Before a PIAPRO policy can be issued there are three basic
requirements:
- You must be a member in good standing of the Professional
Insurance Agents (PIA)
- You are required to make an initial surplus investment.
Given the PIAPRO decision to form as a Risk Retention Group,
policyholders must be owners/stockholders of the company. The
required surplus contribution will be 33% of the first-year premium
paid at inception or in equal installments over three years.
- You meet the standard company underwriting requirements.
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Yes you can get a rate indication by filling out a Rate Indication Form and sending it to the
producer at your state PIA affiliate association. You can
also get a rate indication by submitting another carrier's
application. However, a completed PIAPRO application will be
required for a bindable quote and policy issuance.
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Yes, the PIAPRO program is written on Argonaut-Midwest Insurance
Company, an A rated and admitted company and should be accepted by
all your carriers.
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Because PIA members and the PIA national organization own the
company and controls the responsiveness, service, direction
and success of the company, its stability in the market and product
competitiveness.
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Yes, higher limits up to $10,000,000 will be available by using
the facultative reinsurance market.
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Yes, for agencies that have been in the agency business but are
new to the independent agancy system and agencies that are new to
the industry are acceptable subject to the standard underwriting
guidelines.
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Yes, the 33% of the first year premium is the minimum
investment. There is no maximum cap on investment.
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ALPS Risk & Insurance Services (ARIS), a member of the ALPS
Family of Professional Services will process the application. ARIS
has assisted PIAPRO throughout the feasibility and captive
development stages, and will handle policy issuance directly.
PIAPRO applications will not be processed through the PIA national
office.
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ALPS Risk Insurance Services, ARIS, will also be processing
claims. If you are a PIAPRO policy holder and you receive
notice of a claim, or become aware of a wrongful act or personal
injury that could reasonably be expected to be the basis of a
claim, you must immediately deliver a written notice of the claim,
wrongful act or personal injury directly to ARIS as soon as
practicable. ARIS also encourages reporting of any facts,
events or circumstances that may give rise to a claim at the first
sign of a problem. Our claims personnel are always available
through our 24 hour/365 days a year claims hotline.
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Only PIAPRO program policy holders may own stock in the PIAPRO
program. If your agency discontinues coverage under the PIAPRO
program and you have made your 33% minimum surplus investment, only
PIAPRO may redeem your stock under the guidelines established by
the PIAPRO Board. If you sell your agency to another PIA member
that has coverage through the PIAPRO program, they may assume your
stock. If the buying agency is not participating in the PIAPRO
program then your stock will need to be redeemed by PIAPRO. At no
time may stock be transferred to a non-policyholder.
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