Innovative Risk Management (IRM), through its underwriting affiliate Programs Plus, markets specialty insurance programs in which we take an underwriting risk position. Our Program Plus Habitational Program provides a specialty package for apartments, condo and townhouse associations and other risks. The package includes property, inland marine, crime equipment breakdown and general liability coverages with an option to purchase umbrella insurance as well.

The target classes and typical risks we focus on for this program are:

  • Preferred habitational accounts that are less than 20 years old or have been completely renovated in the past ten years, have copper writing and meet rent criteria.
  • Owner-occupied condominiums and townhouse associations may be written, provided they meet underwriting standards.
  • 80% minimum occupancy.
  • College student occupancy cannot exceed 25% (>25% subject to further guidelines)
  • Non-coastal areas; however, Tier 1 counties may be written ex-Wind depending on locations.
  • Risks must be in an area rated Protection Class Six (6) or better.
  • Top quartile of rents charged in town/city where risk is located
  • Rent subsidies limited to 15% or less.
  • ITV of at least $75 sq./ft.

The benefits of this program include:

  • Property
  • Inland Marine
  • Crime
  • General Liability
  • Umbrella

The highlighted features of this exclusive program include:

  • Property: Replacement Cost Valuation with Agreed Amount (Up to $75 million per location)
  • Inland Marine: $25,000 EDP
  • Crime: Various Limits
  • General Liability:
    • $1,000,000 Each Occurrence Limit
    • $2,000,000 General Aggregate Limit
    • $1,000,000 Products and Completed Operations Aggregate Limit
    • $1,000,000 Personal & Advertising Injury Limit
    • $50,000 Damage to Premises Rented to You
    • $5,000 Medical Expense limit
    • $1,000,000 Employee Benefits Liability $1,000
    • $1,000,000 Auto – Hired/Non-Owned Vehicles Only
  • Umbrella (optional): $25MM in capacity

All accounts generally must be written as a package policy. An array of enhancements specific to this class of business is available.

The submission requirements of this exclusive program include:

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