The vacant property program targets both properties and vacant land, including residential and commercial buildings, as well as buildings under renovation.
PRODUCT: Vacant Property Program
COMPANIES: SIS Insure, an Integrated Specialty Coverages (ISC) company, and backed by an A-rated carrier partner.
BEST RATING: A
AVAILABILITY: The program is exclusively available to ISC and SIS Insure and will soon be available through ISC's online MGA platform. Interested parties can apply through ISC or SIS Insure's websites directly.
FOCUS: Backed by an A-rated, non-admitted carrier, the Vacant Property Program was designed to address the increasing number of vacant residential and commercial properties across the U.S., while providing owners flexible terms at competitive rates.
“The Vacant Property Program seamlessly accompanies our already extensive retail product offering, making us a one-stop shop for small accounts," says Patrick Kelly, vice president, business development at SIS Insurance Services.
In addition, the new program “complements our existing builders risk product, as it is typical for the property to be vacant before or after the renovation work takes place," Kelly says. “As such, we can continuously support our agents while insuring the full life cycle of the property through the renovation process."
COVERAGE DETAILS: The program targets both properties and vacant land, including residential and commercial buildings, as well as buildings under renovation. The program can write property and liability policies over alternate periods, including three-, six- and 12-month terms.
The Vacant Property Program provides up to $2 million total insurable value for any one location, as well as general liability limits of $1 million per-occurrence/$2 million aggregate, with no cost for additional insured endorsements. The program is accessible in basic, broad and special form. Wind coverage in Tier 1 coastal areas is also available.
UNDERWRITING: ISC utilizes artificial intelligence to pull many risk factors, such as protection class, crime scores and square footage, which provides a quote indication in seconds.
TARGET: The Vacant Property Program has the flexibility to accommodate most vacant risks. “We can seamlessly service property investors who are buying properties to renovate and sell or renovate and rent out," Kelly says. “Furthermore, some clients may be moving for work or transitioning to a more suburban area due to changing preferences throughout the past year."
COVERAGE AVAILABILITY: Available in all U.S. states except Florida, Tennessee, Missouri and Kansas. The product is partially available in Colorado.
CONTACT: Patrick Kelly, vice president, business development at SIS Insurance Services; SIS Wholesale Insurance Services, 1811 Aston Ave., Suite 200, Carlsbad, CA 92008.
Will Jones is IA editor-in-chief.