The District of Columbia Property Insurance Facility (DCPIF) was originally formed in response to the requirements of the federal legislation called "Fair Access to Insurance Requirements". District of Columbia statutes provide the basis for the continuing operations of the DCPIF. The purpose of the DCPIF is to provide for the administration of an industry placement facility pursuant to the provisions of Title 31, Subtitle VII, and Chapter 50 Insurance Placement of the District of Columbia Code .The DCPIF is regulated by the Department of Insurance and Securities Regulation of The District of Columbia. The DCPIF is not a government agency or organization.
For those individuals and businesses who are unable to obtain essential property insurance on dwellings, business property or Homeowners through the competitive property/casualty insurance marketplace they can apply to the DCPIF for insurance. An applicant can apply for insurance offered by the DCPIF through licensed property/casualty insurance Producer, or may apply directly to the DCPIF for coverage.
FINANCIAL RATING INFORMATION
The District of Columbia Property Insurance Facility does not have a rating by any financial rating organization, such as A.M. Best Company, due to our being a F.A.I.R. Plan. The law requires that all insurers licensed to write property insurance in the District of Columbia become a member of the DCPIF.
PAYMENT INFORMATION
Premium Payments: The DCPIF only will accept Gross Premium Payments.
Increase in Coverage: Increases in coverage requests will not require pre-payment as long as there is sufficient premium equity for the change. The DCPIF reserves the right not to process any increase in coverage without proper support and sufficient premium equity. An additional premium change notice will be issued for the increase when the change is processed. If payment is not received, the policy will be cancelled for non-payment on the equity date.
Return Premiums: The DCPIF will return premiums on a net basis. The Producer will continue to be responsible for returning the unearned commission to the customer, resulting in the customer receiving the proper gross premium return.
Commission Payments: The DCPIF will issue commission payments, commission statements and commission checks monthly.