Vacant Apartment Building

[californiadude]

Hi Everyone,

One of my clients just bought a 5 unit apartment complex, and did not line up insurance before the deal closed.

The building is now naked, and the new owners have given the tenants a 30 day eviction notice so they can do cosmetic upgrades to the building.

I am getting declined for Prop/GL covg because the tenants have not actually vacated the premises, so technically the property is NOT vacant. My admitted carriers who like habitation don't want it because the tenants are on their way out and the building is going to be vacant for a little while.

Does anyone have any suggestions on how to market this, or a carrier that is flexible given the situation?

Thanks!

 

[benwrigh]

FYI Be careful with vacant policies. Some have a vacant requirement or no coverage... Vacant Express, for example, has this requirement.

 

[insurance1822]

vacant express just came out w/ a product for occupied dwelling fire risks. Maybe u can talk to an UW and see if you can write it occupied & rewrite it once it's vacant. there's a good chance the insured will have to eat a minimum earned premium along the way, but it's their dumb ass fault for not securing insurance.

or go e&s

 

[Soaringagent]

Could the client get it rented out before renovations? or will any of your preferred carriers write it if the building is partially occupied?

 

[benwrigh]

vacant express just came out w/ a product for occupied dwelling fire risks. Maybe u can talk to an UW and see if you can write it occupied & rewrite it once it's vacant. there's a good chance the insured will have to eat a minimum earned premium along the way, but it's their dumb ass fault for not securing insurance.

or go e&s

I thought that was for rental dwellings only?

 

[californiadude]

Thanks everyone we went with a Non-Admitted that was flexible with the situation. 6 month policy to get them through then we'll shop it again.