PRLog (Press Release) - Aug 02, 2011 - California Insurance agents, brokers, & support staff: The requirement to attend a Valuation Class and to set standards in place for broker/agent record keeping is now past its initial effective date of 6/27/11. If broker/agents and support staff have not yet taken the required class and instituted the standards they must do so prior writing residential insurance and providing any estimates on new or renewal business. Are you in compliance? The Insurance Community Center has just released more dates for you to get the required CE credit. Take this class with our online webinar format. You can attend by registering at http://insurancecommunityuniversity.com/LectureSeriesCal ....
There are some modifications to the regulation that are effective 6/27/11 that clarify and expand some of its definitions which can be referenced at: http://www20.insurance.ca.gov/epubacc/REG/157710.htm
1. There has been confusion as to whether the regulation ONLY relates to Homeowners Insurance or also refers to other types of residential property wherefore a Homeowners Policy would not be written based on occupancy, ownership, or usage but would be written on a Dwelling Program instead based on such eligibility. The regulation now states:
(1) "Homeowners' insurance policy" shall have the same meaning as "policy of residential property insurance" as defined in subdivision (a) of Insurance Code section 10104
2. There has been confusion as to whether the regulation applies to mobile homes; manufactured homes; renters; or condominium units. The regulation now states:
Under section 10104) A "homeowners' insurance policy" does not include:
(A) a tenant's policy;
(B) a policy covering an individually owned mobile home and its contents;
(C) a policy covering an individually owned manufactured home and its contents;
(D) a renter's policy; or
(E) a policy insuring an individually owned condominium unit that does not provide dwelling structure coverage.
3. There has been confusion as to what an “estimate” actually constitutes and if it would only apply to an actual evaluation based on a company estimator or other resource. This part of the regulation goes to the question as to whether, for example, an insured’s commercial lines broker who is just giving an opinion on his client’s homeowners insurance value although that broker may not be involved in the actual estimation process should be taking the required class and be aware of the regulation. The regulation is far more broad based then some may have construed and states:
(e) "Estimate of replacement value" shall have the same meaning as "estimate of replacement cost" and means any estimate, statement, calculation, approximation or opinion, whether expressed orally or in writing, regarding the projected replacement value of a particular structure or structures.
4. Last but NOT least all Broker/Agents must be in compliance with Section 2695.182 for documentation. All individuals working with residential properties must review this section to set standard in their agency to comply with the regulation.
The Insurance Community Center & University has added new opportunities to take this course via online webinar. Please visit us at http://insurancecommunityuniversity.com/LectureSeriesCalendar.aspx to find out more and to take the class.
About the Insurance Community CenterThe Insurance Community Center is an online network created by longtime insurance experts and educators Laurie Zangwill Infantino and Marjorie Segale to provide Insurance Professionals with the tools they need to do business on a daily basis. The Community Center has created a place for Insurance Professionals to find pertinent information, entertaining articles, interesting news, helpful tools and a network of other insurance professionals. The Insurance Community is a member-based network that is free to join and utilize on an unlimited basis.
The Insurance Community Center also contains the Insurance Community University which boasts a wealth of downloadable tools including insurance checklists, audio presentations, online live & recorded presentations, test & learn quizzes and continuing education webinars that can be completed from the comfort of students' desks.
For more information visit: http://www.insurancecommunitycenter.com
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Andrew McCumber, Managing Shareholder of McCumber Daniels, presented “Long-Term Care Legislative Update 2011” to attendees of the Florida Association of Homes and Services for the Aging (FAHSA) 48th Annual Convention.
McCumber, Daniels, Buntz, Hartig & Puig, P.A.