The DP-1 policy form does not define ACV and that can leave it to case law. Some courts have interpreted ACV to mean fair market value, i.e., the amount a willing buyer would pay a willing seller in an arm’s length transaction. Other courts have upheld the insurance industry’s traditional definition: the cost to replace with “like […]
Actual Cash Value (ACV) Read More »
The Iowa FAIR Plan Association uses an independent inspection firm to inspect all properties, and such inspections are done at the expense of the Plan. All properties written by the Iowa FAIR Plan are subject to inspection for eligibility and pricing. Inspectors usually will not go inside the property unless there is evidence of a
Property Inspections Read More »
All requests for policy changes must be made in writing via mail, fax, or e-mail. Any requests for decreases in limits will require the signature of the Named Insured(s). Cancellation requests from Policyholders require the signature of all Named Insureds. Requests for backdating of more than thirty (30) days will require proof of replacement insurance.
Policy Change Requests Read More »
The Iowa FAIR Plan provides the financial support for the Arson Hotline (1-800-532-1459) and the reward program. This information goes to the Arson and Explosives Bureau to help in the resolution of suspected arson cases. You can learn more about the State Fire Marshal Division by clicking here.
Did You Know?….the Arson Hotline Read More »