Philadelphia Insurance Companies launched a a new niche product niche for apartments. PHLY’s new apartment product offers comprehensive coverage for general liability, property, crime, automobile and umbrella.
The new apartment product is designed for the above average, professionally managed and well maintained market rate apartment. Eligible classes include complexes originally built in 1980 or later. Acceptable amenities include club houses, fitness centers, playgrounds and swimming pools.
The underwriting preference is single location accounts. Location schedules are only considered if all properties meet underwriting criteria and have common ownership. Frame apartment buildings cannot exceed three stories and must contain masonry firewalls to be acceptable if the unit count is high. Prior loss runs are required even if the ownership has recently changed.
Submission requirements include a PHLY residential application, color photographs, plot plan, statement of values and four years of company loss runs.
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