Operational Guidelines Properties submitted to the FAIR Plan for coverage consideration must be in insurable condition, subject to FAIR Plan underwriting guidelines. The contract should indicate in detail the scope of the work to be done, the start date and projected completion date. In accordance with the state insurance code, producers must advise their clients on new business dwelling submissions about the Residential Insurance Disclosure forms that explain the type of coverage offered by the FAIR Plan, i.e. replacement cost, actual cash value, and building code upgrade. The insured must sign and return the Acknowledgment of Disclosure form with either the new business application, or with the payment of the quoted premium. Please advise your clients who are entering escrow to contact you immediately so that ample time is available to obtain a quotation from the FAIR Plan.
All quotations are provisional, and have been quoted prior to inspection.
Please advise your clients to always return the FAIR Plan billing stub with any payment to insure accurate credit to the proper account, and immediate handling of the item to be processed. Summary of Effective Dates of Coverages Coverages are effective based on the date received in the FAIR Plan office. New Business Quotations Quotes are valid for 60 days from the date indicated at the top of the quotation. If the money is received in the FAIR Plan office within the first 15 days of the quotation, coverage can be requested back to the date typed on the quotation. If the money is received on the 16th thru the 60th day of the quote, coverage is effective the date the money is received in the FAIR Plan office.