FREQUENTLY ASKED QUESTIONS BY AGENTS

 

1.   How can an individual apply for a policy with the FAIR Plan?

 

    Applicants must apply through an Indiana licensed insurance agent.

    The application must be completed and signed by both the applicant and the agent.

    A minimum premium deposit must be sent with the new business application

    if coverage is desired.

 

2. How does an agent get a quote?

 

   Click on Quote For Premium tab; then, click on Quote link to access quote program

   NOTE - Commercial rates are not contained within website.

   Once quote is figured, you can print a quote page. 

   You should also print the Agent Handbook.

 

3. Does the Indiana FAIR Plan offer a payment plan?

 

   No – The Plan has only one mode of payment which is annual.

 

4. Do Agents have Binding Authority?

 

   No – Agents do NOT have binding authority.

The FAIR Plan binding procedures are as follows:

1.       A completed application and proper minimum premium deposit must be remitted to the   FAIR Plan.

2.       Application must be received and reviewed by FAIR Plan Underwriting Department.

  3.       If the application is approved then limiting coverage will be effective

          the date of receipt of  both application and minimum premium deposit.

   4.       A confirmation of coverage letter will be mailed to the agent.

5.       It is the agent’s responsibility to inform the policyholder and mortgage company

       of the  coverage effective date.

 5.  Can an application be faxed?

 

     Applications can be faxed to the FAIR Plan at  317-264-2395.

    However, coverage will not be bound until the proper minimum premium

    deposit has been received in the FAIR Plan office.

 

6. Are all risks inspected? 

    How long does it take for an inspection to be completed?

 

    All new risks are inspected. This may take up to 30-45 days. 

    Renewals are inspected periodically.

 

7.       Does the Plan write a renters policy?

 

     Yes, a Dwelling Fire policy is offered.

     Theft and Personal Liability coverage are not eligible under non-owner  

     occupancy.

 

8. Does the Plan write a condominium/townhouse policy?

    No – The FAIR Plan does not offer building coverage

              for a condominiums or townhouses.

   

    Condominium /Townhouse contents are available

    under a Dwelling Fire  policy.

   

    Theft & Personal Liability coverage are not eligible

     under non-owner occupancy.

 

9.  How is a FAIR plan policy cancelled?

 

    The insured or agent must send in written request to cancel a policy.

    Please state the date to cancel and the reason why policy is being cancelled.
    Cancellation requests can be faxed to the FAIR Plan at 317-264-2395.

 

   Refund resulting from cancellation is pro-rated and paid to the insured.

 

10. How does the FAIR Plan handle commissions?

 

The FAIR Plan pays a commission of 10%.

Commission statements are mailed once a month.