PRODUCER NEWS

NEW MORTGAGE BINDER PROCEDURE

Effective November 1, 2004 we have introduced a new binder procedure to make it more convenient for you to obtain a mortgage endorsement binder for your clients. This new service is available to producers and policyholders when you receive notification that the scheduled mortgage closing is within the next 1-3 days. This service is for closings only.

                There are two ways to receive the binder:

1. Obtain the binder from our Website at www.nypiua.com

Step 1.
    Print a copy of your client’s current policy. To do this, click the
    “To View Your Policy” icon on our home page. You will need a
    NYPIUA Internet Access ID. Click the " To View Your Policy"
    icon  from the home page and follow the instructions
    Step 2.
    Click the “Electronic Web Submissions” icon and then click
    “Mortgage Change.” Follow the on-line instructions to amend or
    add the new mortgage information. The confirmation screen will
    serve as your mortgage endorsement binder.
                                              OR
2. Call the NYPIUA Customer Service Department at 212-208-9749
    After answering some simple questions to confirm your identity and
    authority to request the policy change, you will receive a binder
    reflecting the mortgage change. The request must be made at least
    one day prior to the scheduled closing date.
 
Whether you submit your mortgage change using our Website or by calling Customer Service, you will receive a copy of the endorsed policy by mail. The endorsed policy will also be available for viewing and printing on the NYPIUA Website the next working day.
 

NYPIUA PERSONAL PROPERTY INVENTORY PROGRAM     

This year the Association piloted a program to assist policyholders document household furnishings in their seasonal dwellings. To reconstruct an inventory of items from memory after a loss has occurred is typically a difficult task.

Owner-occupied seasonal dwelling policyholders were contacted to submit descriptive inventories, photographs, and supporting documentation to the Association.

Not every seasonal property owner has taken advantage of this program. When you have occasion to speak with your insureds, remind them to complete and submit the inventory.

Suggestions for your insureds:

• Each room in the house should be inventoried separately.
• A detailed entry of each item should be made; include an exact description, model or serial number, quantities, purchase date and price.
• Include items which may be in the attic, basement, garage, closets, dressers, or other storage areas.
• Any receipts, owners manuals, and canceled checks should be gathered.
• Keep copies of appraisals for the more costly items such as jewelry, collections, art objects, or paintings.
• Copies of inventories should be maintained in a secure location such as a safe deposit box. If inventories or images are stored on a digital medium, back-up copies should also be kept in a secure place.
• Inventories should be updated annually.
• Photograph and/or video possessions. 

Send copies of inventories to NYPIUA, Attn: Inventory Program,
100 William Street, 4th Floor, New York, NY 10038

AVOID NON-PAYMENT CANCELLATIONS BY SUBMITTING BALANCE DUE PAYMENTS ELECTRONICALLY     

Balance due Payments at www.nypiua.com. From the NYPIUA homepage click the “Electronic Web Submissions” icon; then click “Billing Inquiry/Premium Payment” and follow the on-line prompts. You will then be asked for the bank routing number and account information found on the bottom left of your check. The routing number is nine digits long and must begin with 01 through 12, or 21 through 32 (disregard the check number appearing before the routing number or after the account number, and on the top right-hand side of your check). The second set of numbers appearing on the bottom of your check is the account number. Your checking account will be debited for the amount entered. Remember to note the transaction in your check book.

Balance Due Payments by Phone. Call (212) 208-9810. Listen to our introductory message and follow the prompts. You must have a touch-tone telephone with touch-tone service. For best results, do not use a cordless phone. You will be asked to enter your 10-digit policy number (disregard the two-digit suffix at the end after the dash), choose a payment option (installment or payment in full), and enter the bank routing and account number as detailed above. Then record the transaction in your check book.