MDP Programs and National Trust Insurance Services, LLC, divisions of Maury, Donnelly & Parr, Inc., have formed a new strategic relationship with Great American Insurance Group’s Property & Inland Marine division.
This relationship combines NTIS/MDP’s Historic Property Program, which provides insurance for historic property owners and preservation organizations, with Great American’s work in the builders’ risk and real property marketplace.
NTIS/MDP will be responsible for the distribution of Historic Tax Credit Recapture coverage for builders’ risks on behalf of Great American.
Paul LaVardera, SVP of MDP Programs and National Trust Insurance Services, said the goal of the program is to educate agents on the mechanics of the Historic Tax Credit Recapture and provide a general understanding of both Federal and State historic tax credits.
Highlights of this program include:
- Protection of tax credit granted by federal, state or municipal governments that are irrecoverable when there is a direct physical loss.
- Availability of additional coverages, including application or processing fees, civil authority, expense to reduce “loss amount”, ordinance or law requiring demolition.
- Historic replacement cost
- No deductible applies to tax credit recapture.
The program is available nationwide. Properties eligible for the program include:
- Mixed-use redevelopments
- Cultural Institutions
MDP Programs and National Trust Insurance Services, LLC, are affiliated with the National Trust for Historic Preservation. MDP Programs, a division of Maury, Donnelly & Parr, Inc. (MDP), is the program administrator for National Trust Insurance Services, LLC, and the Historic Property Program. National Trust Insurance Services, LLC, is licensed in the state of Maryland. Maury, Donnelly & Parr, Inc., is licensed in all states.
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