Ideal Accounts and Appetite
CondoPak is an excellent fit for residential condo and co-op associations that are fire resistive or joisted masonry construction types. The program targets accounts with total insured values up to $25,000,000. At this time, frame construction buildings are not eligible.
You might have a client managing a 40-unit brick condominium complex in a suburban market or an urban co-op with fire-resistant construction—these would be strong candidates for CondoPak.
Coverage Highlights and Advantages
CondoPak includes a broad suite of coverages and endorsements designed to protect both the property and liability exposures of community associations. Key features include:
- Earthquake Coverage
- Ordinance or Law Coverage
- Backup of Sewers and Drains / Water Damage
- Employee Dishonesty
- Equipment Breakdown
- Flood Coverage (if qualified)
In addition to standard protections, the program includes property broadening endorsements and the flexibility to customize coverage to meet the specific needs of your insureds.
Underwriting Notes
The program is written on admitted paper with an "A" rating by AM Best. Eligible buildings must be fire resistive or joisted masonry and fall within the $25 million TIV limit. Frame construction is not currently accepted. While minimum premium information is not specified, agents can expect competitive pricing and underwriting flexibility for qualifying risks.
Territories and Availability
CondoPak is available in the following states: AL, CT, DE, GA, IL, IN, KY, ME, MD, MA, MI, MS, NH, NJ, NY, NC, OH, PA, RI, SC, TN, VT, VA, WV, and WI.
Why Work With New Empire Group?
As a program administrator with deep expertise in real estate and community association risks, New Empire Group provides agents with a streamlined solution for placing condo and co-op business. Backed by a top-rated carrier and built for ease of quoting, CondoPak offers a compelling combination of broad coverage, underwriting insight, and market access.