To Fulmont Agents
and Staff:
RE: revised HO Underwriting guidelines
12/9/14
Our HO loss ratios have been high for several years now and we are revamping our program in order to make the program profitable. Effective immediately, we are making some changes to our Homeowners book of business. We have always been known for our ACV Homeowners market, and we wish to move our HO program in this direction. We will be encouraging low value homeowner policyholders to increase their homes to a higher actual cash value limit, as we insure a large book with low-value coverage amounts. We are looking to have our maximum coverage amount at $250,000., which will make this a more manageable book for us.
We will grandfather in current HO policies that are in excess of $250,000 as long as they continue to meet our guidelines.
If you have a Replacement Cost risk under $250,000 please submit to underwriting for pre-approval. They will be reviewed on an individual basis.
Please note that our biggest change is that you must submit all underwriting information, including digital photos, update information and estimators with the application or the application will be returned, not bound. This has been a nagging problem for some time now.
ON A SEPARATE NOTE, HERE IS OUR HOLIDAY SCHEDULE:
WEDNESDAY,
12/24/14: OFFICE WILL BE CLOSED
THURSDAY, 12/25/14: OFFICE WILL BE CLOSED
FRIDAY, 12/26/14: OFFICE WILL BE CLOSED
WEDNESDAY,
12/31/14: OPEN, WITH LIMITED STAFFING
THURSDAY, 01/01/15: OFFICE WILL BE CLOSED
FRIDAY, 01/02/15: OFFICE WILL BE OPEN
If you have any questions, please feel free to ask.
Joanne E
Gifford
Underwriting Manager
Fulmont Mutual Insurance Company
PO Box
487
Johnstown NY 12095-0487
Phone: 1 (518) 762-3171, extension 110
12/14