PRODUCT: High-limit excess liability program for real estate

COMPANY: Crum & Forster

BEST RATING: A (Excellent), size XII

AVAILABILITY: Coverage is available through independent agents.

FOCUS: The real estate insurance market has been shrinking nationally. Catastrophe exposures and huge liability loss exposures have caused many national and regional insurers to re-examine their focuses. “There seem to be fewer carriers specializing in real estate,” explains Jim O’Neill, executive vice president of New Empire Group, a New York-based managing general agency.

But Crum & Forster has entered the market with New Empire Group as its MGA partner to write a national real estate excess liability program offering high limits at significantly lower premiums than standalone umbrellas. The program is part of a national risk purchasing group, available on an admitted basis.

New Empire Group is enhancing its website with a rating module to allow brokers to rate their risks online. “This will be a tremendous benefit to brokers because it provides them with immediate premium indications before they even begin the submission process,” O’Neill explains.

Within the next few months, New Empire Group will expand the online submission process even further to enable brokers to underwrite, rate, quote and bind many risks that fit the program. “We will introduce the program in all forms of media and advertising, but ultimately the key to any successful program is the solid relationships we have with our clients, the insurance brokers,” O’Neill says. “We understand that at the end of the day, while the processes are very important, it’s still people doing business with people, which is the foundation of the insurance industry.”

UNDERWRITING: Exclusively through New Empire Group, the excess liability program follows form over the underlying general liability, auto liability, directors & officers liability and workers compensation. Coverage limits begin at $5 million, with options for $10 million, $15 million, $25 million, $50 million and $100 million.

MINIMUM PREMIUM: $700.

TARGET: Targeted classes of business include condo associations, office buildings, apartment buildings, commercial buildings (lessors risk only), cooperatives, industrial buildings, homeowners associations, independent living residencies, garden apartments and community associations.

COVERAGE TERRITORY: All 50 U.S. states.

CONTACT: James O’Neill, executive vice president; New Empire Group, 214 W Park Avenue, Long Beach, NY 11561; 516-690-8126.

Ronimarie Acord is an IA contributor.