CA Underwriting and Appraisal Related Compliance Changes
Our Valued California Business Partners:
Below please find announcement of two sets of important changes for CA risks.
Effective immediately, the following underwriting changes are taking effect:
- For new line coverage of CA homes built prior to 1945, customers will be required to provide a “proof of retrofit” prior to the binding of any homeowners coverage, regardless of whether or not EQ coverage is requested.
- For new line homeowners coverage in certain CA regions with an increased exposure to wildfire, we now also ask for all available supporting lines of business.
- We have updated our underwriting approach to managed vegetation/wildfire. Our minimum requirement for clearance to managed vegetation is 100 feet. As always, we will evaluate the overall risk characteristics of each location, including but not limited to, access to the fire department, topography, construction, sprinklers, roof type, etc. to determine underwriting acceptability.
In order to be state compliant, we are also implementing the following appraisal related changes for California Homeowners risks effective immediately:
- Coverage changes (increases or decreases) that arise as a result of an appraisal will be endorsed effective the date of the appraisal.
- Credit changes (additions or deletions) that arise as a result of an appraisal will be endorsed effective the inception date of the policy term or the last change date.
We will honor agreements made in letters already sent out.
Please contact your underwriter with any questions regarding these new requirements.
Thank you for placing your best clients with Chubb. We appreciate your business.
Chubb Personal Insurance
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