The following topics pertain to other procedures of the Wisconsin Insurance Plan. You can scroll down the page to read each one or you can click and go directly to the topic.
Renewals and Renewal Billing Procedures
Timely Premium Payments. Cancels for Non-Payment.
Accepted:
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Customer's personal checks, producer checks, or bank checks payable to the Wisconsin Insurance Plan. |
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Money orders payable to the Wisconsin Insurance Plan. |
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Cash (at the Plan's office, during the Plan's business hours) |
Not Accepted:
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Payments over the telephone such as transfers from checking or savings accounts. |
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Checks or Money Orders not properly written or not written in the English language. |
| Checks or Money Orders drawn on an institution located outside of the USA or not issued in US currency. |
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Credit cards. |
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Debit cards. |
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Traveler's checks. |
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IOU's or promises to pay. |
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Customer's personal checks where the customer has issued NSF checks previously to the Plan. |
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Return premium checks or claim payment checks issued by the Plan. Do not return these checks to us. |
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Checks not written payable to the Wisconsin Insurance Plan. Sole Exception: a check payable to an agency by the Plan's customer properly endorsed by the agency to the Wisconsin Insurance Plan. |
RENEWALS AND RENEWAL BILLING PROCEDURE.
About 45 days prior to the renewal date, we send the customer a renewal certificate and a premium notice (an offer to renew). The premium notice offers a full-pay or 5-pay payment plan. The 5-pay is five equal installments. The first payment is due before the renewal date. The remaining four payments are billed about 55 days apart (no service fee).
If the policy is cancelled before or on the policy expiration (renewal) date, the offer to renew is withdrawn.
TIMELY PREMIUM PAYMENTS. CANCELS FOR NON-PAYMENT.
Installment Premiums Due (during policy period):
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The premium due should be received in the Plan's office before the due date on the premium notice. If not received, a cancellation notice is mailed. |
| The premium due will still be accepted if it is either received in the Plan's office PRIOR TO the cancellation date or the payment envelope is postmarked PRIOR TO the cancellation date. If timely payment is received, a reinstatement notice will be mailed indicating the policy is in force. If payment is not timely, it will not be accepted and the policy will cancel. THERE IS NO GRACE PERIOD. COVERAGE ENDS. If coverage is still needed, a new submission is required. |
Renewal Premiums Due:
| The premium due should be received in the Plan's office before the due date on the premium notice. If not received, a cancellation notice is mailed. |
| The policy will remain in force if the premium due is either received in the Plan's office PRIOR TO the cancellation/policy expiration date or the payment envelope is postmarked PRIOR TO the cancellation/policy expiration date. THERE IS NO GRACE PERIOD. COVERAGE ENDS. |
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No new submission is needed if the premium due is received in the Plan's office within 30 days after the cancellation/policy expiration date. Coverage will have ended. However, coverage will start again effective the day after the premium due is received in the Plan's office (subject to underwriting). There will be a lapse of coverage from the cancellation/policy expiration date to the new effective date. After 30 days from the cancellation/policy expiration date, the premium due will not be accepted. If coverage is needed, a new submission is required. |
Premium notices are mailed to the customer, the producer, mortgagees listed on the policy, and additional insureds listed on the policy. We cannot bill only one party.
Producers have no authority to bind coverage, alter an policy, or act on behalf of the Plan. Producers must request policy changes by mail, e-mail, or fax only. No telephone call changes are accepted. We will try to issue change endorsements within 3 business days after receipt of the request. We cannot provide same or next day service.
Policy changes cannot be made if there is a pending cancellation or non-renewal of the policy.
Cancellation requests must be signed by the customer. ACORD forms may be used. We may be able to back-date the cancellation up to 30 days. To back-date longer than 30 days, we must have documentation of coverage elsewhere or documentation that the customer no longer has an insurable interest in the property (i.e. property sold).
A simple note from the customer to cancel the policy is acceptable. The note must request cancellation and state the effective date of the cancellation, the policy (number) to be cancelled, and the property location. It must be signed by the policyholder and dated.
We will not honor a cancellation request after the policy period has ended or after a Notice of Cancellation or Notice of Non-Renewal has been issued.
Return premiums for cancellations are pro-rata. We only retain premium for the time coverage was in force.
We cannot use the return premium from the cancellation of one policy as a premium payment or deposit premium for a different policy. The cancellation of one policy and the application for another policy are two different transactions.
After we have provided 4 years coverage - about 70 days before the end of the 4th policy period - we issue a non-renewal notice for the policy. This is required by the Wisconsin Administrative Code.
The producer and the customer are required to shop for insurance coverage from a regular insurance company. If coverage cannot be secured, the customer may apply for a new policy from the WIP. This is a completely new submission. The documentation of rejection sent with the new submission must be from another insurer - NOT THE PLAN.
Report claims promptly. Producers can call in claims or fax, mail, or e-mail claim reports. We accept ACORD or any other insurer's claim report forms.
We encourage producers to ask the customer to contact us directly to report a claim.
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Most recent update: Sept, 2009
For more information, contact thewip@execpc.com
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