Condo as Vacation Rental

[GRCinCA]

Does anyone have a suggestion for where I can take a vacation rental risk? This particular risk is a condo at Northstar in Truckee. It is rented approximately half the year to vacationers/skiers/snowboarders staying 1-7 nights per visit. Farmers won't touch it because it is a vacation destination. Hull & Co quoted it as ho6 through Lexington - but the premium came out to $1800 without the Hull fees. Am I wrong to think this is really high?

Any suggestions or ideas? I appreciate any feeback.

[wlunday]

I'd bet the condo association has a carrier to refer you to. Plus, you might be able to pick up the whole condo account if you're interested. Speak to the assoc. president or secretary.

Swymmer

[GRCinCA]

Great suggestion. Thank you, Swymmer.

I am still curious as to whether anyone knows of a good carrier or wholesaler to take vacation rentals to. I have had 3 requests in the last 2 weeks. Lexington can't be the "only game in town" for vacation rentals, can they?

[RMCSUSNRET]

Lexington is a great company for risks such as these. That premium, IMHO, is not out of
line at all.

Regards,

[Santa Rosa Ins Broker]

Either try calling the Underwriter at Hull and asking him/her for the rating worksheets, so you can then see for yourself what is driving the price. Or just asking the Underwriter what can be done to help on price. In addition consider increasing any deductible if this makes sense for the client. I like the Lexington program through Hull, they take most anything, and yes the do charge a bit more on some risks, but it is better than no insurance!

Who writes the coverage currently and why are they getting off? Did that carrier just realize it is being used as a vacation rental?
If this is a new purchase, ask to talk to the sellers real estate agent and see if you can find out where the coverage is currently placed?

[hijones]

Don't know if you are still looking for a better market for this risk, but Lloyds of London will offer this kind of policy for about half the price of the Hull policy with Lexington. When I worked for Burns & Wilcox, I was writing a lot of these policies in South Lake Tahoe. The standard policy was $500. However, the agent I worked with at the time, worked out a deal with me to not add broker/policy fees to the policies. This was because we were writing the entire condo building (about 150 units) and I had a promise to get a first look at all of their surplus lines accounts. But, even with fees, the policy should be less than Hull. Call the underwriters in the San Francisco office for help!

[hekelly]

I'm a Senior Underwriter/Broker with Burns & Wilcox in San Francisco.
We insure many condos in the Lake Tahoe area.
We have a more competitive premium available than the one offered by Lexington.
If you want to submit an HO6 Acord application, please send to hekelly@burns-wilcox.com.

[tflood]

did you try Chubb or AIG Private Client Group?- they can likely customize the plan to solve this issue, but will need total account

[agentmark]

Foremost Ins is writting those risks now.

[Dave Skogstrom]

We have several very competetive markets here at Monarch E&S Insurance Services. Please send your submission to Dave Skogstrom at daves@monarchexcess.com or call him at 818.249.0100 x 241 and he will be happy to assist you with the placement. Thanks!

[GRCinCA]

Foremost has added a line which addresses vacation rentals - but only for a single family residence. They will not write condos.

Thank you for the good info - I will re-contact the insured and let him know I now have viable options.