Clach Casualty Underwriting Managers, a part of Ryan Specialty Underwriting Managers, has launched an admitted general liability real estate program designed specifically for habitational properties within New York’s Free Trade Zone.
“Placing complex New York habitational risks can be uniquely challenging. We’re pleased to bring this new program to market, broadening the range of general liability insurance solutions available to wholesale brokers as they seek to address the nuanced exposures and regulatory considerations associated with Free Trade Zone-eligible risks,” said Adam Schnell, executive vice president of Clach.
New York’s Free Trade Zone refers to a statewide exemption from standard rate and policy form filing requirements for licensed, admitted insurance companies writing large complex risk commercial policies. The exemption allows for customization of policies. The accounts must either have a minimum annual premium of $100,000 or be on a state-approved list of hundreds of eligible Class Two Risks that run from amusement parks to professional services to special events.
In Clach’s case, its new program offers general liability for apartment buildings, condominiums, co-ops and property management companies. Clach is actively seeking opportunities to insure market-rate apartment, condominium and cooperative properties located in Manhattan, Queens and Brooklyn.
Clach explained that its primary focus is on habitational accounts, although properties may include ground-floor retail or office occupancy. Initially it is targeting accounts generating at least $100,000 or more in premium, although Clach said it may expand that appetite over time.
In addition to traditional market rate habitational risks, Clach said it is willing to also consider select niche opportunities, including off-campus student housing with no university affiliation and independent senior housing communities, provided there is no assisted living exposure, no pull cords and no medical care services.
Clach maintains that the strength of the coverage it is offering is a key differentiator. The insurance is underwritten by National Casualty Co., part of Nationwide Mutual Insurance Co. Features include no deductible; broad coverage terms; and AI-assisted risk management capabilities to help property owners identify and defend against potentially fraudulent liability claims.
Limits available include Occurrence Limit: $1,000,000; General Aggregate Limit: $2,000,000; Products and Completed Operations Aggregate Limit: $2,000,000; Personal Injury / Advertising Injury Limit: $1,000,000; Hired & Non-Owned Auto: $1,000,000; Medical Expense Limit: $5,000; and Damage to Premises Rented to You Limit: $100,000.
“Given the ongoing challenges surrounding liability claims in New York, we believe our combination of comprehensive coverage and proactive risk management provides a compelling solution for property owners and operators,” the firm stated.
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