Capital Insurance Group (CIG), a regional property and casualty insurer serving the Western U.S., has released three new 2 percent total premium credits for commercial apartment and condominium lines. The Stovetop Fire-Prevention Credit, Automatic Water Supply Line Flood-Prevention-Device Credit, and Tenants Insurance Credit each offer 2 percent total premium reductions if the insured complex maintains fire suppression technology for stovetops, flood prevention technology on at least three water supply lines, and tenant personal liability insurance, respectively, in every unit.
- Stovetop Fire-Prevention Total Premium Credit for Multi-Unit Complexes
Cooking fires account for the majority of home and apartment fires, according to a 2011 study by the National Fire Protection Administration. Heat/flame-activated devices installed in stovetops with fire suppression technology, like StoveTop FireStop, are known to reduce average fire claim costs by up to 99 percent. CIG is offering a 2-percent total premium credit for apartment or condominium complexes that have every unit protected by a stovetop fire-prevention device activated by the detection of heat/flame.
- Automatic Water Supply Line Flood-Prevention Device Total Premium Credit for Multi-unit Complexes
Considering the tens of thousands of dollars that can be spent on rehabilitation costs caused by water damage on a rental property, CIG now has a 2 percent total premium credit for complexes in which each unit has at least three water-supply lines protected with any flood-protection device that detects leaks and automatically shuts off the water supply at its source. Flood-prevention devices are available for any appliance with a water-supply-line connection, including water heaters, washing machines, toilets, dishwashers, etc.
- Tenant Liability Insurance Requirement Total Premium Credit for Apartments
Many renters mistakenly presume that they are covered under their landlord’s insurance policy. By requiring all tenants to carry liability insurance, which is typically included in renters insurance policies, a property owner receives the benefit of a 2 percent total premium credit for apartment complex insurance.
CIG insures personal auto, homeowners, farmowners, condo owners, vacation property, renters, apartment building owners, and many kinds of commercial and agricultural auto and property. CIG manages personal, business, and agriculture risks underwritten by its affiliate companies: California Capital Insurance Co., Eagle West Insurance Co., Nevada Capital Insurance Co., and Monterey Insurance Co. Types of policies may vary from state to state.
Was this article valuable?
Here are more articles you may enjoy.