Fireman’s Fund Insurance Co. introduced a new insurance product designed to meet the unique needs of historic and vintage commercial properties. Historic Property-Gard by Fireman’s Fund is a comprehensive insurance product for historic buildings, which includes tax recapture coverage.
The historic property coverage insures buildings and districts that are certified by the National Park Service as well as those that are eligible for historic certification. The policy will also cover “vintage” buildings, which are older buildings that are not eligible for certification but possess historic characteristics and craftsmanship.
“The National Park Service has not certified or deemed eligible all historic properties in America, and America’s building stock continues to age. As a result we will see the historic buildings category grow over the coming years,” said Mike Roney, product executive at Fireman’s Fund. “These buildings have very special craftsmanship needs that need to be addressed within a customized insurance policy. For example, if a historic property is damaged, the materials needed to restore it may not be found at the local building supply store.”
Features of the historic property policy include:
* Flexible valuations: policyholders can choose different valuations ranging from historic replacement cost to guaranteed replacement cost
* Increased cost of construction due to landmark or other local ordinances or laws
* Costs incurred due to increased time to restore
* Historic certification expenses
* Loss of federal, state and local tax benefits
* Increased building assessments
* Green building upgrades to enhance energy efficiency
Fireman’s Fund’s Historic Property-Gard coverage is now available in all states with New York pending approval.
Source: Fireman’s Fund, www.firemansfund.com.
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