INDIANA BASIC PROPERTY INSURANCE UNDERWRITING ASSOCIATION

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                        FREQUENTLY ASKED QUESTIONS BY AGENTS  

  

1.      How can an individual apply for a policy with the FAIR Plan?  

  

Consumers must apply through an agent licensed in Indiana.  The application must be completed and signed by both the applicant and the agent.  

A premium deposit of $250 or the annual premium must be sent with the new business application if coverage is desired. 

 

2.   How do I register for the website?  

 

Click on the Agent Registration link and fill in the required information. Once registered you will be able to access the FAIR Plan online quote system and view issued policies.  

    

3.   How does an agent obtain a quote?  

    

Agent can obtain a quote by accessing quote program contained within the Agent Tab. Click on Quote for Premium link to access the program. Dwelling and Homeowner quotes can be obtained from the website. Commercial quotes and rating is done by the Indiana FAIR Plan Underwriting Department.     

  

Agent /Producer Manual has more detailed information.  To request a copy of the

Agent/Producer manual, please contact our Underwriting department.    

  

  

4.    Does the Indiana FAIR Plan offer a payment plan?  

  

No – The Plan only accepts annual premiums by check or money order.  The Plan does not accept payments by phone or by credit card.  

    

5.  Do Agents have Binding Authority?  

  

No – Agents do NOT have binding authority.  

 

The FAIR Plan policy issue procedure is as follows:  

 

1. A fully completed application with a minimum premium deposit of $250.00 or the     full annual premium.   

 

2. The Plan will use effective date of receipt of both application and premium deposit.


3. Upon review, acceptance and approval a policy will be mailed to the insured, agent, and mortgagee if applicable.  

 

6.  What types of coverage is offered?  

 

The FAIR Plan provides several different types of coverage.  The Plan offers a Dwelling Fire DP1 Basic policy, Dwelling Fire DP2 Broad form policy, Homeowners Modified 8 Basic policy and Homeowners 2 Broad form policy.   The Plan also offers a Commercial Fire policy for some commercial risks that meet the Plan’s underwriting guidelines.   

 

Dwelling Fire Basic DP1 policy includes the following coverage: Fire, Extended Coverage and Vandalism and Malicious Mischief.  Extended Coverage include: Windstorm, Hail, Explosion, Riot or Civil Commotion, Aircraft, Vehicles, Smoke, and Volcanic Eruption.   

 

Dwelling Fire Broad DP2 policy offers some additional perils along with the basic coverage: Falling Objects, Weight of Ice, Snow or Sleet, Freezing, Artificially Generated Electrical Current, Collapse, Accidental Discharge /Overflow of Water, Sudden and accidental Tearing Apart, Cracking, Burning, or Bulging of a steam or hot water system.

 

*** Dwelling Fire policies do not offer Theft or Liability coverage*** 

 

Homes that are owner occupied can apply for a Homeowners policy which includes Theft and Liability coverage along with Loss of Use Coverage.  

   

Homeowners (HO-8) policy provides the following basic peril coverage: Fire, Lighting, Windstorm, Hail, Explosion, Riot or Civil Commotion, 

Aircraft, Vehicles, Smoke, Volcanic Eruption, Vandalism and Malicious Mischief  

 

Homeowners (HO-2) policy provides the following basic perils along with some additional perils: Fire, Lighting, Windstorm, Hail, Explosion, Riot or Civil Commotion, Aircraft, Vehicles, Smoke, Volcanic Eruption, Vandalism and Malicious Mischief. 

 

Additional perils:  Falling Objects, Weight of Ice, Snow or Sleet, Freezing, 

Artificially Generated Electrical Current, Collapse, Accidental Discharge 

/Overflow of Water, Sudden and accidental Tearing Apart, Cracking, Burning, or Bulging of a steam or hot water system.

 

 

***Earthquake coverage is an optional coverage which may be applied for under both Dwelling Fire and Homeowners Policies. *** 

 

***Mine Subsidence coverage is an optional coverage which is only available for certain designated counties in the State. (Contact the

Plan for list of designated Counties.)

 

       ***All Policies written by the Plan are Actual Cash Value policies*** 

 

***The Plan does not offer a Replacement Cost option *** 

 

The definition of ACV is replacement cost less age, wear and tear, depreciation. 

It is the responsibility of the applicant and their agent to determine adequate insurance limits for property that is to be insured through the Plan. 

  

7.   Does the policyholder receive billings or renewal notices?  

  

Yes, all billings and renewal notices will be mailed to the policyholder, agent and mortgage company if mortgagee billed. 

 

  

8.  Are all risks inspected? How long does it take for an inspection to be          

     completed?  

  

Yes - All risks are inspected.  Inspection reports may take up to 30 days or more. Renewal policies are inspected periodically.    

 

  

9. Does the Plan write a renter’s policy or a standalone contents policy?  

  

Yes – Insured’s can apply for contents coverage only under a 

Dwelling Fire (DP-1)  

 

  

10. Does the Plan insure condominiums or offer a condominium policy?  

  

No –  The FAIR Plan does not write or offer a condominium policy.  Personal Property within condominiums can be written under a Dwelling Fire DP-1 policy for contents coverage only.  Condominium units can be defined by Statue IC 3225-2-9 

  

  

11. Does the Plan insure Townhomes?  

  

Yes – Townhomes can be insured under a Dwelling Fire policy or a Homeowners Policy if the risk meets FAIR Plan underwriting guidelines.   

  

12. How are policies cancelled? How do you cancel a Policy?  

  

The insured or agent must send in written request to cancel a policy. Please state

the date to cancel and the reason why policy is being cancelled.  


Cancellation requests can be faxed to the FAIR Plan at 317-264-2395 or emailed to infairplan@quadassoc.org.  A refund resulting from cancellation is pro-rated and paid to the insured. If a Premium Finance Company has requested cancellation or a return in premium, then the premium finance company will be added as a co-payee.  The Plan does not backdate cancellations beyond 30 days upon receipt of the cancellation request.

 

  

13. How to report a claim?  

 

  Claims must be reported promptly and can be submitted by you using the (preferred method) ‘Report a Claim’ online form or you may call us directly at 317-264-2310 (Toll Free: 800-888-8627). 

 

Please identify the ‘date of loss’, claim type, description of loss, your contact information (e-mail address and phone number) and when the best time to reach you is.  

 

Claims are assigned to an independent adjusting company.  Claim adjuster will make contact with the policyholder and or agent regarding the claim.