ISO form & endorsement changes

Rough Notes, Dec 1997 by Kowatch, Diana

The PF&M Companion is a service of the Policy, Form and Manual Analysis Service, published by the Rough Notes Company, Inc. Policy, Form and Manual Analysis (PF&M), continually updated since 1929, is the personal, commercial, and specialty policy and form analysis service provided by the Rough Notes Company. PF&M is available in paper, on disk in Three Part Harmony, and on CD-ROM through Silver Plume as Rough Notes. For more information on this service call 1 (800) 428-4384.

Includes copyrighted material of Insurance Services Office, Inc., or ISO Commercial Risk Services, Inc., with its permission; X)Copyright, Insurance Services Office, Inc., 1997 Copyright, ISO Commercial Risk Services, Inc., 1997.

COUNTRYWIDE

NEW ADVISORY DECLARATIONS AND SCHEDULES

ISO has revised its method of handling advisory declarations and schedules. As revisions and updates are made to a line of business, advisory declarations and schedules will be updated as needed and assigned a new designation and numbering schematic. The purpose is to make usage, filing and tracking easier. The new designation is DS and will be shown as a second pair of alpha digits after the line of business designation. For example, the new declarations for the Commercial General Liability Declarations will be shown as CG DS 0107 97. Seven new commercial liability declarations have been developed and follow the new designation and numbering scheme as follows:

CG DS Ol 07 97 Commercial General Liability Declarations

CG DS 02 07 97 Owners And Contractors Protective Liability Declarations CG DS 03 07 97 Liquor Liability Declarations

CG DS 04 07 97 Railroad Protective Liability Declarations

CG DS 05 07 97 Products/Completed Operations Liability Declarations

CG DS 06 07 97 Pollution Liability Declarations

CG DS 07 07 97 Underground Storage Tanks Liability Declarations

CANADA AND THE USA-AUTOMOBILE LIABILITY

In a recent move, the superintendent of financial institutions for the province of British Columbia, contacted all of the U.S. insurance regulatory bodies to inform them that U.S. citizens may be in violation of minimum financial responsibility requirements when driving private passenger vehicles in Canada. In order to alleviate the problem, a filing procedure has been developed which may involve every U.S. insurer that provides automobile liability insurance. Individual insurers who desire to provide compliance for insured drivers must file a Canada Non-Resident Inter-Province Motor Vehicle Liability Insurance Power of Attorney and Undertaking (PAU). By filing the PAU, U.S. insurers agree to several criteria regarding financial responsibility for possible civil actions against insured drivers, should such civil actions arise, including a commitment to satisfy judgments at least at the minimum financial responsibility limit in the relevant province. Other relevant commitments also apply. Compliant U.S. insurers will be provided with Canada Non-Resident InterProvince Motor Vehicle Liability Insurance Cards to distribute to insured drivers who will be motoring in Canada.