How can you reduce your general liability insurance cost and recoup your premiums with interest?
About Prominent Properties®:
Prominent Properties® is an exclusive new program for General Liability Insurance for Real Estate Owners and Managers. This new program was created by the insurance and risk management specialists of Capacity Excess. We have led the insurance marketplace with innovative new products and programs, geared towards the specific needs of the Real Estate Industry for over 25 years.
THE PROMINENT PROPERTIES® PROGRAM IS FOR:
Commercial Office Buildings
*Lessor's Risk Only
Ultra-Luxury Rental Apartments
The Prominent Properties® Real Estate Program provides a unique pricing structure that reduces ultimate premium costs and rewards risk management for clients who have a long-term record of superior loss results.
How Prominent Properties® Works:
Prominent Properties® uses a Self-Insured Retention (SIR) mechanism instead of the traditional first dollar approach in the US market. Compare Prominent Properties® to a typical $100,000 premium first dollar program* with no deductible:
For $100,000, you pay $70,000 in premium and $30,000 in a funded SIR.
Our innovative approach is simplistic and easy. Any unused amount of the funded SIR is returned back to the insured. If there are no claims, you recoup $30,000.
The funded SIR will be held by Capacity Excess in trust for you, the insured. You gain the investment income generated by the account.
*Please note: this is an example to demonstrate fee structure. Actual premiums will vary based on our analysis of your account.
Advantages of the Prominent Properties® Program:
Prominent Properties® is available to potential accounts that typically don’t have the ability to be covered by a deductible program.
Without this approach the only way for you to gain these financial advantages would be to create your own captive insurance or an alternative risk program.
Captives are a very costly alternative that are only feasible for very large accounts. Prominent Properties® gives you those advantages and more.
Finally be rewarded with good loss experience. Prominent Properties® returns the unused SIR funds to the insured at 12 months (50%) and at 24 month (remainder) after expiration.*
Our appetite is very broad and diverse within the real estate segment. Our minimum premium is $35,000 which allows most types and sizes of buildings to qualify.
Innovation and flexibility give us the ability to offer general liability limits from $1m Occurrence/$2m Aggregate up to $2m Occ./$4m Aggregate.
*Please note: Unused SIR funds are returned to the insured and subject to final review of open claims and claim expense
Prominent Properties has developed a unique, innovative policy structure that’s differentiated from anything available in the market today. We have developed a way to partner with the insured in a manner that allows them to recoup up to 30% of their premium back. We have partnered with industry thought leaders and executives spanning real estate owners, asset managers, and with banking and insurance specialist from some of the largest global firms. For more information and specimen forms of Prominent Properties Program for general liability please contact us directly at email@example.com 201-661-2314 or firstname.lastname@example.org 201-661-2400.
Frequently Asked Questions
Commercial office buildings, luxury condominiums and apartments, and warehouse (lessor’s risk) real estate that very good loss experience. They must have a 35% or better loss ratio on their general liability policy for the last 5 years in order to qualify., and a minimum premium of $35,000.
Just complete a Prominent Properties application and provide the 5 year loss experience. It will be immediately underwritten and if eligible a proposal for the general liability will be provided. When accepted, the insured will be required to pay the premium and fund the SIR, and a general liability inspection will be ordered to complete the underwriting requirements.
After the policy term expires, a calculation will be completed to determine what amount is remaining in the SIR fund. At 12 months after expiration, 50% of the unused funds will be returned to the insured. At 24 months after expiration, any amount left in the SIR fund will be returned to the insured.
There is no down side! If losses during a policy term exceed the amount of the SIR fund, the insurance company is responsible for any amount over the SIR funded amount. For example, if you have a $30,000 SIR fund and there was a $1m paid claim, the insured would be responsible for the $30,000 and the insurance company for the remainder. The insured is never at risk for more than the SIR fund amount.
Prominent Properties and CapExcess LLC have partnered with a large, well regarded and highly respected multinational insurance company, rated A-XIII (Excellent) by AM Best. The polices will be issued on non-admitted paper and all taxes and surcharges will be handled by CapExcess LLC.
Claims can be reported 24/7/365 via phone, fax or email. York Company is a national leader in claim excellence and has dedicated key contacts for this program. They are responsible to ensure timely responses and seamless claim services.
Claim and loss control information can be found here.
CapExcess has established partners who offer attractive premium financing options. Further, in additional to a traditional premium financing program, we have arranged a special feature to include the amount due to be paid into the SIR fund. Premium financing for both the premium and the SIR! That’s unmatched in the industry today, and another example of the type of innovation Prominent Properties can bring to market.
A SIR (Self-Insured Retention) provides the ability for the insured to participate in some of the risk sharing with the insurance company, which ultimately produces lower premium and expense costs. It’s generally only available to very large corporations who have a full time risk management department and have taken on both the administration costs, as well as the collateral requirements. What is so unique about Prominent Properties is that you get all of the advantages of an SIR without any of the associated administration expenses or required collateral.
What Real Estate is Eligible?
How Do I Get a Quote?
When Can I Expect to Recoup Premiums?
What Happens if My SIR Fund is Depleted?
Who Will Issue the Policy?
How Do I Report a Claim?
Can I Finance the Premiums and the SIR?
How Is This Similar to an SIR, and What Is Unique About It?
Let Prominent Properties® reward you for maintaining an excellent loss record and risk management discipline.
Find Out More:
How Do I Get Started?
All applications can be found below.
GENERAL LIABILITY INSURANCE PROGRAM