Out of State Exposures
* It is not the intent of BIIA to provide coverage for firms  
domiciled outside the Commonwealth of Virginia.
 
New Business Submissions
* A completed new business submission includes the following items:
* Completed Commercial Insurance Application (Acord 125)
* Commercial General Liability Section (Acord 126)
* 3 years hard copy loss runs evaluated within 60 days**

Payment Options
* Payment in full
* Semi-annual - 50% down and 1 installment*
* Quarterly installments - 25% down with 3 additional quarterly installments.* 
* Monthly installments - 25% down with 8 additional monthly installments. *
* A service fee of $5.00 per installment will apply.

Fee Schedule
* Late payment fee $15.00
* Reinstatement fee $ 50.00
* Additional Insured $100 per additional insured per policy term  
* Waiver of Subrogation $100 per waiver per policy term 
* Audit non-compliance $500
* Audit revisits $150

Loss Control
Inspection Guideline

It is mandatory that all BIIA new members must be referred to Loss Control for a safety and loss control inspection. The following risks will require follow-up site visits during the policy term:
 
Risks with an estimated modified annual premium exceeding $50,000. Any project that exceed $5,000,000 or projects with longer than 24 month duration. 

When the initial loss control report indicates:

Poor maintenance of premises or equipment Underground work Each policyholder must implement and maintain an aggressive loss prevention program.  To facilitate the application of these programs, the policyholder must possess sufficient knowledge of the operations to be able to indentify deficiencies and have the authority to carry out corrective action.

Premium Audits

All policies will be physically audited a the expiration of each policy term.
Insured must make the following documents available to the Auditor upon request:

Certificates of Insurance for the period all sub-contractors have provided materials or labor/services Copies of the approved sub-contractor agreement signed by the sub-contractor, supplying labor/services or materials, and the General Contractor. Exhibit A-Attached to the sales contract at the point of sale (applicable to Builder/Remodeler only) Payroll Reports Quarterly Reports General Ledger Vendor List Claims - Reporting & Follow-up

Claim Reporting available at biiaonline.com or 1-877-412-2111, 24 hrs/7 days a week

Toll-free 888-730-1572, 9 a.m. - 5 p.m., Monday through Friday

Claims follow-up contact: Bette Nelson, P O Box 2667, Mechanicsville, VA 23116-2667 e-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it