LLC Owns Properties Only...Want's BOP Too?

[insurance1822]

So I have a client who has an LLC that has about 10 properties which are insured on a package. The client wants insurance to cover (in his words...) "his overall business." What the hell is this?

I mean the LLC only holds real estate, so if we have the property insured (along w/ the GL on that package..) then why would anything else be needed?

 

[nyc2phi]

So I have a client who has an LLC that has about 10 properties which are insured on a package. The client wants insurance to cover (in his words...) "his overall business." What the hell is this? I mean the LLC only holds real estate, so if we have the property insured (along w/ the GL on that package..) then why would anything else be needed?

Doesn't sound like you have enough information or maybe this is just the business insurance way of someone saying I want "full coverage".

As it is the core coverage he needs is building, GL, business income, and an umbrella.

Does he also have an office or maybe a property management company?

 

[insurance1822]

I asked if he has an office (which may be another exposure..) and they don't. That's why I'm scratching my head? I think your assumption is correct & he just has no clue what he's talking about & all he needs (for now..) is the building, GL, BI and maybe an umbrella

 

[Gulfman]

He wants an EO policy as an officer in his LLC.

If he makes a mistake as a Landlord, he wants to be covered.

 

[dean8287]

Two things here.
1. It sounds like another agent is talking to him and trying to sell him on a bop over your package. An insured very rarely knows the difference and most packages can be made today to resemble a bop so no coverage is lost. Years ago a package did not include ALS for business income, but that is usually not the case today. Ask him what coverage he is concerned about losing and either he will mention something you already have for him or not know.

2. Tenant discrimination would be something he would benefit from and most agents don't think to offer it.

 

[Gulfman]

Two things here.
1. It sounds like another agent is talking to him and trying to sell him on a bop over your package. An insured very rarely knows the difference and most packages can be made today to resemble a bop so no coverage is lost. Years ago a package did not include ALS for business income, but that is usually not the case today. Ask him what coverage he is concerned about losing and either he will mention something you already have for him or not know.

2. Tenant discrimination would be something he would benefit from and most agents don't think to offer it.

What is tenant discrimination policy?


?

 

[dean8287]

What is tenant discrimination policy? ?

It's an endorsement some carriers have available to protect the landlord in case a tenant sues them for discrimination. This usually comes up after a tenant is upset that they were evicted or or in the process of being evicted. Similar in a sense to EPLI just for different purposes and a different endorsement.

 

[Gulfman]

It's an endorsement some carriers have available to protect the landlord in case a tenant sues them for discrimination. This usually comes up after a tenant is upset that they were evicted or or in the process of being evicted. Similar in a sense to EPLI just for different purposes and a different endorsement.

Tenant gets evicted and then sues

Nice...!

 

[Placementkid]

Is he referring to the property management side of things? Is snowplowing/lawncare taken care of by the insured or sub'd out?

Someone could be offering risk management services that are starting to make the insured think he may not be insured properly if he isn't transferring his risk properly for certain things... just my .02