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American Modern Announces Motorcycle Changes
Bulletin – Friday, May 29, 2009
American Modern Insurance Group has announced three underwriting changes that will be implemented over the next few months:
May 22, 2009 – A $1000 physical damage deductible for Class A Super Sport, Class A Scooters, and Class A Street Performance bikes will be mandated. This will apply only to new business policies and new units added to existing policies.
June 15, 2009 – Replacement cost coverage will now remain on a motorcycle as long as continuous coverage remains on the policy & bike in question. When replacement cost is available, the company will now renew the policy with the coverage for as long as the policy remains in force. Previously, replacement cost was dropped from the policy when the unit turned 3 years old. The customer can elect to have this coverage removed at any time.
July 1, 2009 – American Modern has identified those policies where there is a discrepancy on the operator assignment. For instance, some policies with multiple operators and multiple bikes have not been rated with the highest rated operator assigned to the highest rated unit. The company will be reviewing these files and adjusting the rating at renewal.
May 22, 2009 – A $1000 physical damage deductible for Class A Super Sport, Class A Scooters, and Class A Street Performance bikes will be mandated. This will apply only to new business policies and new units added to existing policies.
June 15, 2009 – Replacement cost coverage will now remain on a motorcycle as long as continuous coverage remains on the policy & bike in question. When replacement cost is available, the company will now renew the policy with the coverage for as long as the policy remains in force. Previously, replacement cost was dropped from the policy when the unit turned 3 years old. The customer can elect to have this coverage removed at any time.
July 1, 2009 – American Modern has identified those policies where there is a discrepancy on the operator assignment. For instance, some policies with multiple operators and multiple bikes have not been rated with the highest rated operator assigned to the highest rated unit. The company will be reviewing these files and adjusting the rating at renewal.