Who is Manatee Insurance Exchange?
Manatee Insurance Exchange (Manatee) is a Florida Domiciled Insurance Company that received its Certificate of Authority in January of 2024.
In which states are Manatee Insurance Exchange policies available?
Currently, Manatee products are available in Florida.
Is Manatee Insurance Exchange rated?
Manatee holds a Financial Stability Rating® A (Exceptional) from Demotech, Inc. and we plan to get a KBRA rating.
What type of company is Manatee Insurance Exchange?
Manatee Insurance Exchange is a reciprocal insurance exchange. A reciprocal insurance exchange is a type of insurance company where the carrier is owned by policyholders but managed by a separate entity called an attorney-in-fact. Policyholders of a reciprocal insurance exchange are referred to as subscribers or members. Some of the best-known reciprocals are USAA, Farmers Insurance, Privilege Underwriters Reciprocal Exchange (PURE), and Erie Insurance.
Who manages Manatee?
Manatee is managed by Manatee Risk Management (MRM) as the Attorney-in-Fact (AIF). MRM is responsible for all facets of Exchange’s operations. By signing the limited Power of Attorney with your application, you are authorizing the MRM to manage the exchange on your behalf.
Is there a special document that is required by Manatee Insurance Exchange?
Yes, a Subscriber Agreement and Limited Power of Attorney are required and must be signed by the policyholder (first named insured). Failure to provide these documents may result in cancellation of the policy. These documents will be available for e-signature online at manatee-insurance.com.
What is a Subscriber Surplus contribution?
Each policy includes a Subscriber Surplus Contribution of 10% of premium, which will be applied directly to Exchange’s surplus. Once the Surplus is sufficient to support the writings of Exchange, the exchange may return surplus to the subscribers with permission from the Florida Office of Insurance Regulation. The Subscriber Surplus Contribution will be itemized on the Quote Sheet and Declarations page.
Is Manatee Insurance Exchange an admitted or excess and surplus (E&S) lines company?
Manatee is an admitted carrier, and its policyholders (subscribers) are protected by the Florida Insurance Guarantee Association (FIGA).
How can I purchase a Manatee Insurance Exchange policy?
Manatee products are available to consumers exclusively through the insurance agencies authorized to represent Manatee. To purchase a Manatee policy, please contact your local insurance agent.
How do I get access to see my current Manatee Insurance Exchange policy?
Contact your Manatee Insurance Exchange agent or call: 1 (866) 651-4441
How do I make a payment?
Contact your Manatee Insurance Exchange agent or call: 1 (866) 651-4441
What are the processes and ways I can get the Subscription agreement signed and returned to Manatee Insurance Exchange?
There are many ways that a customer can sign and return their subscription agreement:
#1 – Visit https://manatee-insurance.com/sample-agreement-documents/ and input Name, email and Policy number and your customers will be able to digital sign the form.
#2 – Visit https://manatee-insurance.com/sample-agreement-documents/ download the form and you can sign and return the agreement to policyservices@manatee.com
#3 – Customers are receiving a printed agreement in their policy jacket where they can sign and email back to uw@manatee-insurance.com
#4 – You can call into 1 (866) 651-4441 and request for us to email the digital signature agreement for you to sign
What happens if I do not return my Subscription agreement?
All customers have 30 days from their policy effective date to get an agreement signed and returned. We reserve the right to cancel the policy when the agreements are not signed and returned.
How do I file a claim?
Customers can call us at 1 (866) 347-5131 or visit our site at https://manatee-insurance.com/claims-information/report-a-claim/
How do I access the Manatee policy administration if I am already an agent?
Once the Manatee Policy Administration System is available and a contract addendum has been signed, we will provide access to the system.
How do I update the contact information for my agency?
Please contact us at marketing@manatee-insurance.com or at 1 (866) 651-4441 and select marketing.
Can insureds be assessed?
No. As a Manatee subscriber your liability to the exchange is limited to the costs of your insurance, including premium and surplus contribution, for your policy. You cannot be assessed for any premium shortfalls incurred by the Exchange.
What pay plans are offered by Manatee Insurance Exchange?
Manatee offers full pay, 2 pay and 4 pay pay-plans. We offer the option to pay with credit card. However, our vendor charges a credit card fee. If payment is made via e-check, fees do not apply.
Will Manatee Insurance Exchange offer the same coverages as Safepoint Insurance Company?
Yes, the current coverage options will mirror SafePoint.
Will Manatee Insurance Exchange be increasing coverage A on all policies at renewal?
Manatee Insurance Exchange will follow the current renewal guidelines to ensure risk is insured to value an inflation factor is applied at renewal the same as Safepoint.
Will any prior discounts be removed?
No. Policies renewing with Manatee will include current discounts being applied by Safepoint Insurance Company.
Will Manatee Insurance Exchange re-inspect homes?
Manatee Insurance Exchange will follow our normal re-inspection ordering timeline.
Will State of Florida assessments be added to Exchange policies?
As an admitted carrier in the State of Florida, Manatee is subject to the same potential assessments from FIGA, the FHCF and Citizens Property Insurance Corporation (CPIC) as all other Florida admitted insurers. Therefore, all Manatee subscribers could have any assessments levied by these entities added to their policy. However, as a Manatee subscriber your liability to the Exchange is limited to the costs of your insurance, including premium and surplus contribution, for your policy. You cannot be assessed for any premium shortfalls incurred by the exchange.