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V3’s Comprehensive Package Addresses Community Association Needs

V3 Insurance Partners has introduced CAPP+ for condominiums, cooperatives, homeowners associations and office condominiums, offering a multi-line package policy including property, general liability, crime and D&O coverages.
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PRODUCT: V3 Community Association Package Program (CAPP+)

COMPANY: Hiscox Insurance Co.

BEST RATING: A, size XI (Excellent)

AVAILABILITY: Coverage is available through agents and brokers, subject to carrier approval, who specialize in community association business and have a strong presence in the coverage territory.

FOCUS: V3 Insurance Partners, a managing general underwriter, has introduced Community Association Package Program (CAPP+) for condominiums, cooperatives, homeowners associations and office condominiums. Underwritten by Hiscox, the program is designed to offer a multi-line package policy including property, general liability, crime and D&O coverages.

V3 rolled out the package policy to “make it easy for community associations to get numerous coverage extensions and deductible options that address all the typical exposures they encounter,” says Carol Teasley, senior underwriter, property and liability at V3. The product “is designed to provide coverage that is at least as broad as ISO’s [Insurance Services Office Inc.] form and is specifically tailored to address the risks of these associations.”

When combined with V3’s “capability to provide coverage for ‘if any’ workers compensation, umbrella and environmental impairment liability, the V3 offering is comprehensive,” Teasley says.

V3 researched community association policies in order to provide “a comprehensive package with competitive rating,” Teasley says, explaining that V3 has experience not only in the individual product lines offered with CAPP+, but also “extensive experience” in the community association business.

UNDERWRITING: Property limits available up to $50 million, with general liability limits of $1 million occurrence and $2 million aggregate and a $5 million D&O limit. According to Teasley, the target is full-layer primary coverage with at least the purchase of property coverage. Various property deductibles are available, and general liability has no deductible. ACORD applications are acceptable. Product is admitted and provides standard state requirements on cancelation and non-renewal requirements.

The V3 form is enhanced to include key property sub-limits, such as machinery and equipment breakdown, employee dishonesty, landscaping and elevator collision. In addition, V3's D&O coverage section includes enhancements for emerging risks such as crisis management expense and privacy event protection.

MINIMUM PREMIUM: $500.

TARGET: Residential condominiums, homeowners associations, cooperative apartments and office condominiums “with strong management focused on quality and maintenance,” Teasley says. Targeted insureds have three years of favorable loss experience, quality management staff and an occupancy ratio of at least 75%. Rental, seasonal or timeshare occupancies are acceptable, as well as incidental retail, restaurant or mercantile occupancies. Office condominiums with medical occupancies should generally not exceed 30% of the square footage.

COVERAGE TERRITORY: AZ, CA, CO, CT, GA, IL, IN, MA, MI, MN, NJ, NY, NV, OH, OR, PA, TN, UT, VA and WA.

CONTACT: Carol Teasley, senior underwriter, property and liability; V3 Insurance Partners, 10500 Barkley, Suite 112, Overland Park, KS 66212; 913-227-4917.

Ronimarie Acord is an IA contributor.

12804
Tuesday, June 2, 2020
General Liability