MORRISTOWN, N.J., May 16, 2016 /PRNewswire/ -- ProSight Specialty® Insurance announced today that it has partnered with Heffernan Insurance Brokers to distribute a highly developed insurance solution, featuring unique property coverage for building owners and managers that specialize in multi-family residential real estate in California, Nevada, Oregon and Washington. With a proven track record in the real estate market and a commitment to the industry, Heffernan Insurance Brokers is an ideal distribution partner for ProSight, aligning with the company's underwriting ideology and its mission to provide differentiated, specialized coverage to meet the needs of building owners and managers.
Available to a wide range of residential real estate business models, the insurance program provides comprehensive property, equipment breakdown, flood and wind coverage, plus ProSight specific enhancements such as the Building and Tenant Protection Plus endorsement. Designed to cover both a building and its business, the Building and Tenant Protection Plus endorsement provides the dual coverage and resources property professionals need to handle property damage losses quickly and efficiently, while also ensuring that tenants are supported when affected by a loss. The endorsement protects businesses from incurring costs after a loss and expedites repairs to get a business thriving again, while assisting tenants faced with resulting loss or damages as well. ProSight's Building and Tenant Protection Plus endorsement coverage includes: enhanced replacement cost, waiver of business income waiting period, data compromise, identity recovery, crisis management and expenses for tenant evacuation, relocation and rental1.
"Heffernan understands the nuances of real estate risk management that can extend far beyond simple property protection. Moreover they share our vision which makes them the ideal distribution arm for this differentiated program," said ProSight Program Executive Erin Cullen. "From single buildings to entire real estate portfolios, this program combines ProSight expertise with Heffernan distribution reach that delivers valuable protection to building owners and managers."
As part of the partnership between ProSight and Heffernan, policy features and benefits include up to $25,000,000 in total insurable value at any one location with multiple deductible options of $5,000+. It also includes the right-sized sub limits and coverage extensions to address properties of this scale. The program accommodates small and large single buildings or multi-location portfolios. Residential buildings with incidental mercantile exposures are also considered.
"ProSight Specialty Insurance understands that building owners and managers don't simply place value on the properties they oversee; they have deep concern for their tenants," said Heffernan Insurance Brokers Senior Vice President, John Vipiana. "ProSight's products and services enhance and empower building and tenant protection, which is what we also strive to do."
About ProSight Specialty Insurance
ProSight Specialty Insurance was founded by industry veteran CEO Joe Beneducci, with the explicit purpose of introducing innovation to the commercial property and casualty insurance market. ProSight designs solutions that help solve customers' problems, so each solution is targeted to enhance customers' operating performance. ProSight focuses on select niche industries, deploying differentiated underwriting and claims expertise, and then works exclusively with specialized distributors to deliver value. ProSight is fueled by a cultural desire to succeed at uncommon challenges, making the business performance of its customers a top priority. The underwriting members of the ProSight Specialty Insurance (ProSight) group of companies are rated "A" (Excellent) by A.M. Best. ProSight also operates Syndicate 1110 at Lloyd's of London, which is rated "A+" (Strong) by Standard & Poor's. Based in Morristown, NJ, ProSight has regional offices in Los Angeles, CA, Santa Rosa, CA, New York, NY, and London, England. More information about ProSight and its member insurers can be found at www.prosightspecialty.com. Follow us @ProSightCorp and ProSight Specialty Insurance.
1 This material is for general informational purposes only, and any statistics herein are for illustrative purposes only and do not take into account your personal circumstances or objectives. The description of any coverage herein is a summary only. Please refer to the actual policies for complete details of coverage and exclusions. Coverage may not be available in all states and certain coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds. Issuance of coverage is subject to eligibility and underwriting by ProSight Specialty Insurance.
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SOURCE ProSight Specialty Insurance