The American Association of Insurance Services (AAIS) has developed and filed a comprehensive revision to its mobile-homeowners program. AAIS is a national insurance advisory organization that develops policy forms and rating information used by more than 700 property/casualty insurers throughout the U.S.
This latest revision of the AAIS Mobile-Homeowners Program utilizes the most recent base forms from AAIS’s Homeowners Program, and introduces a multistate mandatory endorsement for adapting those base forms for mobile homes.
The 2012 manual filing includes an adjustment to loss cost base amounts to reflect the fact that the program’s new base forms implement replacement cost loss settlement for insured structures. An endorsement option is available to substitute actual cash value settlement.
The new mobile-homeowners manual provides base loss costs for a basic liability limit of $100,000. For higher or lower liability limits, rating factors are provided.
New manual rules and rating information have also been added to address newly-introduced coverages for association deductibles, residents of assisted living facilities, students living away from the insured residence, water backup, sump pump discharge or overflow, and equipment breakdown.
The new mobile-homeowners forms and manual are being filed to take effect on or after Jan. 1, 2013.