Lisle, IL, April 24, 2019 (GLOBE NEWSWIRE) -- AAIS (the American Association of Insurance Services), the only national not-for-profit insurance advisory organization governed by its Member companies, announced that it has received approval for its new Florida Homeowners By-Peril Insurance Program from the Florida Office of Insurance Regulation (FLOIR).
The Florida market presents unique challenges to home insurers, including severe weather, an active regulatory environment and a litigious legal system. Current homeowner programs have not kept up with the latest trends, leaving underwriters to fend for themselves without an adequate program approved by State insurance regulators, until now.
The AAIS Florida Homeowners By-Peril Program provides carriers with an effective way to manage specific property exposures by the peril causing losses. The newly approved By-Peril rating program uses algorithms and loss cost selections that account for unique elements required in Florida. The program also includes a fresh form set, tailored to address unique risks from weather such as hurricanes, wind, water and sinkholes, as well as legal, regulatory and other exposures unique to Florida.
“Insurers navigating the Florida market need a dynamic homeowners policy with adaptable coverage and a strong rating tool to help price their product appropriately,” according to John Kadous, Vice President of AAIS Personal Lines and Auto. “The all-new AAIS Homeowners By-Peril Program helps Member carriers create and manage exposures from Florida’s distinct weather conditions, and unique legal and regulatory environment, so they can succeed in a competitive market.”
Wording used in the Florida forms and endorsements builds on traditional AAIS policy language, customized to address exposures unique to Florida. Assignment of Benefits is addressed via coverage limitations and mutual responsibility between a carrier and insured for resolving claims. AAIS By Peril forms and rating plan may be incorporated into a carrier’s rating platform.
ABOUT AAIS
Established in 1936, AAIS serves the Property & Casualty insurance industry as the only national nonprofit advisory organization governed by its member insurance carriers. AAIS delivers tailored advisory solutions including best-in-class policy forms, rating information and data management capabilities for commercial lines, inland marine, farm & agriculture and personal lines insurers. Its consultative approach, unrivaled customer service and modern technical capabilities underscore a focused commitment to the success of its Members. AAIS also serves as the administrator of openIDL, the insurance industry’s regulatory blockchain, providing unbiased governance within existing insurance regulatory frameworks. For more information about AAIS, please visit www.aaisonline.com.