Philadelphia Insurance Companies introduced its newest product niche, Apartments. Providing one of the Broadest Coverage forms in the market, PHLY's new Apartment product offers comprehensive coverage for General Liability, Property, Crime, Automobile and Umbrella.The new Apartment product is designed for the above average, professionally managed and well maintained Market Rate Apartment. Eligible classes include complexes originally built in 1980 or later. Acceptable amenities include club houses, fitness centers, playgrounds and swimming pools.
The underwriting preference is single location accounts. Location schedules are only considered if all properties meet underwriting criteria and have common ownership. Frame apartment buildings cannot exceed 3 stories and must contain masonry firewalls if the unit count is high to be acceptable. Prior loss runs are required even if the ownership has recently changed.
Submission requirements include a PHLY Residential application, color photographs, plot plan, statement of values and 4 years of company loss runs.
To locate your nearest office or for more information, visit www.phly.com or contact Paula Negro at 800-873-4552 ext. 3227.
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