BINDING PROCEDURES

FAX BINDING

An application which has been received by fax or zap-app.and which has been fully completed and is an eligible risk, will be bound as of the requested effective date, but no earlier than the fax date and time if:
The fully completed and signed application with the appropriate net deposit/payment are received in our office within 72 hours of the fax or zap-app. request.

Otherwise, the effective date will be the date following the day that we receive the required items.

MAIL BINDING

The effective date of coverage shall be either 12:01 a.m. on the date following the date the application was signed by the applicant, provided the application and payment are received within 3 days of signature date OR if received after 3 days from the date of signature, the effective date shall be the date received or the proposed effective date, whichever is later.

Applications which are not eligible based on Topa guidelines will be returned with no coverage. Risks that are not eligible will not be bound.

MESSENGER AND MAIL DELIVERY SERVICE BINDING

The effective date of applications which have not been faxed but are sent to us via messenger service or mail delivery service, and are eligible and fully complete and are accompanied by the net deposit/payment, will be bound as of the date they are received by us or on any future requested effective date. If the application has been faxed prior to delivery by a messenger/mail delivery service, the coverage will be bound as early as the fax date date if we have received the original application with the required net deposit/payment within 72 hours of the fax time and date.

ESCROW CLOSINGS HOMEOWNER & DWELLING FIRE

1. An agent needing proof of coverage for an escrow closing on a personal residence, single family dwelling only, should fax us a request for a policy number. The request needs to include the name & mailing address of the insured, the address of the property to be insured and the requested effective date of the homeowner coverage. The name and address of the lender along with the loan number should be included if known.

2. McNabb will
a) send a policy number by return fax or
b) decline to provide a number if the risk is in a protection class in which Topa does not write, in a designated brush area or in a location where Topa has a moratorium.

3. The agent needs then to fax McNabb a copy of the proof of insurance that has been provided to the insured/escrow company

4. McNabb will diary these records for 15 days only. If the original completed and signed application with the required trust check has not arrived within the 15 days, McNabb will terminate the binder and make a non-refundable binder charge of $100.00 which will be billed to the agent. If the completed and signed application has arrived with the required trust check within the 15 days, McNabb will:
a) issue the policy or
b) issue the policy & cancel if it is developed that the risk is either ineligible or unacceptable.