|
Frequently Asked Questions
What is needed for each submission and where do I fax it?
HAI Group requires ACORD #125 for all submissions as well as a
supplemental application. Hard copy loss runs for the last three
years is required (5 years preferred). Provide detail on all
individual losses greater than $50,000. All submissions should be
faxed to underwriting at 203-272-1334 or via e-mail to
dvreeland@housingcenter.com.
- Liability is available monoline or package and requires ACORD
#126.
- Property is available monocline or package and requires ACORD
#140
- Umbrella requires ACORD and supplemental application
Top Of Page
How do I get appointed?
HAI Group requires appointment prior to submission. Our
appointment kit
spells out what you need to do. Contact Estelle Cote with
questions at 800-873-0242 ext. 214
Top Of Page
What commissions are paid?
HAI Group pays commission for most coverages* sold through the
affordable housing insurance program. An appointment can be
requested using the forms available in our
appointment kit.
- Property with AAIC 10%
- Casualty with AAIC (nonowned/hired car available) 10%
- Flood Insurance (NFIP) 10%
- Boiler & Machinery 7.5-10%
- Directors & Officers 7%
- Fidelity 5%
- Umbrella 7%
Top Of Page
Are installments or premium financing available?
No. Premium must be paid in full upon acceptance. Premium
financing is not available through HAI Group.
Top Of Page
What states can HAI Group write in?
HAI Group can write in all 48 continental states and the
District of Columbia.
Top Of Page
What risks will HAI Group NOT write?
- HAI Group does not write affordable housing created for
the following purposes:
nursing homes, hospice centers, assisted living facilities,
hospitals, homeless shelters, student housing.
- Vacant buildings and mobile trailers are ineligible.
Properties under construction, rehabilitation or
modernization may not be placed in program.
- Mercantile exposure must be minimal. A listing of total
leased square footage, along with name of lessee and their
type of business will be required. Any building with a
restaurant exposure cannot be quoted.
- Tier I Wind and coastal properties (within 20 miles)
will have wind coverage excluded.
Top Of Page
What are the maximum limits available?
- Property - The program does not have any
restrictions on size of risk, but submissions with TIV
over $50,000,000 require a longer referral process and
must be submitted at least 60 days prior to effective
date.
- Single locations with values greater than $20m will
require site map detailing property layout and distance
between buildings.
- Liability – maximum limit $5,000,000. If aggregate
per location required, maximum limit is $1,000,000 with
$2,000,000 aggregate.
- Umbrella – maximum limit of $25,000,000.
- Flood Insurance- $250,000 or $500,000 per building
depending upon occupancy per NFIP guidelines.
Top Of Page
What is Eligibility Criteria for Submissions?
To qualify for Housing Authority Insurance (HAI) Group
membership, an organization must be a:
- Public housing Authority, Redevelopment Authority or
Housing Commission.
- Nonprofit (501c3) organization providing affordable
housing including, but not limited to Section202, Section
811.
- For-profit organization providing affordable housing,
including, but not limited to Section 8.
- Low Income Housing Tax credit partner.
HAI Group insures only public and affordable housing providers
within the habitational class. HAI Group offers programs and
specialized insurance products designed specifically to meet the
needs of these sectors.
Top Of Page
Can You Tell me
More About Affordable Housing Submissions?
There is no membership fee to receive a quotation. Should you
accept our quotation, you will be required to sign a membership
agreement and pay a nominal, one time membership fee of $25.
You are not locked in to any program, and you may cancel at any
time. HAI Group insurance programs are non-assessable, and provide
full insurance coverage to your agency. You do not “pool” or share
risk with other members of the group. Members are individually rated
– one rate does not fit all. Underwriting is performed on each
account so exceptional risk control and loss experience can be
rewarded. Policyholders have direct access to their Underwriter for any
questions about coverage or pricing.
Can You Tell me More
About Public Housing Submissions?
HAI Group acts as a direct writer. Independent agents or brokers
wishing to submit public housing business must receive prior
approval before submitting. Consideration is given only to
agents/brokers with an existing relationship. Housing authority must
provide HAI Group written authorization prior to submission. All
fees will be paid directly by insured to Agent/Broker. HAI Group
will bill insured directly for premium and will not incorporate any
fees into its premium invoice. Top Of Page
|