P&C Boiler & Machinery
|Filing Review Requirements||Regulatory Reference or Source||Comments|
|No filing requirement for applications (unless made part of the policy)||Title 8, §3541 and §4205||Incorrect statements on the application shall not bar the right to recovery unless it was meant to deceive or unless it materially affected either the acceptance of the risk or the hazard assumed by the insurer.|
|Cannot be both binding and mandatory||Department Requirement||Binding arbitration is not permitted if the process can be demanded unilaterally, since it may deprive the insured of access to the court system.|
|Bankruptcy of the Insured cannot relieve the company of their liability||Title 8, §4203|
|Cancellation & Non-renewal|
|Days' Notice and Cancellation/Nonrenewal Reasons||Title 8,
§4711 - 4715
|15 days' notice for cancellation for non-pay.
Policy can be cancelled for any reason within first 59 days - specific reasons required if in force 60 days or more.
45 days' notice of non-renewal required.
|Notice Requirements||Regulation 78-1 (1)||Insured must be given written notice when coverage has been modified or eliminated.|
|Prior Approval||Regulation I-2010-03||Forms must be submitted at least 30 calendar days prior to their proposed effective date.|
|Guidelines||Title 8, §4205 and §4711||If a policy is obtained through fraud or material misrepresentation, that policy may be voided. If this occurs after the effective date, the company may only deny the claim on that basis, however, has grounds for cancellation.|
|Loss Settlement and Payment Conditions||Regulaiton 79-2; S6||
The Insurer has 15 days to respond to a properly executed Proof of Loss. After Settlement has been agreed upon, Insurer shall mail in the agreed amount to the claimant and/or loss payee within 10 working days.
Flesh score minimum is 40, not less than 10 point type, one point leaded.
|Open Competition, Use and File||Title 8, §4688
Loss Cost - Bulletin 99
|Filing must be received within 15 days of effective date. Rate filing must include verifying material and actuarial backup.|
|Rating Plan Requirements|