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Apartment & Commercial Lessor's Risk

Looking For Comprehensive Programs For Residential & Commercial Lessor's Risk?

IIABCal member agents and brokers have access to  comprehensive property and liability coverage programs for Residential & Commercial Lessor's Risk, including:

    • Apartment Lessor's Risk Program Focus: 1,000 units or less
    • Single Family Dwellings, Duplexes, Triplexes, Fourplexes
    • Mixed-use buildings with habitational and commercial exposures.
    • Associations
    • Commercial Lessor's Risk Program Focus: Property owners and Managers of Commercial Lessor's Risk Real Estate
    • Coverage Options: Property, General Liability, Premises Environmental Liability, and Umbrella

Program Highlights:

    • Blanket Property Limits/Automatic Reinstatement - No Aggregate Limits
    • No Coinsurance
    • Built in coverage's such as Building Ordinance and Earthquake Sprinkler Leakage
    • SPFM provides a net quote. Agency has choice to add up to 20% commission to premium or charge a broker fee.


    Limits:

      • $1 billion per occurrence for property
      • $1 million/$2 million per occurrence, per location in the aggregate for GL
      • $250,000 each pollution condition with $25,000 self-insured retention. Claims-made policy


Underwriting Requirements:

    • Five-year loss history running 50% or less
    • Water damage claims subject to review and approval


    Submission Requirements:

      • Complete SPFM Agency Agreement and submit with copy of license and current evidence of E&O. Agreement available under "Underwriting Guidelines." 
      • Submit Specialty Advantage Application or Acord Application. Application available under "Form/Applications." Upon binding, must submit application signed by agent and the insured.
      • Habitational, Association or Commercial Supplemental Questionnaire mandatory and must be submitted with Application. Forms are available under "Supplemental Applications." Upon binding, must submit questionnaire signed by agent and the insured.
      • Five-year hard copy loss run requested; three-year minimum required.
      • Pictures of risk if built prior to 1980.
      • State Availability: California, Arizona, Nevada, Oregon, Washington, Utah and Colorado. 


      Carrier(s):

      Westchester Fire Insurance Company
      Westchester Surplus Lines Insurance Company

       

       


      Carrier(s):

      Westchester Fire Insurance Company
      Westchester Surplus Lines Insurance Company

      Carrier(s):

      Westchester Fire Insurance Company
      Westchester Surplus Lines Insurance Company

      Carrier(s):

      Westchester Fire Insurance Company
      Westchester Surplus Lines Insurance Company

      Carrier(s):

      Westchester Fire Insurance Company
      Westchester Surplus Lines Insurance Company

Formal Quotations:

  • Annual Premiums are quoted NET of commission but can be grossed up to include commission
  • Enrollment fees, payable by insured
  • Administration fees, payable by insured
  • Inspection fees, payable by insured - if applicable
  • Exposure basis for premiums
  • Copy of proposed program specifications


Property Limits Disclosure (Group Purchasing)

The specific purpose of Specialty Insurance Advantage, Inc., is to provide insurance funds to purchase property and other insurance coverage on behalf of its members.

The property limits provided in Specialty Insurance Advantage programs are blanket limits with special form coverage for all insured properties written in this program. The blanket limit for the group is $1 billion per occurrence with no annual aggregate; property limits are automatically reinstated.

The group purchasing facility obtains property and liability insurance from insurers, some of which are not admitted in California.  With respect to any such insurance, the risk is not protected by an insolvency guaranty fund; and the risk purchasing group or such insurer may be be subject to all insurance laws and regulations.

Evidence of Insurance

Individual policies are not issued to Specialty Insurance Advantage Insured members. However, individual evidences of insurance are issued by SPFM listing the insured member and any additional interests related to the specific property. The evidence of insurance is issued off the master policy placements. Evidences of insurance are to be issued only by SPFM. Copies of the master policies are available for you and the insured member to review upon request.

Cancellations

All Specialty Insurance Advantage programs have an annual effective date of December 31. Any prospective client can become an Insured member mid-term subject to pro-rated or minimum premiums. The Insured member can elect to depart the program mid-year for any reason and the unearned premium would be returned on a pro-rata basis, except where a minimum premium applies. Enrollment, administration and inspection fees are all fully earned and non-refundable.

If coverage is cancelled for non-payment of premium after ten (10) days written notice, coverage will be cancelled on a pro-rata basis, except where a minimum premium applies. Enrollment, administration and inspection fees are all fully earned and non-refundable. Coverage will not be reinstated if the (10) days have lapsed and membership is terminated. No Flat Cancellations Allowed.

Program Features:

SPFM specializes in package insurance programs by providing the most comprehensive property and liability coverage available to Specialty Insurance Advantage members. Program features include:

  • Blanket Property Limits with many "built in" coverage's and sub limits designed for property owners & managers.
  • Primary General Liability written first dollar per occurrence per location and in the aggregate.
  • Environmental Coverage including remediation and third party liability
  • Umbrella Coverage also available.

 

SPFM is the exclusive program administrator for Specialty Insurance Advantage. Functions performed by SPFM for Specialty Insurance Advantage:

  • Coordinating master insurance placements
  • Underwriting
  • Production
  • Coordinating Property Engineering Surveys
  • Premium Audit
  • Accounting
  • Data Processing
  • Statistical Reporting
  • Coordinating Claims Adjustment and Settlement with insurers


More Information:

Application
Association Supplemental Questionnaire
Commercial Supplemental Questionnaire
Habitational Supplemental Questionnaire
Agency/Broker Agreement
Specialty Insurance Advantage Program Flyer

More information at www.specialtyprograms.net

Contact:

Specialty Programs & Facilities Managers, Inc., 790 E. Colorado Blvd, Suite 510, Pasadena, CA 91101
Phone: 626-395-0850 - Fax 626-395-0853

To reach Kathleen Turknette -  Phone: 626-395-0263, Email: kathleen.turknette@amwins.com
To reach James Corsini - Phone: 626-395-0260, Email: james.corsini@amwins.com 

Claims Contact Business Hours: Mayra Rodriguez 626-395-0270 or mayra.rodriguez@amwins.com.

Claims Contact After Hours: visit American Technologies, Inc.