Frequently Asked Questions

What is the difference between Admitted and Excess and Surplus lines insurance?

Admitted carriers are licensed by the states in which they write and must conform to rate and form regulations. Excess and surplus lines carriers are not licensed by the state, but allowed to do business in a state through a wholesale broker or managing general agent. Typically, a policy can be written only after it has been rejected by a standard lines carrier three times.

What is a Non -Accessible Reciprocal Exchange?

Reciprocal insurers are unincorporated groups of people that agree to insure each other’s losses under contract. Policyholders are called subscribers, and each one owns a part of the company by purchasing a policy. In a reciprocal insurance exchange the company is owned by its policyholders but managed by a separate entity called an attorney-in-fact (AIF), who has power of attorney for the company.

What is an Attorney in Fact?

The attorney-in-fact is authorized to perform business transactions on behalf of a reciprocal company. The AIF runs the day-to-day operations of the reciprocal and is provided with a power of attorney status by the reciprocal.

What does a "A" exceptional rating from Demotech mean?

Regardless of the severity of a general economic downturn or deterioration in the insurance cycle, insurers earning a Financial Stability Rating® of A possess Exceptional financial stability related to maintaining surplus as regards policyholders at an acceptable level. Regardless of the severity of a general economic downturn or deterioration in the insurance cycle, at least ninety-seven percent of all the insurers countrywide receiving a Financial Stability Rating® of A are expected to have positive surplus as regards policyholders as of eighteen months from the initial date of rating assignment.

What is the difference between Admitted and Excess and Surplus lines insurance?

Admitted carriers are licensed by the states in which they write and must conform to rate and form regulations. Excess and surplus lines carriers are not licensed by the state, but allowed to do business in a state through a wholesale broker or managing general agent. Typically, a policy can be written only after it has been rejected by a standard lines carrier three times.

What is a Subscriber?

A Subscriber is a Policyholder but can also be referred to as a member. When a subscriber buys a policy, they exchange contracts with other subscribers, which means they obtain insurance coverage and become a partial owner of the organization at the same time. In order to become a member, Florida Statute requires that the Subscriber's Agreement and the Power of Attorney be executed by every member at the time their policy was purchased.

What is the Subscriber's Agreement and Power of Attorney

The Subscriber Agreement/Power of Attorney agreement appoints the Attorney in Fact to manage the day to day operations of the company. Acknowledges the agreement to exchange policies. And acknowledges that the surplus contribution, which was approved by the Florida Office of Insurance Regulation, is 5% of premium. The surplus contribution with become part of company's policyholder surplus.

How do I find out what my Hud wind load zone is?

You can find your home's wind zone on your HUD data plate, which is usually located inside of a kitchen cabinet, bedroom closet or the electrical box.

What is the difference between replacement cost and actual cash value?

The difference is that replacement cost insurance pays for the full replacement cost of your items, whereas actual cash value insurance only pays for the depreciated value.

Who do I call if I have a Claim?

If you have a claim please call 1-844-631-7819 and we will be happy to help.