New products and discounts

W NEW Condo and Yacht

W Dwelling Basic replaces DP-1

W Dwelling Special replaces DP-3

W Homeowners replaces Specialty Homeowners

W New water damage and theft coverage options

W Up to 10 discounts for all property lines

W Up to 14 discounts for recreational lines

W Reworked pricing for collector car, motorsports and boat

Important dates*

March 15, 2019 — quoting opens for new products

April 1, 2019 — first policy bind date

TBD — old policy conversion begins

TBD — conversion ends

Conversion is the process of moving the customer policies from the modernLINK system and its underwriting companies to the AMsuite system and American Modern Property and Casualty Insurance Company

*Dates subject to change.

Product Information

New products to sell

Condominium insurance covers just rental and seasonally used condominiums making it attractive in  resort areas, and also larger developments with unsold units that the owner is now renting out. Endorsements allow for short term rentals, or the occasional rental of a seasonal unit. Title can be held in the name of a single family (important for seasonal use units) or an LLC (important for rental properties). Also for rental units, the optional premises liability extends coverage to a property manager, and landlords can add coverage for wrongful eviction claims.

Yacht insurance is a separate program from Boat. It covers vessels longer than 26 feet in length, and valued up to $1M. Liability coverage starts at $300,000 and increases to $1M in coverage. Special options cover use as a six pack charter, occasional charters, liveaboard, extended navigation, and more. Dinghies are covered up to $3,000 for physical damage. Larger dinghies can be written as a separate boat, which qualifies for a multi-product discount.

New product line up for Minnesota

Compare these products with the retiring programs (click the buttons for details)

Dwelling Basic accepts owner occupancy, rental, seasonal, vacant or non-residential structures. It’s flexible in terms of the home’s condition.

 

Dwelling Special supports rental or seasonal occupancy, and vacant property, too. It offers replacement cost protection to homes in good condition.

 

The Homeowners product helps a customer who wants a package of protection, but their home is not a fit for an HO-3 policy.

 

The Manufactured Home program covers owner occupancy, rental units, seasonal homes, and tenant. Vacant homes fit in our Dwelling Basic program.

 

Condominium covers harder-to-find rental and seasonal units. You can endorse the coverage to allow for short-term rentals.

 

Collector Vehicle
More acceptance of “future classics” from the 80s, 90s and 2000s
New options: appreciation security, automobilia, diminishing deductible, trailer physical damage.

 

Motorsports
Refreshed rates improve competitive position
Replacement cost coverage for bikes two model years and newer continues for the life of the policy
Not just motorcycles, but ATVs and golf carts, too.

 

Boat / Yacht
Consequential damage is included
Parts up to 10 years of age covered at replacement cost
Up to $50,000 coverage for personal effects (fishing gear) and for medical payments

Have a product question or need help?

Call us at 800-543-2644, contact your underwriting authority, or sign up for a product training class  .