PRODUCT: PRIME Umbrella program

COMPANY: Liberty International Underwriters

BEST RATING: A (Excellent)

AVAILABILITY: Coverage is available through independent agents and brokers.

FOCUS: A customer slips on the wet floor in a strip mall and injures herself, breaking her hip. A person visiting an apartment complex trips and falls in the parking lot due to accumulation of snow or ice, and requires surgery for a broken wrist and nerve damage. A woman is sexually assaulted in the laundry room of an apartment complex due to an unsecured back door. A commercial tenant repeatedly tells the management company about a leaking pipe, but the pipe is never repaired, eventually breaks and floods the tenant’s space, ruining a $5-million Picasso.

The above real-life scenarios prove that today’s property owners and community associations face complex challenges, including exposures to liability and property damage, problems associated with contractual obligations, project delays, environmental exposures, loss of income and expenses due to business interruptions, and utility transmission outages.

Now, New Empire Group’s PRIME Umbrella program—designed for exposures in the apartment, community association and commercial real estate sectors—provides high commercial umbrella limits at an affordable price.

“The umbrella coverage protects insureds when they suffer unexpected catastrophic losses that exceed their primary policy limits,” explains Marisa Vutrano, commercial umbrella supervisor, New Empire Group. “Our umbrella team is staffed with educated underwriters who know the product very well. We pride ourselves on our customer service and strive to meet our clients’ needs with the ability to provide fast turnaround on any submission.”

Without commercial umbrella insurance, property owners are obligated to pay out of pocket for the damages that exceed the limits of their underlying primary business coverage.

But New Empire Group’s umbrella insurance gives real estate owners additional liability coverage to protect against the potentially ruinous costs of large claim settlements. If the cost of a claim exceeds the limits of an insured’s primary insurance policies, the commercial umbrella extends liability coverage by up to $100 million to protect the property owner.

UNDERWRITING: Available exclusively through New Empire Group, the PRIME Umbrella program includes two carrier options. The program provides coverage limits beginning at $5 million, with options for $10 million, $15 million, $25 million, $50 million, $75 million and $100 million. Submission requirements include a completed application and three to five years of currently valued loss history.

Self-insured retention is $10,000. Coverage terms up to 15 months are available. A short, user-friendly supplemental is required in addition to loss runs.

MINIMUM PREMIUM: None.

TARGET: Condominium associations, cooperative associations, homeowners associations, apartment buildings, garden apartments and commercial buildings (lendor’s risk only), such as office buildings, strip malls and light industrial buildings.

COVERAGE TERRITORY: All U.S. states.

CONTACT: Marisa Vutrano, commercial umbrella supervisor, New Empire Group; 214 West Park Avenue, Long Beach, NY 11561; 516-690-8124.

Ronimarie Acord is an IA contributor.