Venture Further Expands Military Housing Industry Insurance Program

December 5, 2007

National program administrator Venture Insurance Programs reports it has expanded its military housing industry program to most lines of coverage.

First introduced in 2006 with tenants insurance for privatized military housing installations, the program, renamed Homebase, now includes workers compensation, general liability and auto liability covers through Travelers.

The program offers all-lines coverage for the military housing industry — adding property, professional liability, directors and officers liability, inland marine, crime and umbrella coverage utilizing markets with Travelers and other carriers rated A to A++ by A.M. Best.

“Due to the location of many military housing installations in coastal areas, Homebase is structured to cover catastrophic exposures and handle large aggregate limits,” said Philip J. Harvey, president of Venture Insurance Programs.

Military housing insurance has its origins in the 1996 National Defense Authorization Act, which created the Privatization of Military Housing. Under the act, private sector developers may own and are responsible for military housing. Currently, there are 84 military housing installations representing more than 170,000 housing units. Venture says that it now writes more than 35 percent of this market.

Source: Venture Insurance Programs

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