Florida Residual Markets Flashcards

1
Q

CPIC

A

Citizens Property Insurance Corporation

applicant & producer must certify they were unable to obtain or not receive an offer from an authorized carrier that is less than 15% higher than Citizens

*must go to the admitted market first

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2
Q

CPIC “take-out offer”

A

a depopulation program where CPIC may place a policy with an authorized carrier w/60 day notice

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3
Q

CPIC “On-site Keep-Out Program”

A

another depopulation program where the authorized insurer underwrites the policy prior to CPIC underwriting with the following conditions:

  1. Must maintain original effective date/ binding date
  2. Carrier cannot cancel within one year unless insured was not eligible under plan at inception
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4
Q

Governed by “Consumer Choice” Statute

A

Insured can maintain their agent of choice in both take-out and keep-out offer

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5
Q

CPIC covers which policies? And what are NOT covered?

A

COVERED - HO 3,4,6, 8 & DP 1 and 3

NOT COVERED - HO2 7 DP3

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6
Q

CPIC definition of insurable

A

1) Building under construction *owner to occupy

2) Replacement cost contents on HO forms

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7
Q

CPIC definition of iunnsurable

A

vacant or unoccupied properties - property in disrepair -over 50 years unless updated (wiring,heating, roof) - Condemned - built over water - excessive or unusual liability exposure - doityourself constructions

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8
Q

CPIC basic underwriting

A
  • 4 point inspection (electrical, plumbing, roof, air/heat)
  • no coverage for animal liability, off premisses theft
  • no endorsements for scheduled personal property, special computer coverage, home day care, personal injury, backup of water
  • deductible: 2% Hurricane - $1,000 all other perils
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9
Q

Commercial Guidelines

A

Coverage provided for condo assoc. apt bldg and common elements of HO Assc

Not eligilbe: hotels, motels, holidae-innnn, room/board house, vacant properties

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10
Q

CPIC Wind Guidelines

A

For AREAS deemed by state to be especially susceptible to windstorm damage

only 2 perils: wind & hail - all buildings are eligible and contents

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11
Q

Property Insurance Clearinghouse

A

Effective 2014, help insureds find coverage in the private market. new applications for HO3 policies will be entered into Clearinghouse before a Citizens policy can be purchased, hopefully reducing the overall loss exposure and risk of a hurricane assessment for all Floridians

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