Condominium, Apartment & Time Share Umbrella Program, Equipment Breakdown, Environmental Impairment

Overview of the Program From Preferred Property

This program is designed to address the complex liability and property exposures that habitational properties face. Whether you're working with a small condominium association or a large multi-building apartment complex, Preferred Property provides scalable solutions with competitive limits and carrier strength. Our carrier partners include top-rated names such as Zurich North America, Chubb (Federal Insurance), CNA, and Greenwich Insurance Company.

Ideal Accounts and Appetite

We focus on placing business for habitational risks, including:

• Residential condominiums and co-ops
• Apartment buildings and complexes
• Time-share properties and resorts

Our program is a great fit for accounts with standard to high risk exposures needing broad protection. You might have a client managing multiple apartment buildings across several states or a time-share property in a coastal area—this program is built to handle those needs.

Coverage Highlights and Advantages

• Umbrella Liability: Low limit options from $1 million to $5 million with Chubb, and higher limits up to $25 million with Zurich. We also offer an additional $25 million excess of $25 million with Chubb, for a total available limit of $50 million.
• Equipment Breakdown: Coverage for mechanical and electrical failures not typically covered under standard property policies.
• Environmental Impairment Liability: Limits available at $250,000, $500,000, or $1 million. No minimum premium required, making it accessible for smaller accounts.

Underwriting Notes and Minimum Premiums

Our Environmental Impairment Liability coverage is available with no minimum premium, making it ideal for properties of all sizes. While we evaluate accounts individually, our underwriting team is experienced in structuring layered limits and excess placements for complex habitational risks. We work closely with brokers to deliver fast quotes and flexible solutions.

Territories and Availability

This program is available on a non-admitted basis in the following states: AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY.

Why Work With Preferred Property Program, Inc.?

Preferred Property brings deep expertise in habitational risks and a strong network of leading carriers. We offer layered limit structures, competitive pricing, and flexible underwriting. Our streamlined quoting process and responsive service make it easier for agents to win and retain complex habitational accounts. Whether your client needs a basic umbrella or comprehensive environmental coverage, we can help you deliver the right solution.

Frequently Asked Questions

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