New AAIS Florida Homeowners By-Peril Program Approved by State Regulator

AAIS (the American Association of Insurance Services) has received approval for its new Florida Homeowners By-Peril Insurance Program from the Florida Office of Insurance Regulation (OIR).

The AAIS Florida Homeowners By-Peril Program provides carriers operating in Florida a way to manage specific property exposures by the peril causing losses in the Florida market.

The newly approved By-Peril rating program uses algorithms and loss cost selections that account for unique elements required in Florida. The program also includes a fresh form set, tailored to address risks from weather such as hurricanes, wind, water and sinkholes, as well as legal, regulatory and other exposures unique to Florida.

According to John Kadous, vice president of AAIS Personal Lines and Auto, the new AAIS Homeowners By-Peril Program helps member carriers create and manage exposures from Florida’s distinct weather conditions, and legal and regulatory environment.

Wording used in the Florida forms and endorsements builds on traditional AAIS policy language, customized to address Florida-specific exposures. Assignment of benefits (AOB) is addressed via coverage limitations and mutual responsibility between a carrier and insured for resolving claims. AAIS By Peril forms and rating plan may be incorporated into a carrier’s rating platform.

AAIS serves the Property & Casualty insurance industry a national nonprofit advisory organization governed by its member insurance carriers. AAIS delivers tailored advisory products, including policy forms, rating information and data management capabilities for commercial lines, inland marine, farm & agriculture and personal lines insurers. AAIS also serves as the administrator of openIDL, the insurance industry’s regulatory blockchain, providing unbiased governance within existing insurance regulatory frameworks.

Topics Florida Legislation Homeowners