Insurance Program Results
Community Associations: Carriers Jumping Back In
Carriers writing community associations, including condo, homeowners and planned communities, are warming up to this class again. Crittenden looks for the most growth in the Southeast and Southwest, as well as in cities that have recovered economically during the past couple years. More condo associations are expected to pop up this year as many housing markets tend to favor urban infill with multi-family developments. Aging Baby Boomers are also feeding the community association market. The majority of homebuyers of age 59 and older are purchasing townhomes and condos, while 13 percent of buyers 49 and older are already purchasing housing in senior communities.
In more recent years, this segment has been plagued by litigation over fair housing, foreclosures and associations’ ability to collect unpaid dues. But steady improvement in the housing market has bolstered community association development and high-dollar litigation has largely dropped off. Property catastrophe exposures will still be the top threat to carriers’ bottom lines in this class, although most carriers offering package policies to these organizations have implemented exclusions for earthquake, flood and wind/hail damage, and often charge higher premiums for coverage. Slip and fall incidents, security activity and pools will generate the most frequent non-weather claims for this segment.
Copyright © Crittenden Research Inc., May 11th, 2015
Habitational
Administered By: Clermont Specialty Managers
Distribution: Program Administrator
| Industries: |
Apartments, Co Op Association, Community Associations, Habitational, Homeowners/Condo Associations |
|---|
Carriers: W.R. Berkley Corp.
Coverage: Blanket Limit, Equipment Breakdown, Boiler & Machinery, Business Income/Extra Expense, Business Interruption, Business Personal Property/Business, Crime, Cyber Liability, Data Security, Employee Benefits Liability, General Liability, Property
Limits: up to $25,000 (Limited Coverage for: Fungus, Wet Rot, Dry Rot, and Bacteria), up to $100,000 (Crime Coverage (employee dishonesty, forgery/alterations & computer fraud)), up to $500,000 (Property in Transit), up to $150 million (Property Limits)
Community Centers
Administered By: K&K Insurance
Distribution: MGU
| Industries: |
Community Associations |
|---|
Carriers: Nationwide Mutual Insurance Co.
Coverage: Content, Contractor's Equipment, General Liability
Limits: up to $5 Million
Condominium Association Boiler & Machinery Program
Administered By: Coastal Insurance Underwriter
Distribution: MGU
| Industries: |
Apartments, Commercial Real Estate, Commercial Real Estate (Multi-Family), Community Associations, Habitational, Homeowners/Condo Associations |
|---|
Carriers: Travelers Cos.
Coverage: Equipment Breakdown, Excess, Machinery & Equipment, Umbrella/Excess
Limits: up to $200 Million ($50 MM per location TIV)
Active Shooter/Deadly Weapon Liability
Administered By: McGowan Program Administrators
Distribution: Program Administrator
| Industries: |
Churches/Religious Institutions/Organizations, Colleges & Universities, Commercial Real Estate, Community Associations, Education & Nonprofit, Film Risks, Political Risk (Terrorism/War/General), Private Companies, Public Companies , Retail, Stage Risks |
|---|
Carriers: Lloyd's of London
Coverage: Deadly Weapon Protection Liability
Limits: $50,000 - $20 million
Community Associations
Administered By: McGowan Program Administrators
Distribution: Program Administrator
| Industries: |
Community Associations |
|---|
Carriers: Admiral Insurance Co., Great Divide Insurance Co., Nautilus Insurance Co.
Coverage: Directors & Officers (D&O), Employment Practices Liability (EPL)
Limits: $1 Million - $4 Million
Condominium Association Package
Administered By: McGowan Program Administrators
Distribution: Program Administrator
| Industries: |
Community Associations, Homeowners/Condo Associations |
|---|
Carriers: American Alternative Insurance Co.
Coverage: Commercial Property, General Liability
Limits: up to $1 million/$2 million (General Liability), up to $50 million (Blanket Property)
Crime Program
Administered By: McGowan Program Administrators
Distribution: Program Administrator
| Industries: |
Community Associations, Homeowners/Condo Associations |
|---|
Carriers: Chubb Group of Insurance Cos.
Coverage: Crime, Fidelity
Limits: $10,000 - $1 million (Higher limits upon request)
Cyber$ential
Administered By: New Empire Group
Distribution: MGA
| Industries: |
Apartments, Community Associations |
|---|
Carriers: Great American Insurance Cos.
Coverage: Cyber Liability, Wrongful Acts
Limits: $100,000 - $1 million
Directors & Officers
Administered By: Kinsale Insurance
Distribution: Carrier Direct
| Industries: |
Adoption/Foster Services & Facilities, Assisted Living Facilities, Auto/Car Dealerships, Behavioral/Mental Health Organizations, Blood/Tissue Banks, Camps (Youth, Sports & Enrichment), Churches/Religious Institutions/Organizations, Colleges & Universities, Community Associations, Crisis Call Centers, Day Care (Child or Adult), Education & Nonprofit, Groups & Clubs, Hospice, Libraries, Medical Clinics/Infirmaries, Mental Health/Behavioral (Counseling/Counselors), Nonprofit Organizations, Private/Charter Schools, Restaurants, Social Services, Substance Abuse Rehabilitation Facilities & Services |
|---|
Carriers: Kinsale Insurance Co.
Coverage: Directors & Officers (D&O)
Limits: up to $5 million/$5 million (Primary)
Directors & Officers Program
Administered By: McGowan Program Administrators
Distribution: Program Administrator
| Industries: |
Community Associations, Homeowners/Condo Associations |
|---|
Carriers: Chubb Group of Insurance Cos., Starr Indemnity & Liability Co., W.R. Berkley Corp.
Coverage: Directors & Officers (D&O), Employment Practices Liability (EPL)
Limits: $1 million - $5 million
Recover
Administered By: New Empire Group
Distribution: MGA
| Industries: |
Apartments, Community Associations |
|---|
Carriers: ACE Group
Coverage: Bodily/Personal Injury, Environmental/Pollution Liability
Limits: up to $2 million/$3 million (Environmental Liability)
Umbrella Program
Administered By: McGowan Program Administrators
Distribution: Program Administrator
| Industries: |
Community Associations, Homeowners/Condo Associations |
|---|
Carriers: Chubb Group of Insurance Cos., Travelers Cos.
Coverage: Excess, Umbrella/Excess
Limits: $1 million - $100 million
Community Associations
Administered By: Chubb Ltd. (Formerly ACE Group)
Distribution: Carrier Direct
| Industries: |
Community Associations |
|---|
Carriers: ACE Group
Coverage: Business Owners Policy (BOP), Contractual Liability, Directors & Officers (D&O), Employment Practices Liability (EPL), General Liability, Management Liability, Property
Limits: up to $5 million (EPL ), up to $2 million/$4 million (General Liability), up to $5 million (D&O), up to $300,000 Blanket (Property (Excluding Buildings))
CommunityAssociationGuard
Administered By: Willis Programs
Distribution: Program Administrator
| Industries: |
Community Associations, Homeowners/Condo Associations |
|---|
Carriers: AIG
Coverage: Commercial Auto, Crime, Earthquake Liability , Employee Benefits Liability, Equipment Breakdown, Excess, Fine Arts, Flood, General Liability, Inland Marine, Liquor Liability, Property, Umbrella/Excess
Limits: Up to - $40 Million (Property), Up to - $1M/$2M/$2M (Liability ), Up to - $10 Million (Umbrella )
ResortGuard
Administered By: Willis Programs
Distribution: Program Administrator
| Industries: |
Community Associations, Directors & Officers (D&O), Hospitality (Hotels/Motels), Resorts & Time Shares |
|---|
Carriers: AIG
Coverage: Commercial Auto, Crime, Directors & Officers (D&O), Excess, Inland Marine, Property, Umbrella/Excess
Limits: $0 - $1,000,000 (Employment Practices Liability)
Businessowners Policy
Administered By: Providence Mutual
Distribution: Carrier Direct
| Industries: |
Accountants & Accounting Services, Apartments, Artisan & Trade Contractors, Beauty Salon/Barber Shop, Community Associations, Contractors, Distribution Risks, Landscape Design/Landscaping/Lawn Service, Laundry Services/Dry Cleaning, Lawyers, Lessors Risk, Manufacturers/Manufacturing Risks, Restaurants, Retail, Self-Storage Facilities, Small Businesses |
|---|
Carriers: Providence Mutual Fire Insurance Co.
Coverage: Business Interruption, Commercial Property, Crime, Cyber Liability, Data Security, Employment Practices Liability (EPL), Equipment Breakdown, General Liability, Identity Theft
Limits: up to $2 million/$4 million (Liability)
Commercial Residential
Administered By: Citizens Property Insurance
Distribution: Carrier Direct
| Industries: |
Apartments, Co Op Association, Community Associations, Homeowners/Condo Associations |
|---|
Carriers: Citizens Property Insurance Co.
Coverage: Property
Limits: $50,000 - Higher (Multi-Peril)
Common Area Package Program
Administered By: Distinguished Programs
Distribution: MGA
| Industries: |
Community Associations, Homeowners/Condo Associations |
|---|
Carriers: AIG
Coverage: Additional Insured, Commercial Auto (Hired & Non-Owned), Commercial Property, Directors & Officers (D&O), Excess, Fidelity, General Liability, Umbrella/Excess
Limits: up to $10 million (Property TIV), up to $500,000 (Fidelity bond), $1 million/$2 million or - $2 million/$4 million (General Liability)
Community Association Directors & Officers
Administered By: Distinguished Programs
Distribution: MGA
| Industries: |
Community Associations, Homeowners/Condo Associations |
|---|
Carriers: Great American Insurance Cos.
Coverage: Directors & Officers (D&O)
Limits: $1 million - $5 million
Community Association Umbrella
Administered By: Distinguished Programs
Distribution: MGA
| Industries: |
Community Associations, Homeowners/Condo Associations |
|---|
Carriers: Allied World Assurance Co., Great American Insurance Cos., Ironshore Inc., Lexington Insurance Co., Liberty Mutual Group, The Navigators Group Inc.
Coverage: Directors & Officers (D&O), Employee Benefits Liability, Employment Practices Liability (EPL), Excess, Garage Keepers Legal Liability, General Liability, Umbrella/Excess
Limits: up to $50 million (Navigators), $1 million - $10 million (Great American - Lead Umbrella), $15 million - $25 million (Ironshore Indemnity), up to $200 million (Lexington), up to $100 million (Ohio Casualty), up to $100 million (Allied World)