Program Participation Agreement Changes 8/2023

The REInsurePro Program Participation Agreement is signed by program insureds when an account is set up, and outlines the Terms & Conditions that govern participation in our insurance program. From time to time, updates are required to this agreement. Continued coverage in the Program assumes acceptance of the current agreement which can be found on each account’s Monthly Inventory Report.

The most up to date Program Participation Agreement can be viewed here.

The following updates were made in August 2023:

Section 1.b.iii – Added clause noting that for cost-bearing changes made on annual billed accounts, the amount due for the remainder of the annual policy term will be drafted on the accounts next monthly payment date.

Section 1.b.iii – Changed net payment terms from 30 days to 10 days

Section 2 – Added consent to receive recurring communications via phone, voicemail, text, email, and fax messaging related to marketing, servicing, and billing activity.

Section 4.b – Changed the Insurance to Value (ITV) requirement for coverage with no co-insurance from $60 to $75 per square foot to meet new carrier requirements

Section 4.d – Added Knob & Tube to wiring type disclosure

Section 4.e & f – Split Detached Structures terms into two separate items for clarity

Section 4.l (formerly 4.k) – Added “tenant” in front of occupied to clarify that owner-occupied locations are not eligible for the Program.

Section 4.n (formery 4.m) – Added #5 Returned ACH fee

Section 4.q – Added to provide clarity during the claims process to show the EOI and policy match up to outline what coverage is in force for the insured location at the time of loss.