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The California JPIA Property Insurance Program renewed on January 1, 2007. The property insurance marketplace continues to be termed “the worst property insurance marketplace in twenty-five years.” Due to the current marketplace, it has not been possible to acquire earthquake and flood limits previously available. This year the coverage limit for members participating in earthquake and flood coverage is $75 million dollars. Additionally, the poor overall market conditions have led to premium increases in every line covered by the program with the exception of boiler and machinery. For comparison purposes, the rates of the past two years and the renewal rates are detailed below.
| Coverage |
2006 Program Rates |
2007 Program
Rates |
2008 Renewal Rates |
| All Risk Property |
$0.0261 |
$0.027 |
$0.021 |
| Earthquake & Flood |
$0.479 |
$0.536 |
$0.434 |
| Vehicle physical damage |
$0.729 |
$0.758 |
$0.591 |
| Emergency vehicles |
$0.332 |
$0.345 |
$0.263 |
| Boiler & Machinery |
$0.0092 |
$0.0092 |
$0.007 |
The program continues to have an aggregate deductible of $400,000, which is funded in the premium rates shown above for property and vehicles. The program deductibles remain as before, $5,000 deductible for property and emergency vehicles, $1,000 for vehicle physical damage. Following is additional property program coverage information that may be helpful to your agency.
INSURANCE SUMMARIES:
- California JPIA Property Program Summary
- All Risk Property
- Earthquake and Flood
- Boiler & Machinery
- Schedule of Insurers for All Programs
- Earthquake and Flood Insurance Layers Illustration
- Earthquake and Flood Covery Members by Towers
PROPERTY INSURANCE SCHEDULES:
It is essential that your property schedule be current and accurate in order to expedite the renewal process. Your property schedule also determines the premium your agency pays for property coverage, thus values need to be as accurate as possible. Members may update and print their property schedules on Alliant Insurance Services online "OASYS" system. You may access the website by clicking on this link: http://oasysnet.driveralliant.com/Oasys/active/signon.asp.
You may contact Craig Williams at Alliant Insurance Services if you need a password or experience technical difficulties while accessing or navigating the online system. Craig may be reached at (949)660-8189 or cwilliams@alliantinsurance.com
Schedules should be regularly updated to eliminate an annual administrative burden to your staff. Updates should include adding or deleting buildings, equipment, and vehicles acquired/sold since the schedule was last updated. Additionally, a review of the current values listed for both your property and vehicle schedules should take place. We further recommend that buildings be appraised every 7-10 years by a professional appraiser to ensure they are properly valued. The following documents include definitions and instructions regarding your schedule that you may also find helpful.
Property Notes and Definitions
Property Schedule Guidelines
If you would like a quotation for any optional coverage, please contact Gail White at Alliant Insurance Services. Gail may be reached at (949) 660-8127, or gwhite@alliantinsurance.com. Additionally, if you have general questions about completing your schedule, please contact Gail.
CLAIMS REPORTING PROCEDURES:
Complete instructions regarding claims reporting are located at http://www.cjpia.org/4dcgi/resources/claims_info_prop.shtml
INSURANCE GLOSSARY:
- General Property Insurance Definitions
- General Earthquake and Flood Insurance Definitions
- General Boiler & Machinery Insurance Definitions
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