FAQ ID # 235 - If a citizens policy is cancelled because the building is sold, will citizens still impose their minimum earned factors? Is there a document from citizens stating the answer to this question that can be used as a reference? Thank You!

FAQ ID # 235

Last Update : 2010/05/27
Rating : Not Rated

Question / Issue

If a citizens policy is cancelled because the building is sold, will citizens still impose their minimum earned factors? Is there a document from citizens stating the answer to this question that can be used as a reference? Thank You!

Answer / Solution

This is something that you would want to call Citizens about to confirm what they will do. Here is what their underwriting manual shows about this situation (Submission procedures section of the wind manual):

8. Cancellations and Nonrenewals

A. Cancellations shall be on a pro rata basis, subject to the rules below. Citizens disregards February 29th in leap years when determining return premiums.

Direct Link to This FAQ

http://www.itcdataservices.com/support/trfaq/?f=235

Tags

cancellation procedures sold property