Note that this post has been updated for Dec 31st 2010 conversion date.
No more sublimit on the Embrace continuing care benefit (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 payout limit is more than enough for any one dog or cat, don't you think?
Another thing to note is the lifetime limit only applies to RLI claims so if you had claims with Lloyd's before you moved to RLI, they don't count towards the limit. Another woohoo!
So, what does mean for those of you with Lloyd's policies? To set the stage, there was a period of about 4 months where we converted various states from Lloyd's of London terms and conditions to RLI terms (see Lloyd's, RLI admitted and RLI Mt. Hawley states here).
Now we are the end of the year, most of the states are with RLI (all states except MA, NY, FL, and WA), with those 4 exception states being issued on Mt. Hawley paper (a subsidiary of RLI) using the Lloyd's terms and conditions. The one change to the Lloyd's terms for Mt Hawley is that the continuing care sublimit has gone and the lifetime limit is in.
In summary in regards to the Continuing Care sublimit:
- If you bought a Lloyd's policy recently, 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, you will have no continuing care sublimit and you move to the lifetime limit that only counts claims with RLI
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 RLI
Embrace pet insurance policies finally move over to RLI!
Embrace moves 12 more states to RLI
Embrace has a new insurance partner - A+ rated RLI Corp
What the new Embrace / RLI partnership means for you - new terms and conditions
PennHIP Pet Insurance Discount now available at Embrace Pet Insurance
The new and improved Embrace Wellness Rewards program
Anyone interested in some Embrace Dental Rewards? Pick me, pick me!
Embrace Continuing Care Sublimits are gone!
Other interesting changes in the Embrace Pet Insurance policies
