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| January 15, 2009 |
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2009 Annual Meeting of Members |
| The 2009 Annual Meeting of Members of the Mutual Assurance Society of Virginia will be held Monday,
May 11, 2009 at 10:00 a.m. at the Society’s office at 4001 Fitzhugh Ave., Richmond, Virginia 23230.
Notice of the meeting and the Society’s 2008 Annual Report will be mailed to members on or about
April 1, 2009. |
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| 2009 Annual Assessment Rate Increased to 15% |
| Operationally the Society had an excellent year in 2008; however, due to a 27% decline
in Admitted Assets and a 20% decline in Surplus at December 31, 2008, precipitated in large
part by the global decline in investment values, the Society’s base annual assessment rate
for 2009 has been increased to 15%. The 2009 homeowner policy assessment rates are 15% for
primary residences and 30% for secondary residences plus the additional assessment of 15% for
either type residence if it is located in a territory subject to our coastal exposure
assessment. The minimum annual assessment per policy for 2009 continues to be $100.00. |
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| Credit Card Payments Now Accepted |
| Beginning January 1, 2009, you have the option of paying your annual assessments or
policy premiums by credit card from the Member Login Section of our web site,
www.mutual-assurance.com. A convenience fee of 3% is charged to your credit card to use
this payment option in order to cover the Society’s direct cost of processing your
credit card payment.
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| Annual Assessments Will be Fully Earned When Paid |
| Effective with your policy anniversary in 2009, annual assessments will be deemed fully
earned when paid by you and in the event of cancellation of a policy or any endorsement
thereon there will be no refund of assessments. This change is necessary because the
Society operates on a fixed budget and needs the assurance that the funds paid by members,
as evidenced by low annual assessments, are available to fund the entire budget as planned,
especially for per risk and catastrophe reinsurance costs, which are contracted for on an
annual basis.
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| Returned Check Fee Increased to $30.00 |
| The Society’s returned check fee has been increased to $30.00. The credit card
payment option noted above has been provided for our members as a convenient alternative
payment method.
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| Policy Forms Available Online at: www.mutual-assurance.com |
| Please remember that your policy forms and related endorsements are available for review
or download from the Member Login section of our web site, www.mutual-assurance.com.
Making your policy forms available to you in this manner saves the cost of printing,
handling and postage and contributes to the preservation of our natural resources and the
protection of our environment.
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| Optional Homeowner Coverage Available |
| Following is a brief summary of some of the optional coverages that are available for
an additional premium. Please review the summary and give your agent or company
representative a call at the number shown on your declarations page. If you have not
already added these coverages, we strongly encourage your consideration of the Identity
Recovery Coverage and the Equipment Breakdown Coverage. Identity Recovery can provide
you with the extra peace of mind that you will receive the necessary help to restore
your identity and credit if it is ever stolen. Equipment Breakdown extends the coverage
your basic homeowner policy provides for lightning and electrical surge damage to include
mechanical and electrical breakdown of any built-in equipment. Although all built-in
equipment in your home is covered by this endorsement, the most valuable protection is
for your heating and cooling systems. Members who have purchased this coverage have
saved thousands of dollars from heating and cooling system breakdowns.
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| Equipment Breakdown Coverage provides up to $50,000 for mechanical or electrical
breakdown of equipment permanently installed in a residence, subject to the applicable policy
deductible. The premium is $40.00 if the amount of Coverage A-Dwelling insurance is less than
$500,000 and $85.00 if the amount is $500,000 or more. The premium for this coverage will be
subject to a 100% annual assessment. The addition of this coverage will be subject to a 30-day
waiting period unless it is added within 15 days after your policy anniversary date.
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| Identity Recovery Coverage provides identity theft insurance up to $15,000, subject
to a $250 deductible, and provides a help line to answer your questions and a case manager who will
work on your behalf to help restore your identity and credit file to pre-theft status. The premium
to add the coverage to your policy is $30.00. Due to our favorable loss experience the annual
assessment in 2009 for this coverage will be 50% of the premium.
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| Water Damage-Sewer, Drains and Sumps-Increased Limits provides the option to purchase
increased limits of coverage for sewer and drain back ups and sump pump overflows in excess of the
$5,000 provided by Form MAS-65. The premium for this coverage is $5.00 for each additional $1,000
of coverage requested.
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| Earthquake Coverage provides coverage for earthquake, including land shock waves
or tremors before, during, or after a volcanic eruption, explosion or effusion. The premium for
this coverage depends on the construction classification for your home and the amount of
Coverage A-Dwelling insurance on your home.
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| Unscheduled Personal Property-Increased Special Limits provides the option
to purchase increased limits of coverage for the following classes of unscheduled personal
property: Money (cash), etc. can be increased from $250 to $1,000 for $45.00; securities,
etc. from $1,000 to $2,000 for $40.00; jewelry, watches, furs, etc. from $2,500 to
$5,000 for $50.00; and guns from$2,500 to $7,500 for $150.00. The premiums for increased
special limits of coverage currently are subject to the same annual assessment as the
primary homeowner policy.
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| Scheduled Personal Property provides coverage for all loss to property
unless the type of loss is expressly excluded by the endorsement. Typical classes of
scheduled property are jewelry, furs, silverware, fine arts, cameras, musical instruments
and guns. A current and qualified appraisal is required in order to schedule property.
The premium for this coverage depends on the property classification and amount of
insurance required based on the appraised value. The premiums for scheduled property
currently are subject to the same annual assessment as the primary homeowner policy.
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