|By PR Newswire||
|September 10, 2013 09:45 AM EDT||
HOLMDEL, N.J., Sept. 10, 2013 /PRNewswire-iReach/ -- Preferred Property Programs, a division of JGS Insurance, announced today the development of a national insurance program for property management firms that will bundle all the necessary policies under one carrier. Most, if not all other brokers, spread the policies among different carriers which creates potential problems and confusion when you need it least. The Preferred Property Program realized how stressful it can be filing a claim and going back and forth between carriers in a game of "Its Not Covered Under This Policy", so PPP developed a program that will both simplify the claims process, and eliminate the common coverage gap between general liability and professional policies.
The new program will be a single source of access for property managers' insurance needs. In conjunction with A rated carriers, PPP will be able to offer property, general liability, fidelity, professional liability, inland marine and tenant discrimination all under one broad package policy. Writing a single package policy with one company for all exposures is one of those things that make you say "I can't believe someone didn't come up with this sooner".
"Property Managers insurance typically has been a difficult class of business to write all lines of coverage for with most agents having to split up coverage between various carriers" said Ken Hager, President of Preferred Property Programs. "This can present potential coverage gaps when one carrier writes the liability and another handles the professional then each points to the other carrier's form for coverage." "When both the general liability and professional are written with one carrier on one form, it simplifies the claims process and eliminates the grey area of what could be professional versus general liability. "
Carmen Suarez, National Program Director at Preferred Property pointed out, "many of the carriers that currently provide general liability coverage have so many exclusions attached that it can offer very little protection for Property Management Firms". It's not unusual to see a designated premises endorsement which limits coverage to only those premises specifically listed on the policy. The problem with that is the very nature of property managers is to visit the premises that they are managing. If each and every property that they manage isn't listed on their policy then no coverage exists". Additional common exclusions we've seen include Products/Completed Operations, Personal and Advertising Injury, Independent Contractors as well as others.
PPP was created to eliminate these exclusions and offer broad coverages at competitive pricing. Some additional examples of coverage enhancements is the ability to offer professional liability with defense costs outside the limit, full prior acts coverage, agreed amount blanket building and contents limits, and ordinance and law coverage.
The Property Managers program also will also offer all other typical lines of coverage needed including Automobile (owned or non-owned), Fidelity, Tenant Discrimination with limits to $500,000/$1,000,000 and umbrella policies. The umbrella policy can provide excess professional liability of $5,000,000; higher limits are available with a referral.
Preferred Property Programs deals with independent agencies across the US. and operates in all states. Property Management firms can reach out to their current agent and direct them to contact us. This program has been approved in 44 states and the District of Columbia.
Preferred Property Program, Inc. is a wholly owned subsidiary of JGS Insurance, founded in 1919 and located in Holmdel, NJ. JGS Insurance is licensed in all 50 states and the District of Columbia.
For more information please contact Carmen Suarez or visit our website at www.propertymanagersinsurance.com.
Media Contact: Carmen Suarez, Preferred Property Programs, 888-548-2465 ext. 1009, firstname.lastname@example.org
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SOURCE Preferred Property Programs