How do I request insurance policy changes?
A: Your policy wordings have been designed to keep mid-term policy changes and the resultant paperwork to a minimum. However, there will be occasions when changes are necessary. Examples would include, but are not limited to:
- new buildings where confirmation of insurance is required by a mortgage company, lender, or other funding body,
- additions of affiliated organizations or individuals as insureds where the nature of the affiliation is not presently anticipated by your policy terms, definitions, and conditions,
- unique and/or temporary insurance coverage requirements,
- the addition of site specific, time element coverages such as Business Interruption and Extra Expense.
If you are uncertain as to whether circumstances dictate a policy change, please feel free to contact us. Requests for changes should be received in writing (e-mail is acceptable).
When and how do we report our Business Interruption coverage requirements?
A: Changes to your insured building and content values need only be reported once per year. Business Interruption coverage changes, however, must be reported as they occur throughout the year to CURIE because of their time-element nature. We will communicate mid-term changes to your Business Interruption values to AACI for inclusion on your subsequent year’s Statement of Values.
Because no two subscribers’ needs for Business Interruption coverage are the same, AACI plays no role in assisting you to arrive at or modify these values from year to year. AACI merely enumerates and consolidates your Business Interruption values within your building and contents Statement of Values to assist CURIE in maintaining its database.
The onus remains with you the subscriber to continually monitor your requirements and report changes as they occur to CURIE. It should be noted that significant mid-term changes to values may be subject to additional or return premiums.
How are our premiums calculated?
A: Each subscribers’ premium assessment is based on a well defined Premium Rating Strategy. All subscribers have been assigned Base Rates for both property and liability rating purposes. Base Rates are determined on entry into CURIE on the basis of a number of underwriting, actuarial, and historical loss cost factors. These factors are applied equally to all subscribers in a manner that seeks to satisfy the objective of establishing and maintaining equitable subscriber premiums.
To determine premium assessments, Base Rates are multiplied by the underlying exposure unit values (insured values for property, full time equivalent or FTE student counts for liability). Subscribers then have the option of reducing their gross premium costs through the assumption of deductibles that generate credits. After which, provision is made for good or bad loss experience through the application of loss factor discounts or surcharges. Further surcharges may also be applied from time to time at the discretion of your Board to ensure that aggregate annual funding levels are sufficient to meet anticipated loss costs. Details of a subscriber’s base rates, deductible credits, and loss factor credits/surcharges are included with your annual Premiums Assessments Invoices.
How do we report our Insured Values to CURIE?
A: Since 1991, CURIE has retained the services of the valuation firm American Appraisal Canada, Inc. (AACI) to assist subscribers in updating and submitting their annual Statement of Values as required under the terms of their Property Insurance Policies. AACI begin enumerating update information in May of each year with the expectation that even the largest of our subscribers submit their changes no later than the end of July.
Completed updates need only be submitted to AACI who will forward a copy of your completed Statement of Values to CURIE. If you have changes to your values that you would like to have reflected in your policy documents outside of this normal update period (May-July) please forward them directly to CURIE.
When should we report new property?
A: Newly acquired property is automatically covered up to the policy limit for 90 days. After 90 days the limit for unreported newly acquired property is $50 million. Newly acquired property should be reported to us and we will advise excess insurers if the property value exceeds $50 million. Subscribers are also required to report all changes to their insured building and contents values during the “AACI Annual Statement of Values” update.