RUEVAC PROPERTY SERVICES 2 - Laserfiche WebLink

Home Browse Search

C. The following is added and supersedes any provi- (2) The Commissioner of Insurance finds sions to the contrary: that the exposure to potential losses will NONRENEWAL threaten our solvency or place us in a 1. Subject to the provisions of Paragraphs C.2. hazardous condition. A hazardous condi- tion includes, but is not Limited to, a con - and C.3. below, if we elect not to renew this dition in which we make claims pay - policy, we will mail or deliver written notice stat- meats for losses resulting from an ing the reason for nonrenewal to the first Named Insured shown in the Declarations and earthquake that occurred within the pre - to the producer of record, at least 60 days; but ceding two years and that required a re - duction in policyholder surplus of at least not more than 120; days, before the expiration 25% for payment of those claims, or or anniversary date. We will mail or deliver our notice to the first (3) We have: Named Insured, and to the producer of record, (a) Lost or experienced a substantial at the mailing address shown in the policy, reduction in the availability or scope 2. Residential Property of reinsurance coverage; or This provision applies to coverage on real (b) Experienced a substantial increase in the premium charged for reinsurance property used predominantly for residential coverage of our residential property purposes and consisting of not more than four insurance policies; and dwelling units, and to coverage on tenants' household property contained in a residential the Commissioner has approved a plan unit, if such coverage is written under one of for the nonrenewals that is fair and equi- the following: table, and that is responsive to the Program (Output Policy) Cover- Capage changes in our reinsurance position. Part c We will not refuse to renewsuch coverage Commercial Property Coverage Part solely because the first Named Insured has cancelled or did not renew a policy, issued' Farm Coverage Part — Farm Property — Farm by the California Earthquake Authority that Dwellings, Appurtenant Structures And House- included an earthquake policy premium sur- hold Personal Property Coverage Form charge. a. We may elect not to renew such coverage d. We will not refuse to renew such coverage for any reason; except as provided in b., c. solely because corrosive soil conditions ex - and d. below: ist on the premises. This Restriction (d.) b. We will not refuse to renew such coverage applies only if coverage is subject to one of solely because the first NamedInsured has the following, which exclude loss or damage accepted an offer of earthquake coverage. caused by or resulting from corrosive soil However, the following applies only to in- conditions: surers who are associate participating in- 1 Capital Assets Program Coverage Form () Capital g g surers as established by Cal. Ins. Code Policy); Section 10089.16. We may elect not to re- (2) Commercial Property Coverage 'Part — new such coverage after the first Gamed Causes Of Loss —Special Form; or Insured has accepted an offer of earth- quake coverage, if one or more of the fol- (3) Farm Coverage Part — Causes Of Loss lowing reasons applies: Form — Farm Property, Paragraph D. Covered Causes Of toss —Special. (1) The nonrenewal is based on sound underwriting principles that relate to the 3. We are not required to send notice of nonre- coverages provided by this policy and newal in the following situations - that are consistent with the approved a. If the transfer or renewal of a policy, without rating plan and related documents filed any changes in terms, conditions, or rates, with the Department of Insurance as re- is between us and a member of our insur- quired by existing law; ance group_ IL 02 7011 04 0 ISO Properties, Inc., 200..4 Page 3 of 4