Nov 26, 2012
DFS approves ISO 2011 Homeowners Program
The Insurance Services Office Inc. 2011 Homeowners Policy Program and Mobilehome Supplement was approved by the New York State Department of Financial Services, effective Dec. 1, 2012. Included in these forms and rules filings are sweeping revisions to the ISO Homeowners Program. As a result, most of the forms will have a May 2011 edition date.
Coverages addressed by the revisions include: electronic equipment, business property, secretions by animals, theft of property belonging to a student away at school, vehicles servicing a residence, toy vehicles, property damage resulting from reasonable force, loss assessments involving association deductibles, replacement cost for other structures, water back-up and sump discharge or overflow, living trusts, theft of construction materials, motorized scooters, canine liability and personal injury.
As usual, there are New York-specific exceptions to the multistate filings. In addition to continued rejection of the multistate mold, fuel oil and lead exclusion endorsements, New York continues to have its own version of endorsements applicable to windstorm deductibles, special perils, water back-up and sumps and personal injury provisions.
On Demand Webinar. If you didnt have an opportunity to participate in our Nov. 14 webinar on this topic, you can order an On-Demand version, where PIAs Director of Research Dan Corbin, CPCU, CIC, LUTC, will walk you through these new filing changes and how they will impact your homeowners insureds coverage options.
Additional resources. Additional HO 2011 filing resources are available through PIAs QuickSource library. These include: