The Vacant Building Insurance product provides competitive, flexible coverage to protect building owners from a myriad of risks.
PRODUCT: Vacant Buildings Insurance
COMPANIES: ICAT, Victor Insurance Managers Inc. (Victor US)
BEST RATING: A
AVAILABILITY: Available to appointed agents and brokers through ICAT and Victor.
FOCUS: In partnership with ICAT, a Victor US partner company, the Vacant Building Insurance product provides competitive, flexible coverage to protect building owners from a myriad of risks. ICAT has been offering commercial property insurance in catastrophe-prone regions in the U.S. since 1998.
The Vacant Buildings Insurance product was developed in direct response to the specialized needs of building owners during the current health and economic crisis and is available to agents through both ICAT and Victor in the U.S.
“The pandemic and other recent catastrophic events have laid bare the unique risk exposures for building owners who have been forced to manage vacant properties for extended periods due to government-mandated shutdowns and other impacts of COVID-19," says Greg Butler, president and CEO, ICAT.
COVERAGE DETAILS: The policy protects vacant buildings from all perils, excluding wind and hail, flood, and earthquake, although coverage may be added on an optional basis. Coverage can also be extended to include ordinance or law, debris removal, fire department service charges, inventory and appraisal expense, and rewards.
“Our new vacant buildings solution addresses a key exemption found in most property insurance policies and offers broad coverage options to help brokers and their clients maintain effective coverage during these challenging times," Butler adds.
UNDERWRITING: All business is underwritten by ICAT. Building owners with property left vacant for less than three years and a total insured value up to $25 million, and partially vacant buildings up to 25% are eligible.
MINIMUM PREMIUM: N/A
TARGET: Building owners in Tier 1 and 2 counties. Buildings transitioning from builders risk policies are also a strong fit.
COVERAGE AVAILABILITY: AL, CT, DE, FL, GA, LA, ME, MD, MA, MS, NC, NH, NJ, NY, RI, SC, TX and VA.
CONTACT: Margaret Woodruff, head of communications, content and digital, Victor; 905-755-2276.
Will Jones is IA editor-in-chief.