated risk premiums might be? Thank you

FAQ ID # 270

Last Update : 2011/06/28

Question / Issue

Per this CR-M & Wind rule: "Commercial-Residential Multi-Peril & Wind Only: Maximum limits per building – none. However, any scheduled building with a replacement cost over $10,000,000 must be submitted to Citizens at least 30 business days prior to effective date for individual risk rating consideration (A-Rated Risk)." Please clarify for me before we purchase the TurboStorm product: If I have a building with a RC of OVER $10ml I have to submit it directly to Citizens for the A-Rated Risk. Does your program supply all of the forms necessary for submitting an A-Rated Risk? And would your program be able to tell us what the A-Rated risk premiums might be? Thank you

Answer / Solution

The program will generate the disclaimer warning message anytime a value is entered for a building that is over $10M. It will include this message. You will receive a quote, however the premium is based on the rate tables for buildings valued under $10M. Then instead of providing the ACORD forms to print, the program will provide the Fax cover page and the quote sheet that Citizens needs to give you the final quote.

If you then write the risk through Citizens, you would then enter a value under $10M in the quote entry so that the program would then provide the ACORD forms necessary to submit the risk to Citizens to issue the policy. Once you preview the ACORD application, you would then change the value to the actual value over $10M.

TurboStorm Warning message:

Direct Link to This FAQ

http://www.itcdataservices.com/support/cmpfaq/?f=270

Tags

A rated buildings