GENERAL
PROGRAM INFORMATION
Deductible:
Excess policies have no insured retention. Umbrella
Policies carry a $10,000 insured retention.
Risk Cancelled or Non-renewed by Other Company:
Please refer any risk that has been cancelled or non-renewed to Builders &
Tradesmen's Insurance Services prior to submission. We ask that full
information regarding the reason for cancellation or non-renewal and the
conditions or preventive steps taken by the applicant be provided.
Audit Basis:
Umbrella/Excess premiums and exposures are subject to final audit at
the discretion . Earned premium for the exposure will be determined at the end
of the policy period.
Waiver of Premium:
Additional or return premium account balances of $10.00 or less will
be waived.
Cancellations:
Policies will be cancelled Pro rate (without penalties) when policy is
cancelled for the following reasons:
-
At the request of the company;
-
Nonpayment of premium;
-
Insured no longer has a financial or insurable interest in the property or
business operation.
When a policy is cancelled for any reason other than outlined above, a penalty
of 20% of the pro rate unearned premium &/or Minimum earned will apply. The
minimum premiums per each 1 million of limit is fully earned on an Excess
policy.
Payment Options:
BTIS financed - BTIS can arrange premium
financing.
Full annual premium - The producer may withhold
commission and remit net payment in full.
Producer financed - The producer may arrange
financing with their vendor of choice.
Certificates of Insurance:
These are not done by BTIS as an Excess policy, subject to it's exclusions, is
a following form policy and will follow the underlying carrier for coverages.
Additional Insured Guidelines:
These are not done by BTIS as an Excess policy, subject to it's exclusions, is
a following form policy and will follow the underlying carrier for coverages.
AI forms available:
N/A
Reinstatement with a Lapse in Coverage Guidelines:
To avoid a lapse in coverage, all outstanding issues must be addressed and/or
payments must be received by Builders & Tradesmen's Insurance Services
prior to the cancellation date.
No coverage is bound without prior approval from Builders
& Tradesmen's Insurance Services. Builders & Tradesmen's Insurance
Services RESERVES THE RIGHT TO DENY ANY REQUEST FOR REINSTATEMENT.
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