Capital Insurance Group Introduces Premium Credits for Commercial Apartment Buildings and Condominiums

MONTEREY, Calif., Sept. 20, 2013 /PRNewswire/ -- Capital Insurance Group® (CIG), the leading regional property and casualty insurer serving the Western U.S., has released three new 2-percent total premium credits for commercial apartment and condominium lines. The Stovetop Fire-Prevention Credit, Automatic Water Supply Line Flood-Prevention-Device Credit, and Tenants Insurance Credit each offer 2-percent total premium reductions if the insured complex maintains fire suppression technology for stovetops, flood prevention technology on at least three water supply lines, and tenant personal liability insurance, respectively, in every unit.

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"These types of unique, business-conscious insurance products are a win/win proposition; owners and managers protect their tenants and investments while saving money," said Ken Stewart, Director, CIG Commercial Lines. "Capital Insurance Group is one of the few companies to provide total insurance credits of these types."

Stovetop Fire-Prevention Total Premium Credit for Multi-Unit Complexes
Cooking fires account for the majority of home and apartment fires.* Heat/flame-activated devices installed in stovetops with fire suppression technology, like StoveTop FireStop®, are known to reduce average fire claim costs by up to 99 percent. In recognition of the benefits of stovetop fire-prevention devices, CIG is offering a 2-percent total premium credit for apartment or condominium complexes that have every unit protected by a stovetop fire-prevention device activated by the detection of heat/flame.

Automatic Water Supply Line Flood-Prevention Device Total Premium Credit for Multi-unit Complexes
Considering the tens of thousands of dollars that can be spent on rehabilitation costs caused by water damage on a rental property, CIG now has a 2-percent total premium credit for complexes in which each unit has at least three water-supply lines protected with any flood-protection device that detects leaks and automatically shuts off the water supply at its source. Flood-prevention devices are available for any appliance with a water-supply-line connection, including water heaters, washing machines, toilets, dishwashers, etc.

Tenant Liability Insurance Requirement Total Premium Credit for Apartments
Many renters mistakenly presume that they are covered under their landlord's insurance policy.  By requiring all tenants to carry liability insurance, which is typically included in renters insurance policies, a property owner receives the benefit of a 2-percent total premium credit for apartment complex insurance.

To learn more about CIG or its coverage options, visit www.CIGinsurance.com

* According to 2011 study by the National Fire Protection Administration, cooking fires result in an average of 390 deaths, 4,800 injuries, and $771 million in direct property damage annually.

About Capital Insurance Group
Capital Insurance Group^® (CIG) is the leading regional property and casualty insurer serving the Western U.S. since 1898. CIG insures Personal Auto, Homeowners, Farmowners, Condo Owners, Vacation Property, Renters, Apartment Building Owners, and many kinds of Commercial and Agricultural Auto and Property. The 115-year-old company is rated "A" (Excellent) by A.M. Best, the independent financial monitor of the insurance industry. CIG manages personal, business, and agriculture risks underwritten by its affiliate companies: California Capital Insurance Company, Eagle West Insurance Company, Nevada Capital Insurance Company, and Monterey Insurance Company. Types of policies may vary from state to state. For more information, please visit www.CIGinsurance.com

CIG Delivers More. Continuously.™

SOURCE Capital Insurance Group