Attached is the Rate manual for Residential Property for King, Pierce, Snohomish and Kitsap Counties which has been approved for use effective September 1, 2015. There are several corrections from the previous manual that was approved for use on June 1, 2015. You are requested to review the entire filing closely.
Section 2.11 of the manual has been amended as follows:
a. Section 2.11.1 has been amended to clarify that the charge is applicable to both standard and extended lender’s policies; additional language specifying that the property is to be developed into four or more building sites; charge for owner’s extended coverage is 50% of column 1 of Exhibit “A”.
b. Section 2.11.4 has been added to contemplate the issuance of a Homeowner’s coverage policy following the completion of residential construction. This section was added to clarify the charges that had previously been contained and calculated under various sections of the manual.
c. Section 2.11.5 has been added to contemplate the issuance of extended owner’s policies issued following the completion of residential construction.
d. Note added that minimum charges under section 2.11 shall be $200.
Changes to Note on rate listed on Exhibit A are:
1. Line 8 of Column to has been amended to read $718.
2. Line 12 of Column 2 has been amended to read $1026.
3. Line 16 of Column 2 has been amended to read $1320.
4. Line 18 of Column 2 has been amended to read $1467.
5. Line 20 of Column 2 has been amended to read $1614.
6. Line 22 of Column 2 has been amended to read 1761.
7. Line 4 of Column 7 has been amended to read $250.
8. Addition of language that applicable rates will be rounded up to the next whole dollar.
Any agents using AIM+ please contact PropertyInfo Customer Care to advise them of the new rate changes and request that they implement the changes on their respective AIM+ systems effective September 1, 2015. All other agents please contact your software vendor or manager to have them modify your systems to implement the new rates effective September 1. 2015.
Please disseminate this Bulletin to all appropriate office personnel.
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