GeoVera Customer FAQ:
Earthquake
Common Policy Questions
If an actual loss has occurred, please let us know immediately, and a claims adjuster will be assigned to your claim. The insurance policy and endorsement forms, not this website, define the terms of coverage.
Table of Contents
What is GeoVera’s A.M. Best Rating?
- GeoVera has achieved the “A” (Excellent) rating by A.M. Best Company. You can download GeoVera’s AM Best Rating Report for more details.
What payment plans are offered? What is your timetable for payment and cancellation? When are the invoices sent?
- We offer three payment plans: Full Pay, 3 Pay, and Monthly Pay.
- The three-pay installment plan requires that 40% of the total annual premium is due to activate coverage, and the remaining two installments of 30% each will be generated 21 days before their due dates. The due dates are 90 days (3 months) and 180 days (6 months) from the effective date. Please note: If the insured is on a three-pay recurring auto-pay plan, the second and third installments will be automatically deducted without further notification approximately five (5) days before the premium due date using the payment method on file. There are no fees for this service.
- The monthly installment plan requires a two-month premium to activate coverage, and the remaining premium due will be divided equally into ten remaining installments. Enrollment in our automatic deduction program is needed to qualify for the monthly installment plan. Premium payments are deducted automatically via ACH, Debit Card, or Credit Card.
To ensure no lapse in coverage, we will continue automatically deducting premium payments at policy renewal based on the selected payment plan.
Once the company receives the application, what is the earliest date coverage may be effective?
- Coverage may be effective the day after the application is completed online, provided we receive all required signature pages and payment information in our Fairfield, California offices within five calendar days of the intended effective date. You may also choose a future effective date not to exceed the quotation expiration date, which is 60 days from the date the quote was generated.
If no effective date is selected, when is coverage effective?
- If the effective date is blank, coverage will be effective the day after we receive all required signature pages and payment information in our office in Fairfield, California.
Are handwritten effective dates acceptable?
- Yes, provided we receive all required signature pages and payment information in our office in Fairfield, California, before the date you requested.
What if I have a policy that has lapsed after the 15-day notice period?
- The policy will not be reinstated if it lapses after the 15-day period has expired. A new quote may be obtained after the policy has lapsed. Coverage will become effective at 12:01 a.m. the day following receipt of the signed enrollment form and premium payment in our office.
How are renewals processed?
- Renewal offers are sent out 60 days before the expiration date and are due on the renewal effective date. Policies set up on automatic deduction will renew automatically when a payment is successfully deducted from the debit/credit card or checking account on file. An expiration notice will be sent out 10 days before the renewal if no payment is received.
Can I endorse a policy to change the renewal date? My customer wants both the earthquake policy and their HO3 policy to have the same renewal date.
- Not at this time. You would need to cancel the existing earthquake policy effective the HO3 renewal date. Then request a new earthquake policy (generate a new quote from this website), well in advance, indicating that the new policy’s effective date be set at the HO3 renewal date. Current rates and underwriting rules will apply. We prefer not to process such requests. Please use this procedure sparingly.
How are commissions calculated and paid?
- Commissions are based on the earthquake written premium and are paid in conjunction with the payment plan selected (if the customer pays the full premium, full commission will be paid. If the customer pays an installment, commission based on the installment will be paid). Premium changes, caused by cancellation, reinstatements and endorsements, will impact the commissions on a prorated basis. Commissions are paid on the 15th of the following month after premiums and changes are booked.
How can an insured cancel a policy?
We will cancel a policy when we receive the insured’s written request.
- The cancellation will be processed using the date requested if:
- The requested cancellation date is a future date, or;
The requested cancellation date is not more than 30 days before the date GeoVera receives the request. - The cancellation date that was asked for is more than 30 days before the date received by GeoVera; we will need evidence of replacement coverage or sale of the home to backdate a cancellation.
Please Note:
- The return premium shall be 100% of the pro rata unearned premium.
- Return premiums are sent to the insured 25 days after the cancellation is processed.
How does the company handle Changes in Agent (Broker of Record Change)?
- We will process change of agent requests upon receipt of written consent from the insured authorizing the company to change the agent of record. The change will be processed using the date requested if it is a current or a future date; or, if no effective date is provided or the effective date is in the past, the date after receipt will be used.
Does the earthquake policy provide coverage for tsunamis or landslides?
- The policy covers the peril of earthquake. Tsunamis, landslides, and other perils are not covered even if caused by an earthquake. Please refer to the exclusion section of the policy. Sample policies can be found in the Download section of this website.
Can you decrease the Single Limit coverage?
- The Single Limit cannot be less than the amount calculated by GeoVera. This is the minimum allowable Single Limit.
What is the process if the customer needs to adjust the policy limits due to a remodel or other changes?
- Updating property information and maintaining accurate replacement costs, and therefore coverage limits, is critical in ensuring that your insureds have enough coverage to rebuild in the event of a loss. The Property Details Page provides a comprehensive listing of the information that the company has used to provide your amount of coverage. Insureds should review it carefully, make any necessary changes, sign the form on page one, and submit all four pages to the company for review. You may e-mail changes to: [email protected], or fax to: (707) 863-9347.
What is the process if the customer needs to adjust the policy limits due to a remodel or other changes?
- We recommend that the customers pay the first annual premium when applying for a new policy. During the first term of the policy, the producer or customer can submit a request to setup the mortgage company as an alternate payor. The mortgage company will receive a premium notice 60 days prior to the first renewal date. If earthquake insurance is a loan requirement, the mortgage company can be setup as an alternate payor and loss payee at the onset of coverage. The mortgage company information must be provided with the signed application. The full annual premium payment must be received by the company before coverage can be provided.
What should I do when the property address exceeds the limited space provided on the New Quote page?
Please send an email message with the applicant’s name, property address, and your producer number.
GeoVera Insurance Company: [email protected]
Coastal Select Insurance Company: [email protected]We will abbreviate the address and apply a systems override which will enable you to quote earthquake coverage.
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