One of my clients is a mortgage pro who organizes investment groups which fund mortgages. I have been asked to gather info on forced place insurance in the likely event that they will need it soon. The problem I am running into is the fact that these investment groups are not corps or LLCs - they are mostly trusts. In one example there are six different entities with varrying degrees of interst in the property which all need to be AI - "John and Sally Smith, Trustees of the John and Sally Smith Family Trust @ 34.4%" and so on and so forth....
My client is the go-to for making sure everyone's investment is protected against fire (and in the event of foreclosure, vandalism!) Does anyone have a reccomendation for whom I might contact about such a scenario? or perhaps more importantly, what kind of feedback do you have for me regarding liability and how it might affect 6 different trusts.
Thanks for any comments, feedback, or follow-up questions!
Forced Placed
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Re: Forced Placed
GRCinCA,
Forced-placed Foreclosure Property Insurance
This form of property insurance is sold to financial institutions to cover properties on which they are lenders in the event that there is no proof of insurance or that a notice of cancellation or nonrenewal is received by the lending institution on mortgaged property. The policy also may cover a property that has been foreclosed until a new buyer can furnish a policy. The policy also is effective if the property is partially damaged and insurance is canceled or cannot be obtained until repairs are made. The financial institution is given automatic binding authority. Coverage is on a monthly reporting form basis. Policy limits may vary, but usually are $500,000 for each piece of property for automatic binding authority, subject to residence deductibles of from $500 to $1,000 for occupied and $1,000 to $2,500 for unoccupied properties. Deductibles on commercial properties are higher. Underwritten by the following:
--------------------------------------------------------------------------------
Agency Specialty Product Network
Wats: 877-275-2776
Operating: An insurance company representing managing underwriters, program administrators, managing general agents, excess and surplus lines brokers, risk retention groups and insurance exchanges in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
American Safety Insurance Services, Inc. Phone: 770-916-1908
Wats: 800-388-3647
Operating: An insurance company providing specialty insurance coverages and services in all states.
--------------------------------------------------------------------------------
AmWINS Group, Inc. Phone: 704-943-2700
Operating: A managing underwriter, program administrator, managing general agent and excess and surplus lines broker operating in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Anthony R. Davis Agency, Inc. Phone: 908-233-8040
Wats: 800-752-0150
Operating: Company operates as a managing general agent for mortgage impairment insurance and operates as a program administrator for property and liability for financial institutions. Operating in all states on an admitted basis.
--------------------------------------------------------------------------------
AVRECO Phone: 312-922-7570
Wats: 800-776-7475
Operating: An excess and surplus lines broker operating in most states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
BISYS Specialty Programs, a division of Crump Insurance Services, Inc.
Wats: 877.BISYS.PC
Operating: A managing general agent operating in all states on an admitted basis. Also operating in all states for SGL, NTL and EPLI on a nonadmitted basis.
--------------------------------------------------------------------------------
Boston Insurance Brokerage, Inc. Phone: 617-556-7000
Wats: 866-331-1997
Operating: An excess and surplus lines broker writing terrorism coverage. Operating in all states on an admitted basis. Also operating in CA, CT, ME, MA, NH, NY, PA, RI, TX, VA and VT on a nonadmitted basis.
--------------------------------------------------------------------------------
Burns & Wilcox Ltd. Phone: 248-932-9000
Wats: 800-521-1918
Operating: A managing general agent and excess and surplus lines broker operating in all states except AK and HI on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Crump Insurance Services, Inc.
Wats: 877-247-9772
Operating: A program administrator, managing general agent and excess and surplus lines broker operating in all states on an admitted and a nonadmitted basis.
--------------------------------------------------------------------------------
E.L.M. Insurance Brokers, Inc. Phone: 310-322-1301
Operating: A managing underwriter and excess and surplus lines broker writing E&O, EPLI and D&O. Operating in AZ, CA, ID, KS, NV, OK, OR and WY on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Evolution Insurance Brokers Phone: 801-304-5510
Wats: 877-678-7342
Operating: EIB is a full service E&S brokerage with direct access to underwriting, risk management and claims. EIB provides a market for tough risks.
--------------------------------------------------------------------------------
Insurance Innovators Group Phone: 215-885-7300
Wats: 800-523-6422
Operating: The company is an excess and surplus lines broker and managing general agent operating in DE, MD, NJ and PA on an admitted basis and AZ, CA, CT, DE, ID, MA, MD, NC, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, UT and VA on a nonadmitted basis.
--------------------------------------------------------------------------------
Insurmark, a Division of Financial & Professional Risk Solutions, Inc. Phone: 937-324-8366
Wats: 800-833-5912
Operating: A managing underwriter operating on an admitted and nonadmitted basis in all states.
--------------------------------------------------------------------------------
International Excess Agency, Inc. Phone: 216-797-9700
Wats: 800-937-3497
Operating: An excess and surplus lines broker writing privacy insurance. Operating in all states except AK on an admitted and nonadmiited basis.
--------------------------------------------------------------------------------
Lee and Mason Financial Services, Inc.
Wats: 877-562-4311
Operating: A program administrator and managing general agent operating in all states on an admitted basis.
--------------------------------------------------------------------------------
Matterhorn Financial Services, Inc. Phone: 410-453-6400
Wats: 800-638-7634
Operating: A managing underwriter and managing general agent operating in all states except TX on an admitted basis. Also operating in TX on a nonadmitted basis.
--------------------------------------------------------------------------------
Metro Insurance Services, Inc. Phone: 973-467-4467
Wats:
Operating: A managing general agent operating in most states on an admitted basis. Also operating on a nonadmitted basis in those states without admitted filings.
--------------------------------------------------------------------------------
NIF Group, Inc./NIF Pro Phone: 516-365-7440
Wats: 800-892-8892
Operating: Company is a managing general agent, excess and surplus lines broker, managing underwriter, and program administrator operating in all states on an admitted basis. Also operating on a nonadmitted basis in AZ, AR, CT, DC, FL, GA, IN, MA, MI, MO, MN, MS, NC, NM, NJ, NY, PA, RI, TN, TX, UT, VA, WI and WY.
--------------------------------------------------------------------------------
Prime Insurance Phone: 801-304-5510
Wats: 800-257-5590
Operating: Prime is an E&S insurance carrier writing in most states on a nonadmitted basis. Coverage for property, casualty, personal and professional lines.
--------------------------------------------------------------------------------
Quaker Special Risk
Wats: 800-447-4180
Operating: An excess and surplus lines broker operating in all states except AK, HI, IN, KS, MT, NE, ND and UT on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Scarborough
Wats: 800-525-2968
Operating: Operating as a managing underwriter in all states on an admitted basis.
--------------------------------------------------------------------------------
Seattle Specialty Insurance Services, Inc. Phone: 425-609-3500
Wats: 800-597-1866
Operating: Operating as a managing underwriter in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Swett & Crawford Phone: 818-593-2008
Wats: 800-262-6099
Operating: Operates as an excess and surplus lines broker in all states on an admitted and a nonadmitted basis.
--------------------------------------------------------------------------------
Tri-City Brokerage, a Div. of Crump Insurance Services, Inc.
Wats: 877-247-9772
Operating: A program administrator, managing general agent, and excess and surplus lines broker operating in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
U.S. Risk Insurance Group, Inc. Phone: 214-265-4962
Wats: 800-232-5830
Operating: A managing underwriter, program administrator, managing general agent, excess and surplus lines broker, and risk retention group operating in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
W. H. Greene & Associates Phone: 716-805-1090
Operating: A managing general agent operating in AL, CA, CO, CT, FL, GA, IL, IN, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NH, NJ, NY, OH, PA, RI, SC, VA, VT, WA, WI and WV on an admitted basis.
--------------------------------------------------------------------------------
Worldwide Facilities, Inc. Phone: 213-236-4500
Operating: An excess and surplus lines broker operating in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Yates & Associates Insurance Services, Inc. Phone: 714-550-5050
Operating: A managing general agent operating in CA on an admitted and nonadmitted basis.
Forced-placed Foreclosure Property Insurance
This form of property insurance is sold to financial institutions to cover properties on which they are lenders in the event that there is no proof of insurance or that a notice of cancellation or nonrenewal is received by the lending institution on mortgaged property. The policy also may cover a property that has been foreclosed until a new buyer can furnish a policy. The policy also is effective if the property is partially damaged and insurance is canceled or cannot be obtained until repairs are made. The financial institution is given automatic binding authority. Coverage is on a monthly reporting form basis. Policy limits may vary, but usually are $500,000 for each piece of property for automatic binding authority, subject to residence deductibles of from $500 to $1,000 for occupied and $1,000 to $2,500 for unoccupied properties. Deductibles on commercial properties are higher. Underwritten by the following:
--------------------------------------------------------------------------------
Agency Specialty Product Network
Wats: 877-275-2776
Operating: An insurance company representing managing underwriters, program administrators, managing general agents, excess and surplus lines brokers, risk retention groups and insurance exchanges in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
American Safety Insurance Services, Inc. Phone: 770-916-1908
Wats: 800-388-3647
Operating: An insurance company providing specialty insurance coverages and services in all states.
--------------------------------------------------------------------------------
AmWINS Group, Inc. Phone: 704-943-2700
Operating: A managing underwriter, program administrator, managing general agent and excess and surplus lines broker operating in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Anthony R. Davis Agency, Inc. Phone: 908-233-8040
Wats: 800-752-0150
Operating: Company operates as a managing general agent for mortgage impairment insurance and operates as a program administrator for property and liability for financial institutions. Operating in all states on an admitted basis.
--------------------------------------------------------------------------------
AVRECO Phone: 312-922-7570
Wats: 800-776-7475
Operating: An excess and surplus lines broker operating in most states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
BISYS Specialty Programs, a division of Crump Insurance Services, Inc.
Wats: 877.BISYS.PC
Operating: A managing general agent operating in all states on an admitted basis. Also operating in all states for SGL, NTL and EPLI on a nonadmitted basis.
--------------------------------------------------------------------------------
Boston Insurance Brokerage, Inc. Phone: 617-556-7000
Wats: 866-331-1997
Operating: An excess and surplus lines broker writing terrorism coverage. Operating in all states on an admitted basis. Also operating in CA, CT, ME, MA, NH, NY, PA, RI, TX, VA and VT on a nonadmitted basis.
--------------------------------------------------------------------------------
Burns & Wilcox Ltd. Phone: 248-932-9000
Wats: 800-521-1918
Operating: A managing general agent and excess and surplus lines broker operating in all states except AK and HI on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Crump Insurance Services, Inc.
Wats: 877-247-9772
Operating: A program administrator, managing general agent and excess and surplus lines broker operating in all states on an admitted and a nonadmitted basis.
--------------------------------------------------------------------------------
E.L.M. Insurance Brokers, Inc. Phone: 310-322-1301
Operating: A managing underwriter and excess and surplus lines broker writing E&O, EPLI and D&O. Operating in AZ, CA, ID, KS, NV, OK, OR and WY on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Evolution Insurance Brokers Phone: 801-304-5510
Wats: 877-678-7342
Operating: EIB is a full service E&S brokerage with direct access to underwriting, risk management and claims. EIB provides a market for tough risks.
--------------------------------------------------------------------------------
Insurance Innovators Group Phone: 215-885-7300
Wats: 800-523-6422
Operating: The company is an excess and surplus lines broker and managing general agent operating in DE, MD, NJ and PA on an admitted basis and AZ, CA, CT, DE, ID, MA, MD, NC, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, UT and VA on a nonadmitted basis.
--------------------------------------------------------------------------------
Insurmark, a Division of Financial & Professional Risk Solutions, Inc. Phone: 937-324-8366
Wats: 800-833-5912
Operating: A managing underwriter operating on an admitted and nonadmitted basis in all states.
--------------------------------------------------------------------------------
International Excess Agency, Inc. Phone: 216-797-9700
Wats: 800-937-3497
Operating: An excess and surplus lines broker writing privacy insurance. Operating in all states except AK on an admitted and nonadmiited basis.
--------------------------------------------------------------------------------
Lee and Mason Financial Services, Inc.
Wats: 877-562-4311
Operating: A program administrator and managing general agent operating in all states on an admitted basis.
--------------------------------------------------------------------------------
Matterhorn Financial Services, Inc. Phone: 410-453-6400
Wats: 800-638-7634
Operating: A managing underwriter and managing general agent operating in all states except TX on an admitted basis. Also operating in TX on a nonadmitted basis.
--------------------------------------------------------------------------------
Metro Insurance Services, Inc. Phone: 973-467-4467
Wats:
Operating: A managing general agent operating in most states on an admitted basis. Also operating on a nonadmitted basis in those states without admitted filings.
--------------------------------------------------------------------------------
NIF Group, Inc./NIF Pro Phone: 516-365-7440
Wats: 800-892-8892
Operating: Company is a managing general agent, excess and surplus lines broker, managing underwriter, and program administrator operating in all states on an admitted basis. Also operating on a nonadmitted basis in AZ, AR, CT, DC, FL, GA, IN, MA, MI, MO, MN, MS, NC, NM, NJ, NY, PA, RI, TN, TX, UT, VA, WI and WY.
--------------------------------------------------------------------------------
Prime Insurance Phone: 801-304-5510
Wats: 800-257-5590
Operating: Prime is an E&S insurance carrier writing in most states on a nonadmitted basis. Coverage for property, casualty, personal and professional lines.
--------------------------------------------------------------------------------
Quaker Special Risk
Wats: 800-447-4180
Operating: An excess and surplus lines broker operating in all states except AK, HI, IN, KS, MT, NE, ND and UT on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Scarborough
Wats: 800-525-2968
Operating: Operating as a managing underwriter in all states on an admitted basis.
--------------------------------------------------------------------------------
Seattle Specialty Insurance Services, Inc. Phone: 425-609-3500
Wats: 800-597-1866
Operating: Operating as a managing underwriter in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Swett & Crawford Phone: 818-593-2008
Wats: 800-262-6099
Operating: Operates as an excess and surplus lines broker in all states on an admitted and a nonadmitted basis.
--------------------------------------------------------------------------------
Tri-City Brokerage, a Div. of Crump Insurance Services, Inc.
Wats: 877-247-9772
Operating: A program administrator, managing general agent, and excess and surplus lines broker operating in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
U.S. Risk Insurance Group, Inc. Phone: 214-265-4962
Wats: 800-232-5830
Operating: A managing underwriter, program administrator, managing general agent, excess and surplus lines broker, and risk retention group operating in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
W. H. Greene & Associates Phone: 716-805-1090
Operating: A managing general agent operating in AL, CA, CO, CT, FL, GA, IL, IN, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NH, NJ, NY, OH, PA, RI, SC, VA, VT, WA, WI and WV on an admitted basis.
--------------------------------------------------------------------------------
Worldwide Facilities, Inc. Phone: 213-236-4500
Operating: An excess and surplus lines broker operating in all states on an admitted and nonadmitted basis.
--------------------------------------------------------------------------------
Yates & Associates Insurance Services, Inc. Phone: 714-550-5050
Operating: A managing general agent operating in CA on an admitted and nonadmitted basis.