Comprehensive Youth-Protection Risk Management Required at Museums & Cultural Institutions

Most museums and cultural institutions host programs and events for children – from art classes and workshops to activities...

How to Protect Community Association Funds with a Crime & Fidelity Policy

Community associations are particularly vulnerable to embezzlement because of the access employees have to both an association’s assets and...

The Restaurant Insurance Package that Keeps on Giving

Restaurant owners face a number of risks in their daily operations that include exposures such as premises liability and...

Why Historic Properties Require Specialized Business Interruption & Extra Expense Insurance

Historic properties require specialized Property insurance to make sure the costs involved to restore the property are covered. In...

Mitigating Water Damage Risks in Multi-Family Buildings

Water damage is among the leading property claims payouts for insurance companies. In fact, the annual cost to insurance...
Cultural Institutions
Comprehensive Youth-Protection Risk Management Required at Museums & Cultural Institutions
Community Associations
How to Protect Community Association Funds with a Crime & Fidelity Policy
Hospitality & Restaurants
The Restaurant Insurance Package that Keeps on Giving
Historic Properties
Why Historic Properties Require Specialized Business Interruption & Extra Expense Insurance
Real Estate
Mitigating Water Damage Risks in Multi-Family Buildings
comprehensive risk management
Cultural Institutions

Comprehensive Youth-Protection Risk Management Required at Museums & Cultural Institutions

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.

Any time children are under the care, custody and control of an organization, it’s critical that a comprehensive risk management approach is in place to prevent abuse and molestation acts.  This is a huge exposure today across all types of entities in the wake of #MeToo and in the aftermath of revelations involving child abuse occurring at religious institutions, schools, athletic facilities and other organizations.

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Protect Community Association Funds
Community Associations

How to Protect Community Association Funds with a Crime & Fidelity Policy

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:

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historic properties
Historic Properties

Why Historic Properties Require Specialized Business Interruption & Extra Expense Insurance

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.

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Real Estate

Mitigating Water Damage Risks in Multi-Family Buildings

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.

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Property Insurance
Historic Properties, Real Estate, Community Associations

Understanding Property Insurance for Niche Markets

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.

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Homeowners Association Insurance
Community Associations

The Ins & Outs of Homeowners Association Insurance

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.

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Market Value
Real Estate

Why Replacement Cost Over Market Value Makes Sense for Multi-Family Homes

Distinguished Programs specializes in providing insurance for City Homes and New York Brick & Brownstone properties. Often questions arise from property owners on how to best determine the amount of coverage they need to purchase under their Commercial Property policy – whether this should be based on the building’s market value or replacement cost value. We put together an info sheet, “Understanding the Difference: Market Value vs. Replacement Cost,” to help agents and brokers explain how each property valuation methodology works and the benefits of insuring a property with Replacement Cost coverage.

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Real Estate

Hurricane Season: Understanding the New Normal

Hurricane season is approaching, and with it, a new reality when storms hit properties in its path. According to a recent report put out by Zurich North America, one of our key carrier partners, despite the overwhelming evidence of a “new normal,” communities are not taking broad action to protect their coastal areas and vulnerable properties and infrastructure. The risks remain high for property owners.

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Historic Properties
Historic Properties

Covering Historic Properties in the Wake of Notre Dame

When a historic property is damaged, most will not receive a flood of donations to restore it to its original state, like the Notre Dame cathedral did.  In a recent Insurance Journal podcast, Distinguished Program’s own Kurt Meister, senior VP, discusses the Historic Properties Program and the challenges of bringing a historic structure back.

While most insurance policies cover restoring the function of a building, they do not cover replicating the original, often ornate, historic features that make these properties so culturally significant.

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cyberattacks
Hospitality & Restaurants

Hotels Are a Target for Cyberattacks

The last thing your hotel guests want to discover is that your computer system suffered a cyber breach and all their personal information was leaked. The hospitality industry continues to be a target for cyberattacks due to the wealth of e-info it amasses—credit cards, names, addresses, just to name a few. When a cyberattack hits, the damage can go from bad to worse: from stolen data and locked software to costly fines and major damage control of a brand name. The threat of cybercrimes is so high that we’ve developed three useful white papers to share with your insureds.

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