Habitational / Community Association Risks
Protecting Owners and Managers with Risk Exposures and Insurance Solutions
Mitigating risks for commercial residential properties grows more complex every day. Balancing the legal, regulatory, lender, property management and board related exposures requires a specific level of expertise. Serving owners, developers and managers, USI’s specialists provide comprehensive insurance solutions with meaningful financial impact for the unique challenges facing condominiums, homeowners and community associations. Whether focused on affordable or market rate properties – in urban, suburban, rural, coastal, or catastrophe-prone areas – our habitational insurance and community association practice can help protect against industry specific exposures and increase profitability.
As active members of national associations such as CAI, CARH, NAHMA, and NAHC, USI has a proven track record of creating smart, effective, customized strategies to identify and minimize habitational risk exposures and claims costs. Our best-in-class services include 24-hour claims management and advocacy, quarterly reporting, certificate and contract review for association vendors/suppliers, coverage analysis, customized risk management, disaster planning and forecasting, advice and publications on current insurance issues/industry trends, educational seminars to community residents, and more.
USI provides coverages designed to control costs and protect assets, including:
- Property Insurance
- Comprehensive General Liability
- Directors and Officers Liability
- Workers’ Compensation
- Fidelity Bond (Employee Dishonesty) Coverage
- Crime and Fraud Coverage
- Environmental Liability
- LIHTC (Low Income Housing Tax Credit) Coverage
- Tenant Discrimination
- Tenant Displacement
- Wind, Earthquake, and Flood Insurance
- Automobile Liability
- Comprehensive Equipment
- Umbrella Liability Coverage
- Personal Insurance Protection for Community Members
- Employee Benefits for Association Personnel
To analyze our client’s business issues and challenges, our team leverages USI ONE®, a fundamentally different approach to risk management. USI ONE integrates proprietary business analytics with a network of local and national technical experts in a team based consultative planning process to evaluate the client’s risk profile and identify targeted solutions. Clients then receive tailored recommendations for improving their total cost of risk.
Experience the USI ONE Advantage® and learn how our habitational team and community association specialists work with clients to control risk and manage costs. Email PCsolutions@usi.com to learn more or contact your local USI office today.
A community association with 275 residential units and 3 commercial units was suffering from several large claims caused by sprinkler leakage and unidentified issues with the piping system. These issues were exacerbated by the lack of an effective overall claims management process. USI’s Community Association specialists worked with the client to implement a comprehensive Risk Reduction Plan to help reduce the association’s loss ratio which had climbed to over 200% with the previous broker. Additionally, with the aid of USI’s team, the association was able to identify and replace piping in the areas of greatest concern. Thanks to USI’s intervention, the community association saved $50,000 in reduced premiums and our comprehensive loss control plan saved $100,000 per year in potential exposures.
The chief financial officer of a company which owns and manages garden style apartments with multiple locations in the Southeast did not fully understand how their CAT deductible would apply in the event of a storm. The company engaged USI to review its property catastrophe program. After evaluating the existing deductible language, USI determined that the deductible applied against the total values at an impacted location regardless of the number of buildings damaged, so the highest potential deductible was 5% of $30,000,000 or $1,500,000. Based on the client’s specific risk profile, USI refined the policy wording. The revised deductible language created certainty for the CFO, knowing that the probability of this client’s specific risk of damage at every building was low. Using USI’s approach and estimating that only 50% of the buildings would likely sustain damage, the revised deductible would be $750,000, saving the client $750,000 in potential deductible exposure.
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