Venture Insurance Programs, based in West Chester, Pa., launched Venture Housing, an insurance program for military housing developments, effective Nov. 1.
Most military housing installations involve joint ventures between construction companies and property management companies. Venture currently writes only property management exposures, but has future plans to expand the program to include construction exposure, which will be underwritten by carriers to be announced at a later date.
Current coverage for property management exposures is underwritten by Venture Insurance Programs utilizing Markel Corporation’s A.M. Best “A” rated, non-admitted insurance companies, as well as several other “A-” to “A++” admitted and non-admitted insurance companies as needed.
The housing program has its origins in the 1996 National Defense Authorization Act, which created the Privatization of Military Housing. Under the act, private sector developers may own, operate, maintain, improve and are responsible for military housing. Currently there are 69 military housing installations (142,131 units) with another 46 installations (63,272 units) planned in the coming year.
“Because of the newness of this business class, most retail agents can benefit from Venture’s expertise in placing their business,” said George Tsui, Venture’s executive vice president of underwriting. “Venture has gained substantial expertise and market share in this emergent class of business though research and development, as well as through the day-to-day handling of the business.”
Successful bidders of each military housing installation are required to provide comprehensive insurance programs at the closing, including property, liability (including auto and umbrella), workers’ compensation and “tenant “insurance.
The tenant insurance is very similar to a HO-4 (renter’s insurance coverage) where each tenant is offered coverage for liability ($100,000 combined single limit) and contents ($20,000 limit). Venture provides the individual tenant with a specialized brochure summarizing coverage and claim reporting procedures.
“Working with military housing requires careful adherence to government and military requirements,” Tsui said. “We expect strong growth in this sector over the next several years.”
For more information on Venture Housing, contact Annamarie Keen, director of corporate sales, at 800-282-6247, ext. 278, or visit www.ventureprograms.com.
Source: Venture Programs