Arrowhead Wholesale Insurance Services LLC has added a market for mid-size to larger multi-family and commercial real estate accounts. Minimum $10 million total insured value of buildings per account (all locations) with capacity up to $400 million per location. Consideration will be given to accounts with a lower TIV in the company’s small business department.
The package policy is offered through an “A XV” rated, admitted carrier and provides comprehensive coverage with endorsements. Excess limits are also available for larger risks up to $50 million. The product will be available in California, with exposure in other states considered.
Product highlights include: blanket coverage for large schedules; building ordinance coverage; business income coverage up to 365 days; extended replacement cost up to 150 percent of the agreed-upon value; no sublimit for water damage from backup of sewers or drains; $25,000 tenant move back coverage; $50,000 realty tax – increased assessment; $100,000 emergency vacating expense; $100,000 communicable disease extra expense; up to $100,000 crisis management coverage; crime protection from theft, forgery, and alteration; $100,000 electronic data processing (EDP) protection; real estate management errors and omissions coverage; publicly held corporate directors and officers coverage; and triple net lease property protection if the tenant does not provide the coverage required by the lease.
Risk appetite is comprised of buildings less than 45 years old located in protection class 1-7. Contracting exposure and development operations and services are not preferable risks, but will be given underwriting consideration.
To obtain a quote, submit the applicable acord applications with three years of loss runs to AWISsubmissions@arrowheadgrp.com or fax to 866-840-5330. Ideal lead time for large commercial package accounts is 60 to 90 days to allow for adequate time to conduct loss control for all covered locations. For more information, contact Dave Chipp at 866-840-5329 ext. 4113, e-mail to Dchipp@arrowheadgrp.com.
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