The Texas Windstorm Insurance Association posted a bulletin on its Web site to assist agents with its coverage binding procedures in the event a hurricane threatens the Texas coast.
TWIA said no new or additional coverages can be written on the day a storm is declared a hurricane and is within the boundaries of 80 degrees west longitude and 20 degrees north latitude, or in the Gulf of Mexico.
In addition, if storm identified as a hurricane is downgraded from that status but still poses a threat to the Texas coast, new or additional coverages may not be written until the TWIA general manger determines the storm is no longer a threat.
The bulletin may be accessed online at www.twia.org/pdf/uw_bulletins/7_2006_Hurricane_Binding_Procedures.pdf.
TWIA also announced that beginning July 18 its E-quote system will be updated to reflect the new rates for policies effective on or after Sept. 1, 2006. Renewal notices produced for renewal dates on or after Sept. 1 will automatically incorporate the revised rates.
Effective Sept. 1 TWIA’s rates for new and renewal policies will go up. Commercial rates, including farm and ranch and all builders risk policies will rise by 8 percent. Residential rates will increase 3 percent.
Topics Trends Texas Agencies Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
Rhine River Shipping Stalls as Water Level Hits Record Low 
Pritzker Signs Bills Giving Insurance Department Power to Overturn Rate Changes 
Drivers of Mercedes AMG Cars File Class Action Over Burn Hazard From Logo on Seat 
Allstate Introduces Large Language Model, ALLIE 
