INDIANA BASIC PROPERTY INSURANCE UNDERWRITING ASSOCIATION

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****** IMPORTANT NOTICE TO AGENTS ******
 
NEW PRODUCT FORMS AND POLICIES WILL BE OFFERED BY THE INDIANA FAIR PLAN FOR NEW POLICIES AND RENEWALS EFFECTIVE APRIL 1, 2014.
 
EFFECTIVE APRIL 1, 2014, THE PLAN WILL BE INTRODUCING A DP-2 BROAD FORM DWELLING FIRE POLICY AND WILL BE ALSO BE INTRODUCING HOMEOWNERS HO-8 MODIFIED AND HOMEOWNERS HO-2 BROAD FORM.
 
* Residential dwellings will be written with no co-insurance requirement. In the event of a covered loss, settlement will be based upon actual cash value.
 
* Coverage limitations, exclusions, and conditions are described in each policy form. The policy language describes the coverage provided. No replacement cost coverage is offered.
 
* HO-8 and HO-2 will be available to owner occupied only, subject to underwriting.
* Liability and theft coverage will no longer be available for new Dwelling Fire policies issued on or after April 1, 2014.  
 
* Existing owner occupied, Dwelling Fire renewal policies will have the option of applying for Homeowners policy at the time of renewal.
 
* Policyholders that choose to maintain their existing DP-1 policy may elect to continue the liability and/or theft coverage until their 2015 renewal date at which time liability and theft coverage will no longer be available under Dwelling Fire policy forms.
 
* The addition of these new product forms will provide additional coverage options to consumers seeking broader insurance coverage protection. The homeowner policies are only available to owner occupied applicants that meet underwriting guidelines.
 
Please be advised that all applications for a homeowner’s policy will require a new application, a new inspection and will be subject to underwriting guidelines.
 
Please refer to the Product Comparison chart that can be found on the Printable Forms Page in the Agent’s Section. We will begin accepting new applications for the DP-2, HO-8, and  HO-2 policy forms on policies effective April 1, 2014 or after.
 

If you have any questions please call Jim at 317-692-0563.

 

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Dear Web-site guests:
Welcome to the Indiana Basic Property Insurance Underwriting Association's (“Indiana FAIR Plan”) website. Consumer information regarding the structure and operation of the Indiana FAIR Plan is set below. Consumers who are interested in purchasing insurance through the Indiana FAIR Plan must contact a licensed insurance agent and purchase the policy through that agent.
AGENTS: Please click the Agents tab above for the additional information on registering, how to login and access applications, forms and quote program.
MEMBER COMPANIES: Please click Member Companies tab above for additional information.
To move within the website click on tabs both above and on the side that applies to you.
 
We hope you enjoy our web-site and if you have difficulty navigating through it,  please feel free to email us for assistance. fairplan@quadassoc.org

 

What is the FAIR Plan?

The Indiana Basic Property Insurance Underwriting Association, also known as the FAIR Plan, was established October 28, 1968 for the purpose of making property insurance available to applicants who have not been able to secure such insurance on insurable property through the normal insurance market.  The FAIR Plan is not intended to be competitive with the voluntary insurance marketplace, but instead is designed to be used as a last resort to obtain basic property insurance.  It is a voluntary association comprised of Insurance Companies that are licensed to write property insurance in the State of Indiana.  Funding is done by assessment to the member companies.  Premium income from FAIR Plan policies is used to pay policy loss claims, expenses and administrative expenses.




 

The FAIR Plan offers

Dwelling and Commercial Insurance to Indiana Residents who have been declined coverage by at least three non-related Insurance Companies.  The declination is verified in section 2 of the FAIR Plan application for insurance.

 

The maximum amount of coverage for dwelling risk is $250,000 combined for building and contents.  Commercial coverage has a maximum amount of $1,000,000 combined for building and contents. 




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