FREQUENTLY ASKED QUESTIONS BY AGENTS
1. How can an individual apply for a policy with the FAIR Plan?
Consumers must apply through an Indiana licensed insurance agent.
The application must be completed and signed by BOTH the consumer and
the agent. A premium deposit must be sent with the new business application
if bound coverage is desired.
2. How does an agent get a quote?
An agent MUST register with the FAIR Plan.
Rates are found in the Agent Handbook in the registered agent section.
A quote can be calculated by the agent from these rate pages.
NOTE: Commercial rates are not available and a completed application
must be submitted to the FAIR Plan for rating to obtain a quote.
Please refer to the Agent Handbook (Agent Logged-In Area) for more details.
3. Does the Indiana FAIR Plan offer a payment plan?
NO - The FAIR Plan has only an annual mode of payment.
4. Do Agents have Binding Authority?
NO - Agents do NOT have binding authority.
The FAIR Plan binding procedure is:
1) A completed application and proper binding premium must be remitted
to the FAIR Plan.
2) If the application is approved, limited coverage will be bound on the date of
receipt of both application and binding premium in the FAIR Plan office.
3) A confirmation of coverage will be mailed to the agent.
4) It is the agent's responsibility to inform the policyholder and mortgage
company of the coverage effective date.
Coverage can be bound for Fire Coverage, Extended Coverage and Vandalism
and Malicious Mischief Coverage.
Both Personal Liability and Theft Coverages will NOT be bound until an
inspection is reviewed and approved by the FAIR Plan.
5. Can an application be faxed?
Applications can be faxed to the FAIR Plan at 317-264-2313.
HOWEVER, coverage will not be bound until the proper binding premium is
received in the FAIR Plan office.
6. Are all risks inspected?
All new risks are inspected which may take up to 30 days.
Renewals are inspected periodically.
7. Does the FAIR Plan write a renter's contents policy?
YES - a Basic Fire Policy is offered.
NO Theft and Personal Liability coverages are offered.
8. Does the FAIR Plan write a building policy for condominiums/townhouses?
NO - the FAIR Plan does not offer building coverage for a condominium
or townhouse.
Condominium/Townhouse contents is available under a Basic Fire Policy.
Theft or personal liability coverage is not available.
9. How is a FAIR Plan policy cancelled?
The insured or agent must send in a written request to cancel a policy.
Please state the date to cancel and the reason why the policy is being cancelled.
Cancellation requests can be faxed to the FAIR Plan at 317-264-2313.
Any refund resulting from policy cancellation is pro-rated and paid to the entity
that originally paid the premium.
10. How does the FAIR Plan handle commission?
The FAIR Plan pays a commission of 10% with commission statement
and check mailed once a month.