First Protector Program

First ProtectorProgram

First ProtectorProgram

Coverage

There are three (3) parts of coverage:

• Coverage Part A – Temporarily Uninhabitable

• Coverage Part B - Permanently Uninhabitable

• Coverage Part C - Policy Deductible

There are three (3) parts of coverage:

• Coverage Part A – Temporarily Uninhabitable

• Coverage Part B - Permanently Uninhabitable

• Coverage Part C - Policy Deductible

Product Description

In the event of a covered loss, this product covers:

• Cov A - Monthly mortgage payment(s) should the home become temporarily uninhabitable

• Cov B - Unpaid loan balance if the home becomes permanently uninhabitable

• Cov C - Deductible on primary property insurance policy covering the home

In the event of a covered loss, this product covers:

• Cov A - Monthly mortgage payment(s) should the home become temporarily uninhabitable

• Cov B - Unpaid loan balance if the home becomes permanently uninhabitable

• Cov C - Deductible on primary property insurance policy covering the home

Underwriting Companies

• ABIC - American Bankers Insurance Company of Florida

• ARIC – American Reliable Insurance Company*

*Those previously under Voyager have renewed under ARIC

• ABIC - American Bankers Insurance Company of Florida

• ARIC – American Reliable Insurance Company*

*Those previously under Voyager have renewed under ARIC

Policy Prefixes are:

• AMI• ARI• AVI• FPA• FPR• FPW• FSG

• AMI• ARI• AVI• FPA• FPR• FPW• FSG

Covered Property

Is the premises described and occupied by the borrower listed on the Certificate of Insurance, their primary residence?

New endorsements have rephrased this section to state:

Covered property means the premises described on the policy that is owned by you.

Is the premises described and occupied by the borrower listed on the Certificate of Insurance, their primary residence?

New endorsements have rephrased this section to state:

Covered property means the premises described on the policy that is owned by you.

Property Not Covered

Policy states:

1) The Home is contained within a structure or on property containing more than two separate household units;

2) The Home is a mobile home;

3) The residence is not the Borrower’s primary residence.

Note: The new endorsement has deleted this section in it’s

entirety.

Policy states:

1) The Home is contained within a structure or on property containing more than two separate household units;

2) The Home is a mobile home;

3) The residence is not the Borrower’s primary residence.

Note: The new endorsement has deleted this section in it’s

entirety.

Changes to The Policy

The new endorsement has extended to cover to The new endorsement has extended to cover to allow for: allow for:

Secondary Homes Secondary Homes

Rental PropertyRental Property

CondoCondo

Duplexes Duplexes

Mobile Homes (ARIC only)Mobile Homes (ARIC only)

The new endorsement has extended to cover to The new endorsement has extended to cover to allow for: allow for:

Secondary Homes Secondary Homes

Rental PropertyRental Property

CondoCondo

Duplexes Duplexes

Mobile Homes (ARIC only)Mobile Homes (ARIC only)

Coverage

Protects against risk of direct physical loss or damage to the home caused by such events as:

fire flood windstorm earthquake mud slide volcanic eruption

Protects against risk of direct physical loss or damage to the home caused by such events as:

fire flood windstorm earthquake mud slide volcanic eruption

Coverage Part A - Temporarily Uninhabitable

Hint: This coverage is all risks with exclusions!Hint: This coverage is all risks with exclusions!

A hurricane severely damaged the roof of the home.

The home is exposed and is allowing water to come into several areas of the home.

The condition of the home has made it uninhabitable.

Is this loss covered under Coverage A?

A hurricane severely damaged the roof of the home.

The home is exposed and is allowing water to come into several areas of the home.

The condition of the home has made it uninhabitable.

Is this loss covered under Coverage A?

See pg.2See pg.2

Coverage B – Permanently Uninhabitable

A sinkhole has caused extensive structural damage to the insured property.

The home was declared a total loss and the primary H/O carrier paid out policy limits.

A county ordinance has declared the home must be demolished and unfit to rebuild on that land.

Is this loss covered under Coverage B?

A sinkhole has caused extensive structural damage to the insured property.

The home was declared a total loss and the primary H/O carrier paid out policy limits.

A county ordinance has declared the home must be demolished and unfit to rebuild on that land.

Is this loss covered under Coverage B?

See pg.3See pg.3

Coverage C - Deductible

A claim is reported under Coverage C to collect the policy limit of $500.

The insured states that the loss was not covered under their primary insurance carrier.

Is this loss covered under Coverage C?

A claim is reported under Coverage C to collect the policy limit of $500.

The insured states that the loss was not covered under their primary insurance carrier.

Is this loss covered under Coverage C?

See pg.2See pg.2

Coverage Part A

Question: Claim is reported due to settling of the home.

Coverage Part B

Question:Faulty, inadequate or defective surveying.

Coverage Part B

Question:Faulty, inadequate or defective surveying.

Exclusions – Covered or not Covered?

Coverage Part C

Question: Reimbursed $2,000 deductible

Limits of Liability – True or False

Coverage Part A

Cov A is limited to (3) Monthly Payments if repair, reconstruction or restoration to the Home is not started within ninety (90) days of the date of loss.

Coverage Part A

Cov A is limited to (3) Monthly Payments if repair, reconstruction or restoration to the Home is not started within ninety (90) days of the date of loss.

Coverage Part B

We will pay the Total Unpaid Balance of the Mortgage up to the Limit of Insurance shown under Coverage B regardless of any other insurance policy in place

Coverage Part B

We will pay the Total Unpaid Balance of the Mortgage up to the Limit of Insurance shown under Coverage B regardless of any other insurance policy in place

Coverage Part C

Third loss within any consecutive twelve (12) month period.

Coverage Part C

Third loss within any consecutive twelve (12) month period.

Conditions - Coverage Part A

Insurance provided under Coverage Part A is primary insurance.

It will not be pro-rated with any other insurance in the event of a loss.

Insurance provided under Coverage Part A is primary insurance.

It will not be pro-rated with any other insurance in the event of a loss.

What is meant be prorated?What is meant be prorated?

Conditions - Coverage Part B and C

Insurance provided under these coverages is EXCESS insurance and it applies only in excess of other collectible insurance up to the Limit of Insurance.

Insurance provided under these coverages is EXCESS insurance and it applies only in excess of other collectible insurance up to the Limit of Insurance.

What does it mean to be Excess?What does it mean to be Excess?

Claims Administration Process

Claims Administration Process

•Claim is reported by the borrower

•Set-up in iCE by the CSR Unit •Claim is handled as a Desk File (Not assigned to an adjuster)

•Claim is reported by the borrower

•Set-up in iCE by the CSR Unit •Claim is handled as a Desk File (Not assigned to an adjuster)

Claims Administration Process, continuedClaims Administration Process, continued

•Individual Case Reserves are set for Coverage A & B

•Reserve is set at $500 for Deductible Reimbursement Coverage C

•The examiner will create and send the acknowledgment letter and claim form to the insured to complete and submit with the required documentation.

•Individual Case Reserves are set for Coverage A & B

•Reserve is set at $500 for Deductible Reimbursement Coverage C

•The examiner will create and send the acknowledgment letter and claim form to the insured to complete and submit with the required documentation.


Required Documentation:

Copy of police/fire report

Copy of homeowners insurance company declaration page

Copy of repair estimates


Copy of police/fire report

Copy of homeowners insurance company declaration page

Copy of repair estimates



Copy of sworn statement in proof of loss form OR copy of settlement

check(s).

Copy of First Protector Certificate of Insurance.


Copy of sworn statement in proof of loss form OR copy of settlement

check(s).

Copy of First Protector Certificate of Insurance.


•Examiner reviews the information submitted and issues payment if claim is eligible.

•Payment is to be made in accordance with the policy terms.

**If the examiner determines additional information is necessary or claim is not eligible for payment, a letter of explanation is sent to the insured advising of such.

•Examiner reviews the information submitted and issues payment if claim is eligible.

•Payment is to be made in accordance with the policy terms.

**If the examiner determines additional information is necessary or claim is not eligible for payment, a letter of explanation is sent to the insured advising of such.

Payments

• Under ABIC:– Coverage A & B are made to the lender

and the insured.– Coverage C is made to the insured only.

• Under ARIC– All payments are made directly to the

insured, the lender is not named.

• Under ABIC:– Coverage A & B are made to the lender

and the insured.– Coverage C is made to the insured only.

• Under ARIC– All payments are made directly to the

insured, the lender is not named.

Introduction of First Protector Plus

Contractor Referral Service

Expert Tradesmen Advice Hotline

Do It Yourself Guidance

Expert Review of Contractor Quotes/Estimates

Emergency Home Assistance

Contractor Referral Service

Expert Tradesmen Advice Hotline

Do It Yourself Guidance

Expert Review of Contractor Quotes/Estimates

Emergency Home Assistance

Adjuster must refer to the policy and it’s endorsements for specific coverage information

Adjuster must refer to the policy and it’s endorsements for specific coverage information

Important!

Questions?

Thank You!

First Protector Program

Documents

Transcript of First Protector Program