Apartment & Commercial Lessor's Risk

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:

• $750 million per occurrence for property
• $1 million/$2 million per occ/gral.agg per location
• $250,000 each pollution condition with Claims-made policy $20,000 deductible.

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 insurance Advantage Supplemental 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 $750 million 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.