Top Five Vacant Building Losses

The National Fire Protection Association (NFPA) estimates that U.S. fire departments respond to an average of 30,200 structure fires...

Inside the High Stakes of Liability Risks for Hotel Casinos

Liability risks for hotel casinos run the gamut – from a third-party vendor’s wrongful actions to public security and...

5 Top High-Limit Hotel Claims

There are countless exposures inherent in running a hotel or resort that can result in hotel claims with major...

‘Tis the Season to Celebrate: Happy Holidays

To all of our clients and vendors, from all of us at Distinguished Programs, we wish you a joyous...

Risk Management Programs Critical to Help Keep Small Business Insurance Costs in Line

How much small business insurance costs depends on many different factors, including the type of operation and its location,...
Real Estate, Risk Insight
Top Five Vacant Building Losses
Hospitality & Restaurants
Inside the High Stakes of Liability Risks for Hotel Casinos
Hospitality & Restaurants
5 Top High-Limit Hotel Claims
Distinguished Life
‘Tis the Season to Celebrate: Happy Holidays
Real Estate, Hospitality & Restaurants, Community Associations
Risk Management Programs Critical to Help Keep Small Business Insurance Costs in Line
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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cybercrimes
Community Associations

Community Associations Stepping Up to Prevent Cybercrimes

While community associations may tend to focus on the physical, concrete issues pertaining to their communities, a community’s risks in cyberspace are gaining widespread attention. And it’s warranted—more than half of all malware attacks target small businesses. And with cybercrimes racking up $100 billion in damages annually, it’s more important than ever to safeguard the data that community associations store.

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