Vacant Buildings

TARGET RISKS

• New construction awaiting certificate of occupancy
• New property acquisitions
• Real estate development property
• Businesses that are temporarily closed
• Properties available for lease, not yet occupied
• Buildings listed for sale
• Buildings awaiting renovation
• Vacant land

UNACCEPTABLE EXPOSURES

• Condemned buildings
• Buildings intended for demolition
• Risks in bankruptcy, receivership or with unpaid taxes/ liens
• Existing or unrepaired damage (fire, smoke, water, etc)
• Urban vacant lots

COVERAGES AVAILABLE

• Commercial Package (Property & General Liability) – can also be written as monoline Property or Liability
• $1M/ $2M General Liablity Limits
• No GL deductible
• Property capacity up to $20M TIV per risk**
• Special Form and Replacement Cost available (depending on risk characteristics)
• Short term policies available (3, 6, 9 months)
• Can consider minor renovations (such as tenant build outs)
• Excess Limits available

SUBMISSION REQUIREMENTS

• ACORD Applications
• Supplemental Vacant Building application (PHLY E&S or competitor’s equivalent)
• Currently valued insurance company loss runs, minimum 3 years
• Desired terms & conditions

FINANCIAL SECURITY

• AM Best rated A++
• Standard & Poor’s assigned A+

** Capacity varies by construction type and sprinkler protection. Maximum capacity is for MNC or better, 100% sprinklered. Frame construction is limited to $3M (non-sprinklered) or $5M (100% sprinklered).