PL - IA 01/01/2013 Rates and Manuals - Western National Insurance ...

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Western National Mutual Insurance CompanyIOWA HOMEOWNER RULESRule 4 – Premium DeterminationThe basic policy rating information shown in this manual contemplates the property and liabilitycoverages described in Rule 2.Unless liability coverage is deleted, coverage for the following liability exposures is required if theyexist:• All domestic employees of an insured not covered or not required to be covered by Workers'Compensation Insurance;• All additional or secondary residence premises where an insured maintains a residence, other thanbusiness or farm properties; and• Incidental office, professional, private school, or studio occupancies by an insured on residentialpremises of an insured.Use the rating information shown in this manual.4.1 Calculation Of PremiumThe premium is computed as follows:Step 1 Determine the basic policy premium. The basic policy premium will take intoconsideration the following:a. Base premiums as displayed in State Rate Pages,b. Any townhouse surcharge,c. An increase or decrease in Coverage A, B, C or D, andd. Any modification due to a deductible option.a, b, c, and d = Basic Policy Premium• See Rule 4.2 to determine the basic policy premium for Forms 2 and 3 when EndorsementML-255 or ML-256 is attached.• For all other forms, determine the basic policy premium based on the amount of Coverage Aor Coverage C, as applicable, using the basic policy rating information shown in this manual.Step 2Step 3Adjust the result of Step 1 by any applicable premium modification factors, premiumcredits or surcharges.Add the result of Step 2 to the charges for any other mandatory or optional property orliability coverages that apply.7-1-2010 IA - Rules - 10 General RulesIncludes copyrighted material with permission of American Association of Insurance Services
Western National Mutual Insurance CompanyIOWA HOMEOWNER RULES4.2 Modified Loss Settlement Terms – Coverages A and B – Forms 2 and 3Standard Homeowner Program ONLY4.2.1 Repair CostAt the option of the company, the loss settlement provisions that apply to buildingscovered under Coverages A and B can be converted from replacement cost coverage torepair cost coverage. Repair cost is the cost to repair or replace the building to acondition and appearance similar to that which existed at the time of loss, utilizingcommonly used materials that are readily available in the local area.Step 1 Establish the Coverage A limit.Step 2 Determine the percentage of the repair cost that the Coverage A limitrepresents. (Example: If the estimated cost to repair or replace the residencewith commonly used and readily available materials is $100,000 and theCoverage A limit shown on the declarations is $50,000, the Coverage A limitrepresents 50% of the repair cost)Step 3 Using the rating information shown in this manual, select the appropriatemodifier for the percentage determined in Step 2. (Example: 50% = 1.21modifier)Step 4 Use the basic policy rating information shown in this manual to determine thepremium for the amount determined in Step 1. (Example: Determine thepremium for $50,000)Step 5 Multiply the result of Step 4 by the appropriate modifier selected in Step 3.(Example: Multiply the premium from Step 4 by 1.21 and round to the nearestdollar)Attach Endorsement ML-255.4.2.2 Modified Replacement CostAt the option of the company, coverage for partial losses can be provided on areplacement cost basis when the limit on the residence is less than 80% of itsreplacement value.Step 1 Establish the Coverage A limit.Step 2 Determine the percentage of the replacement value that the Coverage A limitrepresents. (Example: If the replacement value of the residence is $100,000and the Coverage A limit shown on the declarations is $50,000, the CoverageA limit represents 50% of the replacement value)Step 3 Using the rating information shown in this manual, select the appropriatemodifier for the percentage determined in Step 2. (Example: 50% = 1.24modifier)Step 4 Use the basic policy rating information shown in this manual to determine thepremium for the amount determined in Step 1. (Example: Determine thepremium for $50,000)Step 5 Multiply the result of Step 4 by the appropriate modifier selected in Step 3.(Example: Multiply the premium from Step 4 by 1.24 and round to the nearestdollar)Attach Endorsement ML-256 and make an entry to show the percentage that applies.7-1-2010 IA - Rules - 11 General RulesIncludes copyrighted material with permission of American Association of Insurance Services
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