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Ask Your Peers  Lessor's risk? (Closed)


DOUGLAS RIDER, RIDER INSURANCE AGENCY INC - Amsterdam, MT 59741
Reputation: 1681 - Total posts: 111
Have client which is an LLC with two members and this LLC owns a building with retail on ground floor and apartments and 2nd and 3rd floors. One of the members is going to manage the 20 apartments and has his own LLC. The LLC that owns the building is asking that the LLC managing the apartments that have liability coverage. I'm guessing this would be Lessor's risk coverage or something else?
Thanks
In Montana
7 year(s) ago
1 Verified Reviews - 5 of 5.0

Ryan O'Neill, Great Point Insurance - Greenwich, CT 06831
Reputation: 273 - Total posts: 12
Hi Doug,

This risk sounds perfect for our exclusive Commercial Real Estate Umbrella Program. Minimum Premium for a $5M is $1,000. Please see the attached and reach out if you would like to move toward a formal quote.

Ryan O'Neill
Director of Sales & Marketing
Great Point Insurance
203-763-4953
[email protected]
www.umbrellapro.com
www.greatpointins.com

7 year(s) ago
1 Verified Reviews - 5 of 5.0

Ken Kukral, International Excess - Beachwood, OH 44122
Reputation: 591 - Total posts: 87
Would use the apartment class for the LLC managing the apartments. Would just need ACORD apps and habitational supplemental (plus loss runs if it is not a new purchase) if you want us to quote, e-mail me at [email protected] Let me know if you need a habitational supplemental application.

Kenneth Kukral, CIC
www.intlxs.com
7 year(s) ago
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Michael Ruffner, Pro Insurance Agency, Inc - Bluffton, SC 29910
Reputation: 60 - Total posts: 8
Douglas,

Not Lessors risk. You need GL for a property manager.

Depending where you placed the GL you may get the carrier to add a class.
7 year(s) ago
1 Verified Reviews - 5 of 5.0

Erin Carlson, CompleteMarkets - Jacksonville, FL 32224
Reputation: 7427 - Total posts: 245
Hi Douglas,

Thank you for using CompleteMarkets. I've done a few searches for you, in Montana, that should get you what you need.

If the company is only requiring the person managing the apartments to get liability insurance, let's try AIC who does Apartment Insurance. They have an Exclusive Apartment Program that should be able to get you what you need, or give you some more information about your specific client needs, to satisfy the LLC. Contact AIC by Clicking Here.

Another option this may fall under Property Management Liability insurance, as another company owns the property and the other company will only be managing the apartments. Professional liability insurance would probably be the direction to go. Contact Program Brokerage about their E&O program, they can for sure tell you if your clients fits their program. 

If you know that Lessor's Risk is where you would like to start, contact AP Advantage about their program

Let me know if you hear anything different and we can certainly help find another market for you. 

Thank you!
Erin
7 year(s) ago
1 Verified Reviews - 5 of 5.0

Shanell Windle , Equinix Professional Risk - Philadelphia, PA 19103
Reputation: 8 - Total posts: 1
Micheal, I Love the fact you answered his question without a pitch.
7 year(s) ago
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