No more sublimit on the Embrace continuing care benefit for those Embrace policies with RLI as underwriter (see Embrace has a new insurance partner – A+ rated RLI Corp).
Yesterday, I talked about cleaning up some niggling things about the Embrace Pet Insurance product, specifically the Embrace dental illness coverage.
Today, we talk about the old Embrace continuing care sublimit of 25% of the annual limit in the second year of the condition.
I’ve never liked the sublimit but it was something that Lloyd’s felt strongly about so that is what we offered. Now that we have some claims experience under our belts, RLI agreed with us that we could remove the sublimit if we added a lifetime limit of $50,000, so we agreed – woohoo! I’m thinking that a $50,000 lifetime limit is more than enough for any one dog or cat, don’t you think?
So, what does mean for those of you with Lloyd’s policies. To set the stage, there are 23 RLI states at the moment, with more coming every week (see Lloyd’s and RLI states here). I can’t guarantee when all the states will convert over but we’re working hard to make it ASAP with a little fairy dust and Department of Insurance good will (please please please DOI …)
[as an aside to those of you not in the insurance industry - you have no idea how inefficient the process of filing in 51 jurisdictions is (I'm being polite since I really want our policies to get approved!)]
But I digress…
In summary:
- If you bought a Lloyd’s policy recently, likely you will renew into an RLI policy. The good news for you is that the continuing care sublimit will have no impact on you since it only comes into effect in the second year (and you’ll be cozy with RLI by then)
- If your renewal is coming up and you are in one of the RLI states, you also will have no continuing care sublimit (list of RLI states)
- If your renewal is coming up and you are in a Lloyd’s state, chances are you are going to renew into a Lloyd’s state and continue on with your policy as it is now (list of LLoyd’s states). But when you renew in 2011, you will move to RLI at that time.
The interesting thing about the continuing care sublimit is that is had very little claims impact in the grand scheme of things but people felt it very restrictive (can’t blame them – I agree!) so I’m glad we got rid of it.
Any questions?
Related Posts – move to RLIEmbrace has a new insurance partner – A+ rated RLI CorpWhat the new Embrace / RLI partnership means for you – new terms and conditionsPennHIP Pet Insurance Discount now available at Embrace Pet InsuranceThe new and improved Embrace Wellness Rewards programAnyone interested in some Embrace Dental Rewards? Pick me, pick me!Embrace Continuing Care Sublimits are gone!
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