- Annual Premiums are quoted NET of commission but can be grossed up to include commission
- Enrollment fees, payable by insured
- Administration fees, payable by insured
- Inspection fees, payable by insured - if applicable
- Exposure basis for premiums
- Copy of proposed program specifications
Property Limits Disclosure (Group Purchasing)
The specific purpose of Specialty Insurance Advantage, Inc., is to provide insurance funds to purchase property and other insurance coverage on behalf of its members.
The property limits provided in Specialty Insurance Advantage programs are blanket limits with special form coverage for all insured properties written in this program. The blanket limit for the group is $500 million per occurrence with no annual aggregate; property limits are automatically reinstated.
The group purchasing facility obtains property and liability insurance from insurers, some of which are not admitted in California. With respect to any such insurance, the risk is not protected by an insolvency guaranty fund; and the risk purchasing group or such insurer may be be subject to all insurance laws and regulations.
Evidence of Insurance
Individual policies are not issued to Specialty Insurance Advantage Insured members. However, individual evidences of insurance are issued by SPFM listing the insured member and any additional interests related to the specific property. The evidence of insurance is issued off the master policy placements. Evidences of insurance are to be issued only by SPFM. Copies of the master policies are available for you and the insured member to review upon request.
All Specialty Insurance Advantage programs have an annual effective date of December 31. Any prospective client can become an Insured member mid-term subject to pro-rated or minimum premiums. The Insured member can elect to depart the program mid-year for any reason and the unearned premium would be returned on a pro-rata basis, except where a minimum premium applies. Enrollment, administration and inspection fees are all fully earned and non-refundable.
If coverage is cancelled for non-payment of premium after ten (10) days written notice, coverage will be cancelled on a pro-rata basis, except where a minimum premium applies. Enrollment, administration and inspection fees are all fully earned and non-refundable. Coverage will not be reinstated if the (10) days have lapsed and membership is terminated. No Flat Cancellations Allowed.