Commercial Umbrella – A Vital Coverage Your Insured Must Have
Property Owners, Coop Boards and Landlords research and deal with many different types of insurance policies for their property. One of the most commonly overlooked (and one of the most important) types of insurance is the umbrella insurance policy. It’s important to let your client’s know that primary coverage may not be enough to cover them in the event of a catastrophic claim. This is where their umbrella insurance would come into play.
A commercial umbrella insurance policy can give your clients additional liability coverage over the primary liability policies in place for their business. Generally, those policies may be their general liability policy, employer’s liability and automobile liability.
Can’t think of how to approach selling this coverage to your clients? Try providing actual claim scenarios relevant to your insured’s business or exposures. For example, for property owners, a severe slip and fall or drowning incident could result in a devastating umbrella claim.
Once you’ve developed the necessity for a commercial umbrella, you then must decide how much coverage they need. Several factors come into play when determining the appropriate excess liability coverage. These factors include the type of business they own, the coverages they already have in place, as well as the assets of the business.
While standard coverages will generally take care of most situations their business will encounter, most sophisticated agents at least offer umbrella coverage to their insureds annually. New Empire Group’s Real Estate Umbrella program has limit options of $1 million, $5 million, $10 million, $15 million, $25 million, $50 million, $75 million and $100 million for Community Associations, Apartments and Commercial Lessor’s Risk Only. Through our program, the above mentioned parties have access to these high limit options at very affordable premiums not available in the standard market. Coverage is provided through the nation’s top carriers on an admitted basis in all states.
Talk to any of our knowledgeable associates about our commercial umbrella program, it could be the key to preserving your client’s company in the event of a serious claim.
New Empire Group is a nationally recognized and awarded insurance program administrator providing specialty insurance programs and products for the commercial real estate industry, including Commercial Umbrella, CondoPak, and RECOVER Environmental.
Are your Client’s Properties Ready for Freezing Temperatures?
As we all know, water expands as it freezes, putting an extreme amount of pressure on whatever is containing it, including metal or plastic pipes.
With the extreme temperatures and excessive snow starting to hit parts of the country, one thing your property manager clients will probably be dealing with is snow removal. Did your client’s make arrangements with an outside company prior to this season’s snowfall?
The winter solstice is Saturday, December 21st, 2019. This is the astronomical first day of winter in the Northern Hemisphere and happens to be the shortest day of the year. Although it has felt cold for a few weeks now, especially in the northeast, it is a good time to remind your building owner and community association clients to start preparing their grounds and amenities for the winter season (if they haven’t already done so!).