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Hello Everybody,
I was hoping to get some input from my fellow insurance professionals out there. I have a client who has about 50 properties (mainly residential with a handful of mixed use) that are vacant & he's renovating them for resale or renting out. He also has about 30 that are renovated & rented out. I current have him through a wholesaler where Seneca is providing the property coverage & USLI is providing the liability.
He's adding about 5 properties a month and they're currently in his personal name or his LLC (which the carrier has both as named insureds.) He's now starting to form new LLC's as his ability to obtain financing is becoming maxed out. Is it normal for a carrier to just keep listing new LLC's as named insured's?
Any considerations or requests you think we should be making to the carrier? They offer broad form coverage ACV at 80% coinsurance. They will give special form on some newer properties as well.
Our wholesaler has been very helpful, but I know this forum is an excellent resource and would appreciate any input I can get. I want to make sure our client is getting the best coverage possible and also get some input if any of you manage accounts like this.
I was hoping to get some input from my fellow insurance professionals out there. I have a client who has about 50 properties (mainly residential with a handful of mixed use) that are vacant & he's renovating them for resale or renting out. He also has about 30 that are renovated & rented out. I current have him through a wholesaler where Seneca is providing the property coverage & USLI is providing the liability.
He's adding about 5 properties a month and they're currently in his personal name or his LLC (which the carrier has both as named insureds.) He's now starting to form new LLC's as his ability to obtain financing is becoming maxed out. Is it normal for a carrier to just keep listing new LLC's as named insured's?
Any considerations or requests you think we should be making to the carrier? They offer broad form coverage ACV at 80% coinsurance. They will give special form on some newer properties as well.
Our wholesaler has been very helpful, but I know this forum is an excellent resource and would appreciate any input I can get. I want to make sure our client is getting the best coverage possible and also get some input if any of you manage accounts like this.
