Philadelphia Insurance Companies launched a a new niche product niche for apartments. PHLY’s new apartment product offers comprehensive coverage for general liability, property, crime, automobile and umbrella.
The new apartment product is designed for the above average, professionally managed and well maintained market rate apartment. Eligible classes include complexes originally built in 1980 or later. Acceptable amenities include club houses, fitness centers, playgrounds and swimming pools.
The underwriting preference is single location accounts. Location schedules are only considered if all properties meet underwriting criteria and have common ownership. Frame apartment buildings cannot exceed three stories and must contain masonry firewalls to be acceptable if the unit count is high. Prior loss runs are required even if the ownership has recently changed.
Submission requirements include a PHLY residential application, color photographs, plot plan, statement of values and four years of company loss runs.
Source: PHLY,
www.phly.com
Was this article valuable?
Here are more articles you may enjoy.
Global Tech Outage Disrupts Industries, Highlights Online Risks 
Study Urges Rethinking of Disaster Management in Era of Compounding Events 
Insurers Face Business Interruption Claims After Global Tech Outage 
Progressive Q2 Net Income Skyrockets Over 320% 
