ISO Form and endorsement changes approved by individual states, through September 1996

Rough Notes, Nov 1996 by Kowatch, Diana

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Includes copyrighted material of Insurance Services Office, Inc., or ISO Commercial Risk Services, Inc., with its permission; copyright, Insurance Services Office, Inc., 1996 Copyright, ISO Commercial Risk Services, Inc., 1996.

COUNTRYWIDE

09-96 Boiler/Machinery and Related Commercial Property Revisions New endorsements have been developed and old ones withdrawn, in order to expand the situations that facilitate reimbursements to insureds when joint or disputed losses occur between boiler/machinery and commercial property policies. In addition, coverage is added for freezing losses caused by cold weather when not covered under another policy. The corresponding boiler/machinery and commercial property manual rules have been amended to accommodate these revisions.

The new endorsements are:

*BM 99 43, Joint or Disputed Loss Agreement;

*CP 12 70, Joint or Disputed Loss Agreement; and

*BM 99 44, Changes-Exclusions B.14. And B.15. Withdrawn are:

*BM 99 42, Loss Adjustment Endorsement and

*CP 12 60, Loss Adjustment Endorsement-Commercial Property Coverage

Listed below under the individual states will be those that have approved the above revisions. This text will not be repeated but will refer back to this Countrywide section.

Homeowners loss settlement and valuation endorsements

In order to provide additional loss settlement and valuation options to homeowners policies, three new endorsements have been developed to be used with Homeowners Coverage Forms HO 00 02 and HO 00 03.

1. Actual Cash Value Loss Settlement, HO 04 81, provides actual cash value for all covered property, including building.

2. Functional Replacement Cost Loss Settlement, HO 05 30, provides settlement for cost to repair or replace with less costly common construction materials and methods which are the functional equivalent of the loss or damaged property.

3. Modified FRC Loss Settlement, HO 05 31, for use in jurisdictions where state law prohibits loss settlement in an amount less than the ACV of the damaged property. This endorsement makes sure the settlement is not less than the ACV

Listed below under the individual states, will be those that have approved the above revisions. This text will not be repeated but will refer back to this Countrywide section.

ALABAMA

The 09-96 Boiler/Machinery And Related Commercial Property Revisions have been approved-see Countrywide above. These changes apply to all policies written on or after November 1,1996.

ALASKA

The 09-96 Boiler/Machinery And Related Commercial Property Revisions have been approved-see Countrywide above. These changes apply to all policies written on or after November 1,1996.

ARIZONA

The 09-96 Boiler/Machinery And Related Commercial Property Revisions have been approved-see Countrywide above. These changes apply to all policies written on or after November 1, 1996.

ARKANSAS

The 09-96 Boiler/Machinery And Related Commercial Property Revisions have been approved-see Countrywide above. These changes apply to all policies written on or after November 1, 1996.

COLORADO

In order to comply with 1996 Colorado Sess. Laws (former S.B. 78, sections 2 & 3), changes have be made to the Commercial Auto Endorsement CA 22 03, Colorado Personal Injury Protection. These revisions amend the description of medical expense to state that any rehab expenses not exhausted shall be made available to the insured for medical expenses, and to state that neurological injuries known as closed-head injuries and certain other disorders are to be considered covered medical, dental, rehabilitation or treatment procedures. These changes carry a distribution date of December 1996.

The 09-96 Boiler/Machinery And Related Commercial Property Revisions have been approved-see Countrywide above. These changes carry a distribution date of November 1996.

CONNECTICUT

The 09-96 Boiler/Machinery And Related Commercial Property Revisions have been approved-see Countrywide above. These changes apply to all policies written on or after January 1, 1997.

DELAWARE

The 09-96 Boiler/Machinery And Related Commercial Property Revisions have been approved-see Countrywide above. These changes apply to all policies written on or after November 1,1996.

FLORIDA

A revision has been approved to Personal Auto Endorsement, PP 01 84Amendment of Policy ProvisionsFlorida, in order to comply with changes in the 1996 Fla. Laws ch. (former H.B. 169). These changes to the Florida law increase the minimum limits of insurance that are now required for liability on leased vehicles. Since the limits and wording in PP 01 84 regarding this are no longer appropriate, the endorsement has been revised to delete that section of Part A - Liability Coverage Limit of Liability Provision, concerning leased vehicles. This change applies to all policies effective on or after December 1,1996.