Risk Purchasing Group & Umbrella Liability Products
(for Community Associations & Apartments)
(for Community Associations & Apartments)
We have developed a risk purchasing group for umbrella liability policies underwritten through AXA XL Company and Chubb Group of Insurance Companies. Currently, we have four umbrella policies available in limits of $5 Million, $10 Million, $15 Million, and $25 Million limits with AXA XL Company – Greenwich Insurance Company.
We also have an additional product for a total of $50,000,000, which is provided by AXA XL Company for the first $25,000,000 and Chubb Group of Insurance Companies for an additional $25,000,000.
- The financial security of AXA XL Company is currently rated A XV from AM Best as well as A with Standard and Poors, Moody’s and Fitch.
- The financial security of Chubb Group of Insurance Companies receives consistently high ratings for financial strength from A.M. Best,
- Moody’s and Standard & Poor’s, the leading independent analysts for the insurance industry.
- Coverage E of the form is an absolute following form umbrella. This means the umbrella policy will follow the underlying package exactly. It will rely on the definitions used in the underlying; if coverage exists there it will be covered under this policy as well; unless specifically excluded.
- Developer Sponsored Boards are Eligible!
- High Rise Associations & Apartments to thirty-five (35) stories are eligible. Higher stories may be eligible by referral.
- Excess of Directors & Officers, General Liability, Automobile, Employee Benefits, Employers Liability, Including Employment Practices Liability* (*if covered under the D&O). Follow Form EPLI is only available for the AXA XL program limits of $5,000,000 to $25,000,000.
- The Chubb Group of Insurance Companies excess policy excludes follow form EPLI.
Minimum Underlying Insurance Requirements:
Best’s Rating A-VII or better
$1,000,000 Personal & Advertising Injury
$1,000,000 Products/Completed Operations/Aggregate
$2,000,000 General Aggregate Per Location (no “CAP”)
$500,000 Each Accident
$500,000 Each Disease/Employee
$500,000 Each Disease/Policy Limit
- Following Form Named Insured
- Following Form General Liability
- Following Form Directors & Officers Liability Following Form Provisions
- Following Form Liquor Liability
- Following Form Automobile
- Following Form Employers Liability
- Absolute Pollution Exclusion
- Following Form Employee Benefits Liability
- Following Form Personal Injury
- Following Form Aggregate Per Location
- NJ State Amendatory
- $10,000 Coverage B Self Insured Retention NY Only
- Certified Act of Terrorism Retained Amount Provisions -Coverage U
- Disclosure of Terrorism
- Absolute Lead Exclusion (Coverage E&U)
- Fungus Liability Exclusion
- Earthquake Exclusion
- Flood Exclusion
- Care, Custody or Control Exclusion
- Absolute Pollution with Hostile Fire Exception Exclusion
- Errors and Omission Exclusion (Real Estate Agent)
- Designated Operation or Work Performed Exclusion (Contractor’s)
- Medical Payments Exclusion
- Communicable Disease Exclusion
- Other exclusion may be applicable based on state requirements
Our members range from small startup associations to large multi-thousand unit complexes. New Construction, associations currently under development, builder/developer controlled associations, established associations, Homeowners Associations, Planned Unit Developments are all eligible for coverage under the program.
No matter what your size, Preferred Property Program® is your choice for quality insurance protection at competitive prices.
** Minimum Premiums for AXA XL Company are $750, $1,250, $1,650, $2,200 and $3,700 for AXA XL Company and Chubb $50,000,000 combined limit
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