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| July 26, 2010 |
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2010 Annual Meeting of Members |
| The 2010 Annual Meeting of Members of the Mutual Assurance Society of Virginia was held Monday,
May 10, 2009 at 10:00 a.m. at the Society’s office at 4001 Fitzhugh Ave., Richmond, Virginia 23230.
Messrs. L. Gerald Roach and J. F. Williams III were re-elected to the Board of Directors for a
three-year term expiring in May 2013. |
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| 2010 Annual Assessment Rate Reduced to 12% |
| Because of improved investment performance in 2009, our base annual assessment
rate for 2010 was decreased to 12%. The 2010 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
2010 continues to be $100.00. |
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| Credit Card Payments Now Accepted |
| 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 are Fully Earned When Paid |
| Annual assessments are now fully earned when paid by you and in the event
of cancellation of a policy or any endorsement thereon there is no refund of assessments.
This change was made 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 is $30.00 |
| The Society’s returned check fee is $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 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. Important enhancements are being made to this coverage in 2010
making it an even more valuable coverage for you and your family. The premium to add
the coverage to your policy is $30.00. Due to our favorable loss experience the annual
assessment in 2010 for this coverage is 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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