WORKERS COMPENSATION

Hub International To Provide Tenant Liability Captive To Residential Rental Real Estate Clients To Retain Insurance Premiums And Mitigate Risks

HUB International | December 01, 2021

Core News
Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, has developed HUB Tenant Liability Captive Insurance for owners, operators and managers of residential rental real estate that will create an additional revenue stream for them by enabling them to retain the majority of the paid premium.

Working with Property Owners Protection Insurance Company, LLC (POPIC), an A-Rated insurer, HUB will roll out the captive to its more than 13,000 residential real estate clients in the U.S. and later in Canada.

"With POPIC, we are changing how a resident liability insurance program can be structured, Chip" Stuart, HUB's Real Estate Specialty Practice Leader. "Our clients will ultimately benefit economically from the captive, collecting the insurance premiums, mitigating risks and easing the administrative burden of implementing and running the program."

- James

Multi-family, student housing and single-family residential rentals require residents to carry liability insurance or "renters' insurance". In the traditional model, an owner, operator and manager will partner with a third-party insurance provider to provide this coverage. HUB Tenant Liability Captive Insurance is designed to give residents a simple, convenient option to fulfill the insurance requirement of the lease while allowing owners, operators and managers to retain the majority of paid premium, rather than a third-party insurance company. The captive insures against resident damage to the property, caused by fire, smoke, explosion, water damage and falling objects and has a policy limit of $100,000 per occurrence with no deductible and no aggregate limit.

With HUB Tenant Liability Captive Insurance, HUB continues its commitment to providing tailored insurance solutions designed to best manage its real estate clients' risks and needs. For more information on HUB Tenant Liability Captive Insurance, click here.

About HUB International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

Spotlight

Builders risk is considered “non-standardized” coverage. This means that, unlike most other types of insurance, the terms and coverage afforded can vary considerably from policy to policy. For this reason, a builders risk policy should be closely examined in order to determine the scope of coverage and to make sure the insurance obtained actually meets your company’s needs. Indeed, for especially significant projects, it may be prudent to hire an attorney to review that policy so that there are no surprises in the event of a loss. While it is recommended that the entire builder's risk policy be reviewed, what follows below is a checklist of the provisions of special importance, which should be closely examined.


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Spotlight

Builders risk is considered “non-standardized” coverage. This means that, unlike most other types of insurance, the terms and coverage afforded can vary considerably from policy to policy. For this reason, a builders risk policy should be closely examined in order to determine the scope of coverage and to make sure the insurance obtained actually meets your company’s needs. Indeed, for especially significant projects, it may be prudent to hire an attorney to review that policy so that there are no surprises in the event of a loss. While it is recommended that the entire builder's risk policy be reviewed, what follows below is a checklist of the provisions of special importance, which should be closely examined.

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