Insurance Survey
 
 

Crittenden Insurance Program Directory

Crittenden’s Insurance Program Directory, listing over 1,600 specialty and main street programs searchable by coverage, territory and class, including Community Associations.

Insurance Program Results

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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

 

Community Associations Crime

Administered By: Distinguished Programs

Distribution: MGA

Industries:

Community Associations, Homeowners/Condo Associations

Carriers: Great American Insurance Cos.

Coverage: Crime, Fidelity

Limits: $25,000 - $5 million

Community Associations/ Homeowners Associations

Administered By: Gateway Specialty Insurance

Distribution: Direct/Broker

Industries:

Community Associations, Directors & Officers (D&O), Homeowners/Condo Associations, Planned Unit Developments (PUDs)

Carriers: Chubb Group of Insurance Cos., United States Liability Ins. Co. (USLI)

Coverage: Abuse & Molestation Liability, Commercial Auto, Crime, Directors & Officers (D&O), Equipment Breakdown, General Liability, Hired & Non-Owned Auto, Property, Special Events, Umbrella/Excess

Limits: up to $1,5 Million (Property insured values up to $1,500,000 (500,000 coastal zones) Limited property coverage available up to 5 units; Coastal restrictions apply.), up to $5 Million (Community Association Professional Liability ), up to $5 Million (Umbrella Coverage ), up to $2 Million (General liability up to $1 Million occurrence/$2 Million aggregate )

Nonprofit Community Association D&O Liability

Administered By: Ian H Graham Insurance

Distribution: Program Administrator

Industries:

Community Associations, Homeowners/Condo Associations

Carriers: CNA Insurance Cos

Coverage: Cyber Liability, Directors & Officers (D&O), Employment Practices Liability (EPL)

Limits: up to $100,000 (Defense for Wage & Hour claims), up to $50,000 (Privacy Event Expense (Cyber Liability))

Nonprofit Community Association Umbrella Liability

Administered By: Ian H Graham Insurance

Distribution: Program Administrator

Industries:

Community Associations, Homeowners/Condo Associations

Carriers: Firemans Fund Insurance Co.

Coverage: Directors & Officers (D&O), Excess, Umbrella/Excess

Limits: up to $2 million (Community Association with 300 or less units), up to $25 million (When written over IHG D&O policy)

V3 CAPP+

Administered By: V3 Insurance Partners

Distribution: MGA

Industries:

Co Op Association, Community Associations, Homeowners/Condo Associations

Carriers: Hiscox Insurance Co. Inc.

Coverage: Commercial Property, Crime, Directors & Officers (D&O), General Liability

Limits: up to $50 million