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September 2016

Insurance for Fire Sprinkler Contractors

fire-sprinkler-contractorsSprinklerPro® is a multi-line insurance program for fire sprinkler contractors engaged in the design, fabrication, installation, testing, service, and repair of fixed water-type and special hazard suppression systems.
Target clients are as follows
  • Fire Sprinkler Contractors – Designing, Fabricating, Installing, Testing, Servicing and Repairing Sprinkler Suppression Systems including Pre-action or Deluge systems, and systems utilizing: Halon, Inergen, FM 200, Foam, or CO2
  • Contractors performing some mechanical work with sprinkler installations
  • General Liability
  • Professional Liability
  • Pollution Liability including microbial substance (mold / fungus)  available
  • Umbrella / Excess Liability
  • Special Endorsements include Blanket Additional Insured, Blanket Waiver of Subrogation, and Per Project Aggregate Limit
  • Primary and non-contributory provided for additional insureds with no premium charge
  • No exclusion or limitation endorsement for residential work
Availability: Nationwide

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Insurance for Multi-Family Real Estate

overcoming-the-challenges-of-placing-multi-family-real-estateThe real estate sector consists of many different types of premises-related accounts, including office buildings, shopping centers, malls, industrial warehouses, and apartments. Due to the frequency and severity of losses, habitational properties or apartment schedules are most commonly placed with E&S markets. This also applies to shopping centers and malls that are located in geographic areas where the crime scores are typically higher than the national average, or where the risk has a higher frequency of claims and is suitable for taking a retention and employing an aggressive third party administrator (TPA).

But the majority of real estate accounts placed in the E&S marketplace are multi-location apartment schedules. In recent years, many casualty markets have struggled with being profitable on these risks, and some have stopped underwriting this class entirely. What makes this class so difficult for carriers to be profitable, and why have so many markets either exited the space or tightened their guidelines?

Obviously, profitability is tied to thin rates and/or overly generous claims settling, but there are several other factors when it comes to this class:

1. Unique claims = general liability? Not always.

One factor is that there are so many more unique claims which ultimately get tagged to the general liability (GL) carrier. Just about anything that goes wrong – other than traditional property losses such as fire, wind, flood, etc. – is considered a GL claim. While it used to be that the owner or manager had to be negligent in order for a GL claim to be paid, that’s hardly the case anymore. Carriers have traditionally been the most concerned with “typical” GL claims including slip-and-falls, violent attacks, and sexual assaults; they now have to also deal with unique, obscure claims for which a GL carrier is ultimately held liable. This diminishes any chance of the account being profitable.Read More »Insurance for Multi-Family Real Estate

Florida Automobile Joint Underwriting Association

The Florida Automobile Joint Underwriting Association (FAJUA) was created pursuant Sections 627.311 and 627.351, Florida Statutes, by order of the Insurance Commissioner Dated February 9, 1973, for the purpose of establishing and carrying out a program for providing automobile insurance to qualified applicants unable to procure such insurance in the voluntary market at rates below the FAJUA. Every insurer authorized… Read More »Florida Automobile Joint Underwriting Association

New York Automobile Insurance Plan

The New York Automobile Insurance Plan (NYAIP) is the central mechanism established pursuant to Article 53 of the New York Insurance Law to provide auto liability and physical damages coverages to those insureds who are unable to obtain such auto insurance in the voluntary market. All insurers writing automobile insurance in New York State must participate in the NYAIP by… Read More »New York Automobile Insurance Plan

California Automobile Assigned Risk Plan

The CALIFORNIA AUTOMOBILE ASSIGNED RISK PLAN (CAARP) was created in 1947 by the state legislature with the essential purpose to provide automobile liability insurance to those who “in good faith” are entitled to but are unable to procure such insurance through ordinary methods. The statute indicates a legislative intent to encourage drivers to seek insurance in the voluntary market using… Read More »California Automobile Assigned Risk Plan

Fleet Safety Program

For organizations that operate vehicle fleets, it’s important to have a formal, effective safety program. It establishes the policies and procedures that are needed to ensure a safe work environment for your employees. It can also help protect against liability for vehicle accidents – a significant exposure for most fleets – and helps control accident costs. To be effective, a formal… Read More »Fleet Safety Program