Scott Wallace is a seasoned professional in the field of property insurance underwriting, currently serving as a Senior Field Underwriting Representative at the Massachusetts Property Insurance Underwriting Association since January 2020. Previously, Scott held the position of Field Underwriting Representative at Mass property insurance from April 2015 to January 2020, contributing to the provision of essential property insurance for applicants unable to secure coverage in the voluntary market. Prior experience includes roles as an Independent Field Inspector at Prime Valuation Services from 2010 to 2015, and as a Business Development professional at both G&K Services and Suburban Contract Cleaning from 2002 to 2009. Scott's ongoing education includes studies at the Insurance Library of Boston and Bristol Community College, focusing on Business, Management, Marketing, and Related Support Services.
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Massachusetts Property Insurance Underwriting Association
The Massachusetts Property Insurance Underwriting Association (MPIUA) is a residual market insurance association in which all companies writing basic property insurance in the Commonwealth are required to participate with losses shared among the member companies on a premium volume basis. Responding to Federal Legislation, the Massachusetts Legislature in 1968 called for an urban area insurance placement facility and thereby gave rise to MPIUA. MPIUA is also known as FAIR Plan (Fair Access to Insurance Requirements). The FAIR Plan operates similar to that of a normal insurance company in that it underwrites and inspects risks, accepts premium, issues policies and adjusts claims. It has a seasoned professional staff, which provides exceptional service to its clientele. FAIR Plans are the outgrowth of the national emergency created by three years of rioting in American cities, beginning with the Watts outbreak in 1965. When the rioting of the 1960s suddenly mushroomed to disastrous proportions, the companies found themselves in the position of having to pay losses in excess of $100 million, on which they had collected no specific premium. Although the companies paid these losses, their capacity was severely taxed and their normal riot reinsurance market had dried up. It became obvious that emergency revisions of underwriting and reinsurance procedures were necessary for the future protection of urban property and urban existence.