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.
Applying for a Different Policy when Another Policy is in Force.
RENEWALS AND RENEWAL BILLING PROCEDURE.
About 45 days prior to the renewal date, we send the customer a renewal certificate and a premium notice. 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If the policy is cancelled before or on the policy expiration (renewal) date, the offer to renew is withdrawn.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 (during policy period):
 |
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 date or the payment envelope is postmarked by the Post Office PRIOR TO the cancellation date. If a timely payment is received, a reinstatement notice will be mailed indicating the policy is in force. If payment is not timely, the payment will be returned. THERE IS NO GRACE PERIOD. COVERAGE ENDS. If coverage is still needed, a new submission is required. |
Renewal Premium (first payment due at the beginning of the renewal policy period):
| The premium due should be received in the Plan's office before the due date on the premium notice. If not received, a cancellation/policy expiration 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 by the Post Office PRIOR TO the cancellation/policy expiration date. THERE IS NO GRACE PERIOD. IF PAYMENT IS NOT TIMELY, COVERAGE ENDS. | ||
|
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.
|
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.
We cannot change the location of the property to be insured after the policy has been in force for seven days or after the property has been inspected. In these cases, the customer should request a flat cancellation (see below) of the policy with the wrong location and submit a new application, with deposit, for the correct location. These are two separate transactions and the return premium of the cancelled policy cannot be used as the deposit on the new policy. There will be no coverage for the correct location until a policy with the correct location is issued. Exception: If the incorrect location listed on Declaration page is our fault, we will make the correction when notified.
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.
Example of Cancellation Request:
Please cancel policy number 012345H insuring the property at 123 Main St., Milwaukee effective January 10, 2010.
X Christopher Customer Date: January 5, 2010
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.
APPLYING FOR A DIFFERENT POLICY WHEN ANOTHER POLICY IS IN FORCE
You may have a situation where the Plan is insuring a property under one type of policy, say a Dwelling Property policy, and the property has now become eligible for another type of policy, say a Homeowner policy. The Plan cannot have two policies in force insuring the same property.
You should submit in the same envelope:
|
A cancellation request for the existing policy (see above) with the cancellation date: "the date the new policy becomes effective".
| ||
|
A totally new submission, with deposit and documentation of rejection, for the new policy. |
Note: we cannot use the return premium of the existing policy as the deposit on the new policy.
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. Don't panic! You may reapply. Read on.
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. A completely new submission must be made. 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.
The Plan has contracted with the Illinois FAIR Plan to supervise claim handling. All claims are adjusted by independent adjusters or staff of the Illinois FAIR Plan.
You have visited www.wisinsplan.com
Most recent update: July, 2010
For more information, contact thewip@execpc.com
© 2003 Wisconsin Insurance Plan