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| January 2, 2008 |
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2008 Annual Meeting of Members |
| The 2008 Annual Meeting of Members of the Mutual Assurance Society of Virginia will be held Monday,
May 12, 2008 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 2007 Annual Report will be mailed to members on or about
April 1, 2008. |
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| 2008 Annual Assessment Rate Continues at 12% |
| As a result of some softening in the catastrophe reinsurance market and our continued favorable
loss experience in 2007, the Society’s base annual assessment rate for 2008 will remain at 12%.
The 2008 homeowner policy assessment rates are 12% for primary residences and 24% for secondary
residences plus the additional assessment of 12% for either type residence if it is located in a
territory subject to our coastal exposure assessment. The minimum annual assessment per policy
for 2008 has been increased from $75.00 to $100.00. |
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| Policy Forms Now Available Online at: www.mutual-assurance.com |
| We are pleased to announce that your policy forms and related endorsements are now 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. For your 2008 policy anniversary, if you prefer to receive a printed copy of your
complete policy by mail, please send your request to Mutual Assurance Policy Request,
P.O. Box 6927, Richmond, VA 23230-0927. Please include your full name, property address and
policy number on your request.
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| Optional Homeowner Coverages 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 2008 for this coverage will be 55% 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 and will be subject to a 100% annual assessment.
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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. The premium for this coverage will be subject to a
100% annual assessment.
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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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| Coverage Interpretation for Theft of Property of Full-Time Student Changed |
| Please note that we have changed our interpretation regarding coverage for the theft of personal
property of a full-time student to now include their personal property while it is away from the
student’s living quarters. If you sustained a theft of such property subsequent to your policy’s 2003
anniversary date, which is when we adopted our new homeowner policy forms, please let us know and we
will review the circumstances of your loss in light of the current coverage interpretation.
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