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
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