New York, N.Y.-based Distinguished Programs has rolled out a small condo and apartment building program designed to give small building owners the same level of coverage and deductible options available to larger property owners.
The City Homes Insurance Program (CHIP) is a new property, liability and umbrella program for condo and apartment buildings with 20 units or less and up to $5 million in insured values. The program, which is available exclusively through agents and brokers, was launched earlier this spring, but has now been rolled out in 13 cities across the country, including: Albany/Troy, N.Y., Alexandria, Va., Baltimore, Chicago, Denver, Los Angeles, Milwaukee, Minneapolis, Philadelphia, Portland, Ore., Seattle, St. Louis, and Washington, DC.
Carla Vel, chief operating officer of Distinguished Programs says smaller apartment and condo buildings are treated unfairly by the industry. “We’ve written many of these accounts over the years and our book clearly shows that these risks out-perform standard ISO classifications,” Vel said. “By gearing our underwriting and rating to reflect this specific niche, we can deliver a more competitive product. Our technology, which is designed specifically for underwriting and processing real estate business, makes it possible for us to handle small accounts cost-efficiently.”
Vel says she sees a strong demand in the marketplace. “Agents have limited options for small, urban habitational properties,” she explained. “They are forced to walk away from this business or use smaller, local carriers that may lack the financial wherewithal. CHIP, which is written by one of the largest and strongest insurers in the U.S., gives agents and building owners a new alternative.”
Distinguished Programs provides a broad range of insurance products to the residential and commercial real estate industry through a nationwide network of independent agents and brokers. The firm has offices in New York, Ohio, Illinois, California, Colorado and Rhode Island.
For more information contact, Distinguished Programs 212-297-3102 or visit www.distinguished.com.
Source: Distinguished Programs
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