Mazonson Inc., a New England-based insurance brokerage, announced the completion of agreements to provide group insurance programs sponsored by the California Community Economic Development Association and the Community Economic Development Association of Michigan.
According to Mazonson, its program gives the Community Development Corporations (CDCs) within these state organizations access to specialized risk management products and services. These programs are designed to meet the specific needs for comprehensive and cost-effective insurance coverage of organizations providing housing and property management in key neighborhoods.
Based on Mazonson’s program for Massachusetts and Delaware-based CDCs, these models have provided a blueprint for other states’ CDCs to reap the benefits of group-sponsored business insurance tailored to their needs. The Massachusetts program is now in its third year.
These new CDC group insurance programs cover organizational liabilities including those related to directors and officers, lending activity, owned and managed properties, residential and commercial development, and site rehabilitation including risk management for contaminated sites. This environmental protection is particularly valuable for re-development efforts in industrial areas, such as Dorchester and Roxbury, Mass., where local CDCs are re-developing locations previously occupied by a wire and cable manufacturer and an electroplating facility.
Previously, each CDC handled its own insurance needs as a single entity in a market that has been perceived as a high-risk endeavor. Mazonson met with each state organization and created a program to pool the purchasing strength of an entire association through a consortium that provides access to specialized risk management products and services within a more reasonable cost structure.
According to Mazonson, in their roles as businesses, property managers and lending institutions, CDCs have unique issues that must be understood to properly define their risk profiles. Mazonson’s industry specialists for this market have worked within the CDC community and within similar service organizations, providing the insight necessary to create an effective program.
Mazonson’s consultative process for risk management creates a business relationship focused on the distinct needs of each client organization and builds the proper fit for coverage to meet those needs.
Mazonson, headquartered in Peabody, Mass. has provided innovative insurance solutions to regional businesses for over 60 years. Focused on the specific needs of dynamic vertical markets, Mazonson offers its clients comprehensive business solutions, including Employee Benefits, Directors’ and Officers’ Liability and Global Business Protection. Mazonson designs and administers sponsored insurance programs nationwide for Community Development Corporation associations and similar organizations, including the Massachusetts Association of Community Development Corporations (MACDC).