The insurance/reinsurance market is facing disruption and change at an accelerating rate. This has resulted in stricter conditions and a need for Unimutual to meet more requirements in order to secure risk protection for our Members.
These additional reinsurance underwriting requirements can cause delays in our ability to accept new property risk in a quick timeframe. It is therefore imperative that all of our Members follow the updated new asset notification procedure in a timely manner to ensure that the Mutual has time to process and take on this new risk.
The New asset, new building or increase in building value notification procedure will now need to be followed for:
The New Building Notification Form is required to be completed for any new building addition.
So what is different? The following instances now require notification to Unimutual at least TWO WEEKS prior to the protection being required:
Any new asset or value change greater than 2% of the Members declared value or $25,000,000 whichever is the lesser
Any new asset or value change greater than $1,000,000.
If the new asset does not fall under the above criteria your normal notification procedure applies.