Premium or TIV Fee
(whichever is lower)
Premium: $0 to $5,000 $125.00
TIV: $0 to $1,500,000
Premium: $5,001 to $10,000 $150 .00
TIV: $1,500,000 to $2,500,000
Premium: $10,001 to $20,000 $200.00
TIV: $2,500,001 to $5,000,000
Premium: $20,001 and over $250.00
TIV: $5,000,001 and over
How To Determine The Fee
The fee to you cannot be based on premium alone as premiums reflect exposure; meaning, identical Inns may be paying different premiums based on their exposure, such as location. For example:
In addition to location, there are other exposures and rating factors which drive rates and impact premium: type of construction (frame or brick), existence of sprinkler systems, claim activity, age of building, activities offered, distance to fire station/hydrant, water pressure in the hydrant, etc., etc., etc.
Therefore, your fee is based on your premium or TIV, whichever is lower. TIV means “Total Insured Value”. To derive TIV simply add together your building(s), contents and business income limits.
Fee Determination Examples--Same Limits, Different States
The Inn is located in Maine: Building limit $500,000, contents limit $100,000,
business income limit $200,000, TIV of $800,000 and premium of $4,300.
Fee is $125
The Inn is located in Florida: Building limit $500,000, contents limit $100,000, business income limit $200,000, TIV of $800,000 and premium of $8,700.
Fee is $125
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