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Property Insurance Coverage

Vacant and Rental Property Insurance

Home For Rent Sign

Business investors, landlords, and owners of the residential and commercial property have vacant and rental structures for different reasons, including but not limited to a change in tenants,
recurring renovations or refurbishment, and selling the structure. When occupancy changes, the dynamics of loss exposures may shift significantly. Many insurance companies and homeowners policies will not insure or offer adequate protection for such property. If you’re looking for an experienced provider who understands these exposures and is committed to the property insurance market the search is over, as we provide access to coverage for vacant structures and rental dwellings and offer a simple process to convert policies as tenant occupancy fluctuates.

Ask yourself these questions when selecting an insurance provider for vacant and rental property coverage:Read More »Vacant and Rental Property Insurance

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

Excess and Surplus Property Insurance Program

In cooperation with an A+ rated program administrator we are now happy to offer Excess and Surplus Property Insurance Program for Lessors Risk, Hotels/Motels, Vacant Buildings, Retail Operations, Shopping Malls, Strip Malls, Restaurants, Assisted Living, Medical Offices, Churches, Light Industrial, Warehousing Operations, Commercial Condos, Distributors, Excess Habitation and the above classes in all states including Florida. Geography: All states except New York. Florida excluding wind/hail. Coverages Offered: ISO Property coverage’s, forms and extensions. Up to $15 million primary and $25 million excess in-house authority with the ability to obtain higher limits with approval. Admitted/Non-Admitted: Non-Admitted Quote Requirements Information about the business… Read More »Excess and Surplus Property Insurance Program

Issues with Business Interruption Insurance

Issues with Business Interruption InsuranceBusiness interruption insurance covers expenses resulted from a covered loss. It will provide payments loss of income, extra expense and other costs related to interruption.

The causes of business interruption can range from cyber attacks to terrorism. The property damage exposure is one of the most threatening to a business.

The top 4 business interruption issues are:

  • Getting the values right. It’s vital to get proper limits and avoid going underinsured. Also, a coinsurance clause included with the policy could decrease the amount of coverage.
  • Set the right indemnity period. Test your policy to determine if there is a time element period and whether it includes reinstatement and recovery of profit and incurred increased costs.
  • Insufficient  supply chain coverage. Manufacturing, importing and wholesaling businesses may have first, second, third and even fourth tier suppliers. It is difficult to trace and control the disruption related to supply chains.
  • Lengthy and complicated claims settlement process.

Read More »Issues with Business Interruption Insurance