Vacant and For Sale

[alwrightins]

I have a vacant and for sale typical suburban property in a decent neighborhood i need to place. It seems the best any of my carriers are willing to offer is an FL-1 with 100k liability and high deductible at $2500.

My question is what are you guys typically able to write for the same situation? I am in WNY

 

[RFMaurone]

What state and what limit are you looking for ?

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[alwrightins]

What state and what limit are you looking for ?

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NY and I will probably just look for market value depending on the relation to replacement cost.

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What state and what limit are you looking for ?

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Its not so much a matter of limits but the policy form. Like i said the highest i se3m to be able to get is an FL-1 so the only causes of loss really are Fire and lighting. I can normally write vacants with an FL-3 and include many otber endorsements if needed but the for sale in top seems to be a big risk for companies.

 

[BSM]

We have multiple carriers for that situation in MO, not as many options in KS.

Form 1 is standard, we have a small farm mutual that has an appetite for the vacant business and will offer $1,000,000 premises liability. I prefer the higher deductible when writing the business just to make sure someone has an interest in monitoring the property.

 

[AdvisorsIns]

I have found some non-admitted carriers to do higher limits and replacement cost for newer construction homes. Older construction Is very hard. We use Foremost a lot if RC is not desired. It excludes theft in SC. Got put to the test on that one recently.

 

[alwrightins]

We have multiple carriers for that situation in MO, not as many options in KS.

Form 1 is standard, we have a small farm mutual that has an appetite for the vacant business and will offer $1,000,000 premises liability. I prefer the higher deductible when writing the business just to make sure someone has an interest in monitoring the property.

That is a good point regarding the high deductible and the owners interest in monitoring the property.

Do you find it a hard sell or what kind of approach do you take when explain to a homeowner that now they will have bare-bones coverage and the high deductible?

 

[insurance1822]

I've seen AMOD offer repair cost on vacant homes, but only basic form. Vacant Express will write agreed value if the home is <30 years old & will also write special form (subject to their other guidelines.)

and who says FL-1?

 

[BSM]

That is a good point regarding the high deductible and the owners interest in monitoring the property.

Do you find it a hard sell or what kind of approach do you take when explain to a homeowner that now they will have bare-bones coverage and the high deductible?

I just give a straight ahead explanation that we want to make sure the property is watched and encourage them do what they can to prevent/mitigate losses. It is usually an existing client or solid referral so I don't get normally get much pushback.

We have the product very well covered, if I hit a snag with someone that I don't have a relationship with I ask them to shop their options because this is an accommodation line for us.

 

[Milkman1265]

USLI on admitted or LLOYDS on non-admitted.

are you upper new york?

 

[alwrightins]

USLI on admitted or LLOYDS on non-admitted.

are you upper new york?

I am in WNY area. I have a ton of carriers but only two that will write but only FL-1