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News

RLI PUP Product now available with UM/UIM

Bulletin – Wednesday, November 24, 2010

 

RLI has received approval to offer excess Uninsured and Underinsured Motorists coverage in all states except New York and New Jersey (filings are pending). They will begin making this coverage available to Pennsylvania policy holders at renewal starting in February 2011. The full rollout of the program can be found on the RLI website.
 
Renewal solicitations from RLI will highlight this new coverage option. The insured will be asked to OPT-IN for the coverage for an additional premium. However, it is still the duty of the producing broker to advise your insured of the availability of the coverage and the protection it will afford.
 
The following sample documents are available online:
  1. The cover letter from RLI accompanying the renewal application with the addition of step #3 highlighting the offer of a $1 million Excess UM/UIM limit from RLI. 
  2. The renewal application that the insured needs to complete.  Question 24 asks the insured if they wish to purchase the coverage.  If nothing is answered or changed in this area, the policy will continue to have the coverage Excluded.  The RLI bill will follow.  The renewal bill will also indicate that Excess UM/UIM is not included in the renewal billing premium. 
  3. The Purchase/Rejection form.  This form was created to provide the insured an overview of the coverage offered, his requirements for Basic coverage and an ESTIMATE of what the Excess UM/UIM coverage will cost in order for the insured make an informed purchase decision.  This estimate is based on the information we currently have on file, but is subject to change based on the responses RLI receives on this year’s Renewal Application. 

 You can obtain a monthly report of RLI policyholders from the Tuscano website. Go to the R2U Toolbox page and click on Expiration Lists. This is a report of all expiring policies and it includes your RLI policies due to expire. 

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