In response to the increasingly constricted habitational insurance market, Marsh has created a new property insurance facility designed specifically for those who own or are investors in multifamily properties.
Marsh’s PRIME Habitational Property Insurance Facility was developed in collaboration with Bowring Marsh – Marsh’s specialist international placement broker – and offers expanded and competitive coverage terms and pricing for risks associated with multifamily properties, including those located in catastrophe-exposed areas.
“Recent high severity events, coupled with a challenging economic environment and major updates to catastrophe models, have caused insurers to raise prices and tighten underwriting guidelines for habitational properties,” said Jeffrey S. Alpaugh, global leader of Marsh’s Real Estate Practice. “Multifamily is typically seen as a bright spot for real estate investors; however, the insurance market can be a real challenge for multifamily operators who are facing increasing premiums, higher retentions, and certain capacity constraints.”
The new facility is provided by London market capacity.
Marsh is a global insurance broker and risk manager. Marsh is a wholly owned subsidiary of Marsh & McLennan Cos., a global professional services firm offering clients advice and options in the areas of risk, strategy, and human capital.