This rule change, effective 4/15/2025, will allow insureds to purchase separate excess coverage beyond the $1,000,000 limit for Homeowners and Dwelling policies.
- MPIUA will serve as primary insurer when separate excess coverage is purchased for properties insured at $1MIL Coverage A.
- This is for HO2, HO3, DP2 and DP3 policies only.
- It’s mandatory for properties where 90% of Replacement Value exceeds $1,000,000, unless Special Loss Settlement HO 04 56 Endorsement is added.
- Excess coverage is to be obtained by agent, not provided by MPIUA.
- Within 30 days of the policy effective date, Agents must notify MPIUA with proof of excess coverage (i.e. copy of the excess policy or a binder). You can do this by sending an email to: excesspolicy@mpiua.com.
- Failure to comply with new rule will result in forced endorsements being added by MPIUA
Here is how to handle this in SinglePoint:
1. In the FAIR Plan Carrier Options tab, select “Excess over $1 Million”:
2. Enter the amount of Excess coverage:
3. In the General Options tab, select “Loss Settlement – Actual Cash Value”:
4. Each Loss Settlement endorsement has options in the drop down list, select the one based on Replacement Cost:
IMPORTANT: to learn more on the new rule and watch a recording of the 4/10/2025 webinar hosted by Michele Gillen and MPIUA’s Paul Driscoll, click here.
