Protect Your Client’s Real Estate Assets & Prosper with Umbrella Insurance

Brokers, what’s the secret to our success as one of the country’s longest-running Real Estate Umbrella Insurance programs? In our latest webinar recording, our experts answer your questions on Real Estate Umbrella insurance to help you build your business. Are you ready to level up? Watch the recording below and learn how Distinguished Programs can help you specialize in the real estate market.

Our panel discussed these topics:

+ Express vs. High-Limit Umbrellas
+ Top 3 Exposures in Real Estate
+ Underwriting Difference Makers

Get the Protect Your Client’s Real Estate Assets & Prosper with Umbrella Insurance handouts here:

+ FAQ 

+ Transcript 

+ Video Recording 

+ Slides 

Distinguished currently manages six distinct umbrella programs. Three for the hospitality industry, one for restaurants, and two programs that focus on Real Estate insurance risks. Distinguished Programs can help you specialize in the real estate market. With over 30 years of experience in the industry, we have seen it all. Register your brokerage with us and get started today!

Below are additional attendee questions we could not address during the session.

Understand not wanting to write in NY (ha), but why not write in GA?
GA is exceptionally litigious, with several recent nuclear verdicts coming from that state.

The maximum online quoting is $10M; how can I obtain a $15M UMB quote?
For the Express product, the max limit is $10M for the online portal product. Unfortunately, our real estate umbrella programs do not offer a $15MM umbrella. $25MM is the next limit we can consider.

On the community assoc. Umbrella on your express umbrella. When you say 5 locations, do you mean five buildings or 5 locations?
There is no fundamental limitation on the community association side of our express umbrella. Many communities have more than five buildings associated with the same association. The non-community association business it’s five buildings. We would not consider two offices or stand-alone retail buildings to be at the exact “location.”

Are you willing to quote the more minor NY risks on the Real Estate Umbrella program if the insured is willing to pay the $10k minimum for the $10k coverage? Or are you declining those?
While we underwriter risks very carefully in New York, we do not have any restrictions on risks we can entertain simply because they are in NY.

Do apartments qualify for an Express Umbrella?
Only if we write a package policy for the risk in our City Homes Program.

Sorry if you already covered this, but what if we have one vacant building on our schedule? Is that acceptable?
It would not be acceptable for our Express program. We might be able to consider it in our Real Estate Umbrella program subject to specific underwriting guidelines around building security, expected length of vacancy, etc.

HI! Does the Umbrella sit over other carriers’ D&O policies?
We can schedule D&O for Real Estate Umbrella if it meets our program guidelines and is a not-for-profit condo association.

Would you consider locations less than 20 stories, even if they have rooftop exposure and horizontal railings?
We can consider it as long as the railings are up to code.

Do you see writing in NY as an opportunity in the future due to most Umbrella programs leaving the market? Assuming no, as most marketing efforts seem to have forced us into the standalone market, but just curious about future plans.
Keep in mind that our real estate umbrella program is available in NY for up to $140MM in limits – subject to our $10,000 minimum premium and meeting our underwriting guidelines. We do not anticipate having our Express Real Estate Umbrella program available in NY soon.

So the Real Estate product we can get in NY? What are the eligibility requirements? An example of something would be a 23 Unit Apartment Building with a 2500-square-foot speech therapist’s office. Would this be eligible for the Real Estate Umbrella Product with downloading the application and sending it in? Or does this, for example, not meet the premium threshold, as we have heard this back on a few submissions?
Yes! This would be eligible for our Real Estate Umbrella Product. We would need to review five years of loss runs, SOV, underlying quotes, and the supplemental application to confirm eligibility.

Who is the issuing company?
Chubb is the lead carrier on our real estate umbrella program. Sirius Point is the carrier on our Express Umbrella Program.

In NY, what are your sprinkler requirements?
Same as in other states – All buildings over 20 stories must be fully sprinklered. Buildings between 8-20 stories must be equipped with a standpipe system and building-wide fire alarms. Other construction and life safety requirements may apply as well.

Condo Bldg in Florida locations, all of the bldg updates are incomplete. Will it still be eligible with roof only?
No, we require all updates to be fully completed.

Will there be a discount on the D&O if written as a Condo Combo?
We no longer offer the discount as the Condo Combo is no longer available. However, we can offer up to a 40% discount on the Crime premium if written in conjunction with the D&O and the crime limit is less than $1MM.

What are the unacceptable tenants for retail shopping centers?
Government offices, schools, and daycare centers. Those are the main ones. Other unsuitable tenants we see (maybe not at retail shopping centers) would be surgery centers or any medical-related offices that offer surgeries with anesthesia or overnight stays. Bars/taverns are also not eligible (a restaurant with a bar is OK).

Hi, so if I have a risk in FLUSHING, NY, 13 stories and TIV about 16.5M -17M built-in 2009 mixed-use condominium with community facility, it would only qualify real estate program, correct?
That is correct. This should be submitted for the Real estate umbrella program. We do not write our Express product in NY, even for community associations.

Expert Panel:

Carly Heitlauf
Carly is the Product Manager for our Real Estate Umbrella. She’s a Central Washington University graduate and has been in the insurance industry for 12 years. She began her career in Life and Health in 2010 and focused on long-term care insurance. In 2014, she switched gears to the property and casualty sector and joined Fulcrum Insurance Programs. Fulcrum Insurance Programs was acquired by Distinguished Programs. Carly joined the Real Estate Umbrella underwriting team and has since been focused on underwriting profitable new businesses, building strong carrier relationships, assisting in the management of the program, as well as managing the real estate business underwriting team. The new business underwriting team. Connect with Carly on LinkedIn

Chris Larson
Chris is the Product Manager for our Express Umbrella Program. Chris graduated from the University of Wisconsin and Madison and began his career as a Commercial Lines Underwriter for Century Insurance. Since joining, he joined Distinguished in 2017 with a background in underwriting. He has underwritten new business and renewal accounts by Distinguished’s underwriting and program guidelines for our company’s three programs. Chris excels at working with retail brokers and carriers to meet their servicing needs and standards. Connect with Chris on LinkedIn

About Distinguished Programs

Distinguished Programs is a leading national insurance Program Manager providing specialized insurance programs to brokers and agents with specific expertise in Fine Art and Collectibles, Environmental and Construction Professional, Executive Lines, Inland Marine, Real Estate & Builder’s Risk, Community Associations, Hotels, and Restaurants. Property and Liability products are distributed through a national network of agents and brokers. Serving the same core markets and partnering with the most stable and reputable carriers, Distinguished’s high-limit Umbrella programs remain the clear choice in its area of specialty for superior coverage, competitive pricing, and attentive service. Through thoughtful innovation, stemming back to 1995, Distinguished Programs fosters growth and opportunities for its brokers, carriers, and employees.

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