Historic property under renovation

[wornout]

Looking to place a habitation risk that is on states preservation list. Before I go to E&S, anyone have success with niche carriers? Building value is $70M in Pittsburgh. Any post renovation carrier suggestions? Non renewed due to carrier appetite

 

[Al3x Lee]

Just send it to E&S, the property & builders risk market is garbage right now. If it's in the middle of renovation you're going to have a real fun time trying to place it.

At least on the west coast it is

 

[marindependent]

Ive never written a property such as this before, so this may be a dumb question.

Are there admitted insurers that write $70MM historical properties in Penn, even without the reno component?

 

[NY independent]

Historical landmark properties are the kiss of death. $70 mill is another problem. This is E&S and will be layered by 4+ carriers. My guess is north of $200K just for the property. Prepare to get your hands dirty.

 

[Decimition]

Have you tried Vermont Mutual for the perm? Not sure if they do PA, but have seem them do some pretty big TIV/old stuff in the Northeast. Thats the only admitted carrier I've seen write old stuff in the northeast.

GNY used to be good for this, but have been tightening their appetite. If it's not frame they may still write it. Also, not sure if they do PA (Never really done work in PA, but have written a lot of biz in other states in the Northeast)

Outside of that, it's going to be triple the price in the E&S market.