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FACILITY ASSOCIATION RESIDUAL MARKET CLAIMS GUIDE Revised May 2007 INDEX: F.A. Overview 1 Claims Coordinators Appointment/ Duties. 2 F.A. Claims Committee 3 Large Loss Reporting: I Categorize II Procedures

How to fill out facility association residual market

How to fill out facility association residual market:

1. Ensure you have all the necessary documents and information ready before starting the process. This may include the name and contact details of the facility, its location, the type of business or industry it operates in, and any previous insurance claims.
2. Complete the application form provided by the facility association residual market. This form will ask for specific details about the facility, such as the number of employees, annual revenue, and the types of coverage required.
3. Provide accurate and detailed information about the facility's operations. This may involve describing the specific risks and hazards associated with the business and any risk management practices in place.
4. Include any supporting documents that may be required, such as financial statements, loss history reports, or safety inspection records. These documents will help assess the facility's risk profile and determine the appropriate insurance coverage.
5. Review the completed application form and supporting documents for any errors or omissions before submitting them. Accuracy and completeness are crucial to ensure the facility gets the appropriate coverage.
6. Submit the completed application to the facility association residual market as per their instructions. This may involve mailing it, submitting it online, or delivering it in person.
7. Follow up with the facility association to ensure the application is received and processed. They may have additional questions or require further information before finalizing the insurance coverage.

Who needs facility association residual market:

1. Facilities that have been denied insurance coverage by traditional insurers may need to turn to the facility association residual market. This often happens when the facility is considered high-risk or operates in an industry with limited insurance options.
2. Facilities that have a poor claims history or a high frequency of claims may also require facility association residual market coverage. In these cases, traditional insurers may be unwilling to provide coverage due to the facility's risk profile.
3. Start-up facilities or business ventures in new and emerging industries may need the facility association to provide insurance coverage. This is because traditional insurers may be unfamiliar with the risks associated with these industries and may hesitate to provide coverage.
4. Facilitators who provide coverage to a group of facilities or businesses may turn to the facility association residual market if they are unable to secure insurance for all the members of the group through traditional insurers.
5. Facilities that require specialized coverage or customized policies that are not readily available in the standard market may seek the services of the facility association residual market. This ensures that their specific insurance needs are met.

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