When historic properties, such as hotels, country clubs, theatres, museums, commercial buildings and commercially operated historic homes, experience property damage due to a fire or other covered property loss, the potential fallout from such a loss goes way beyond having to repair or rebuild the structure. There are many insurance considerations to take into account when covering these properties to ensure they are adequately protected. In addition, it’s important that the property’s historical significance is maintained after a loss.Continue reading
Weather-related conditions create additional hazards for commercial and habitational property owners who are responsible for ensuring that all walkways and driveways in front of the building and parking lots are safe. For example, in apartment complexes, residents are not responsible for snow and ice removal. The property owner or holding company is responsible for this, and tenants are within their rights to notify law enforcement if the removal is not done.Continue reading
During a construction project, protecting the site along with the materials and equipment can become quite a challenge. Following is a list of several best practices property owners and/or contractors should implement to prevent theft and vandalism losses on job sites involving buildings under construction or undergoing a renovation.Continue reading
Happy Thanksgiving from all of us at Distinguished Programs. On this day of thanks, we want to share our genuine appreciation for you. We wouldn’t be where we are today without our broker partners. We value our relationship and look forward to the opportunity to continuing to work with you.
Have a wonderful holiday celebration with family and friends, and safe travels!Continue reading
After Super Storm Sandy hit the East Coast five years ago, many restaurants suffered devastating property damage. But even more restaurants experienced significant business interruption losses including those resulting from downed power lines and outages. In addition to securing responsive Commercial Property insurance to step in to help a restaurant rebuild after a property damage loss, ensuring that Business Interruption coverage is included as part of a comprehensive program can be the difference between closing down for good or hanging up the welcome sign again.Continue reading
In reviewing a multi-unit property owner’s insurance needs for a condo, apartment building, co-op, brownstone, or mixed-used structure, there are many exposures to address and ensure that coverage will respond. Having replacement cost coverage with Commercial Property insurance is one important feature of a sound program but making sure that the policy will also address many of the costs involved in rebuilding after a loss is equally important.Continue reading
The Legionella outbreak this past summer that killed one person and resulted in 12 lab-confirmed cases of Legionnaires’ disease and 63 reported probable cases from people who either stayed or visited an Atlanta, Georgia hotel is a reminder of how deadly and costly an outbreak can be for hotels and resorts. The Atlanta hotel is in litigation with people affected by the outbreak. The lawsuit accuses the hotel of failing to either adopt or follow a water management plan to prevent the spread of the Legionella bacteria.Continue reading
Most museums and cultural institutions host programs and events for children – from art classes and workshops to activities like scavenger hunts throughout the galleries, movie nights and flashlight exhibitions that involve sleepovers at the museum. Performing art centers also sponsor children’s programs including symphonies, musicals, theater workshops, dance classes and summer camps.Continue reading
Community associations are particularly vulnerable to embezzlement because of the access employees have to both an association’s assets and financial records. In fact, the average loss caused by employee dishonesty is $140,000 with one in every five cases reporting a loss of at least $1 million.
The typical organization loses five percent of its revenues to fraud each year. Common examples of fraud impacting all types of companies include:Continue reading
Historic properties require specialized Property insurance to make sure the costs involved to restore the property are covered. In addition, revenue-producing historic properties need Business Interruption (BI) and Extra Expense coverage tailored to address their unique exposures. Historic properties typically take more time to restore or rebuild after a covered property loss because of their significant aesthetic and architectural details, construction techniques and the artisans required to perform the work. For example, a historic property may include features such as hand-carved millwork, historic flooring and fine art murals.Continue reading
Water damage is among the leading property claims payouts for insurance companies. In fact, the annual cost to insurance companies from water damage and mold, according to the Water Damage Defense, is $2.5 billion. Water damage can stem from various sources including: internal leaks, valve failure, or a supply line failure in a water heater; washing machine failures; frozen pipes; bathroom fixtures; appliance leaks; faulty plumbing; leaky roof; and an aged sewage system.Continue reading
While Commercial Property coverage is an integral component of an insurance program for all businesses, the type of coverage secured depends on the niche market served and its exposures. Different policies protect against different risks. Some cover only those risks named in the policy, and others cover all risks except for those that are excluded.Continue reading
Often non-profit museums and cultural institutions are unaware of the significant need for – and benefit of – a high-limit Umbrella policy that also includes Excess D&O Insurance. As a result, these entities can run the risk of exposing the assets of both the entity and individual board members to litigation and reputational damage.Continue reading
Insuring homeowners associations (HOA) means procuring several essential coverages that, at first glance may seem simple enough, but upon closer examination requires a real understanding of the provisions and features that separate sound, comprehensive coverage from the basics. From Commercial Property to General Liability, Umbrella, Crime, Directors & Officers Liability, and Employment Practices Liability insurance, knowing what is and isn’t covered, any sub-limits involved, how and when coverage applies, among other factors, is essential in differentiating yourself in the market to your HOA clients. Let’s look inside some of the considerations of the business insurance coverages an HOA should be carrying.Continue reading