I'm not usually writing this type of account and it has been far too long....or am I just getting old. Perhaps it is having only 3 hours sleep.
The client purchased a residential row home that has been converted into two different apartments. In completing the Acord 126, I realized that under the schedule of hazards, I could not remember which premium basis notation to use on the form. Which should I use for a landlord property owner?
I was trained that class 63011 Dwellings - Two Family would be more appropriate and the premium basis would be "1". I wonder how many other options will be posted here? Isn't insurance fun!
etimer wrote:I'm not usually writing this type of account and it has been far too long....or am I just getting old. Perhaps it is having only 3 hours sleep.
The client purchased a residential row home that has been converted into two different apartments. In completing the Acord 126, I realized that under the schedule of hazards, I could not remember which premium basis notation to use on the form. Which should I use for a landlord property owner?
csr@ramt wrote:Class code you should use is 63010 Dwellings one-family (lessors risk only) premium base is t+ (base is each dwelling)
Almost40 wrote:I was trained that class 63011 Dwellings - Two Family would be more appropriate and the premium basis would be "1". I wonder how many other options will be posted here? Isn't insurance fun!
I've pasted all three comments here for ease of reading. Either csr@ramt or Almost40 could be right because etimer is a bit unclear. I would lean to 63011 Dwellings - Two Family with a premium basis of 2 because etimers question says that he has purchased a 'row house' that has been converted. I would interpret that as he purchased both apartments in the row house and not just one.
At any rate it will be one of the two classes with the appropriate number of units.
In another post, i asked where and how to learn these codes and premium basis.. when i fill out the ACORD forms THIS is the one thing i don't have a clue about
Well in my part of the world, if you buy a row home, you get all property in its entirety. You can't just buy th second floor, third, floor, etc. Property ownership of a building have not been split like they may be in New York City. I would imagine in NYC, you can buy a closet size room on the third floor of a row home.
So ownership of the row home is all floors, basement, etc.
gregcw wrote:
etimer wrote:I'm not usually writing this type of account and it has been far too long....or am I just getting old. Perhaps it is having only 3 hours sleep.
The client purchased a residential row home that has been converted into two different apartments. In completing the Acord 126, I realized that under the schedule of hazards, I could not remember which premium basis notation to use on the form. Which should I use for a landlord property owner?
csr@ramt wrote:Class code you should use is 63010 Dwellings one-family (lessors risk only) premium base is t+ (base is each dwelling)
Almost40 wrote:I was trained that class 63011 Dwellings - Two Family would be more appropriate and the premium basis would be "1". I wonder how many other options will be posted here? Isn't insurance fun!
I've pasted all three comments here for ease of reading. Either csr@ramt or Almost40 could be right because etimer is a bit unclear. I would lean to 63011 Dwellings - Two Family with a premium basis of 2 because etimers question says that he has purchased a 'row house' that has been converted. I would interpret that as he purchased both apartments in the row house and not just one.
At any rate it will be one of the two classes with the appropriate number of units.
People, This a single structure. It is a 2-family dwelling, rented to others. It's use is a two family dwelling, that is the correct class i'd expect to see from my underwriters. The exposure basis is 1, as there is only 1 two family dwelling being insured.
