Property Managers, Property Owners, Coop Boards and Landlords research and deal with many different types of insurance policies for their property. One of the most commonly overlooked (and one of the most important) types of insurance is the umbrella insurance policy. It’s important to let your client’s know that primary coverage may not be enough to cover them in the event of a catastrophic claim. This is where their umbrella insurance would come into play.
A few overlooked benefits of Excess and Umbrella coverage that could be good selling points to your clients are:
- Cost effective Excess Limits-As limits increase the cost generally reduces.
- Protects against the financial failure of underlying carriers.
- Umbrella coverage can extend to cover liability losses that are not covered by underlying primary coverage.
- Excess liability following form clauses typically ensure consistency in coverage and coverage territories.
While these features are common to most Umbrella and Excess forms, comparing coverage is an important part of any thorough evaluation of an insureds coverage needs.
New Empire Group offers a great Commercial Umbrella Program to offer your clients with various limit options including $1 million, $5 million, $10 million, $15 million, $20 million, $25 million, $50 million, $75 million and $100 million for Community Associations, Apartments and most Real Estate risks!
We offer the following available classes for coverage:
| Condominium Associations | Apartment Buildings | Student Housing |
| Garden Apartments | Commercial and Office Buildings | Cooperatives |
| Industrial Buildings | Homeowners Associations | Senior Housing |
| Independent Living Residences | Affordable (Tax Credit) Housing | Hotels and Motels |
Some of the Coverage Features of our Umbrella Program include:
Excess and Umbrella Coverage: Our coverage forms provide both Excess and Umbrella coverage. Our Excess coverage A adopts the coverage provisions of the underlying policies scheduled. The Umbrella coverage insures against losses from Bodily Injury, Property Damage, Personal Injury and Advertising Injury losses when no underlying insurance applies.
Separate Aggregate Limits: Our programs can offer separate aggregate limits for Excess, Umbrella, Advertising Injury and Personal Injury as well as Products/Completed Operations.
For more information on our Commercial Umbrella Program, please email connect@newempiregroup.com.
Check out the great Insurance Programs for Condominium Insurance, Cooperative Insurance, Apartment Insurance and Property Manager’s Insurance that New Empire Group, Ltd. offers!
To learn more about New Empire Group, Ltd. visit our website, www.NewEmpireGroup.com or find us onFacebook, LinkedIn & Twitter!
