|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
||||||||
 |
|
||||||||||||
|
||||||||||||
|
Archived Articles
Distinguished Programs Recognized As “Best In Class” Program Administrator
November 2006, New York, NY – Distinguished Programs, a program development and management firm that specializes in insurance products for the real estate industry, recently earned the Target Markets Program Administrators Association’s (TMPAA) “Best Practice Designation.” The designation is designed to recognize program managers that achieve and maintain a level of excellence in their business. Distinguished Programs was one of only three agencies to earn the Designation. In order to qualify for the “Best Practice Designation,” Distinguished Programs was subject to a rigorous third-party evaluation of all aspects of its business; including: management performance, systems, underwriting, claims and human resources. During the course of the onsite evaluation, 45 different operating procedures and functions were reviewed and rated. David Jordan, Senior Vice President of AIG Programs, believes, “The Best Practice Designation raises the bar for the program business segment of the industry.” According to TMPAA president Art Seifert, “The ‘Best Practice Designation’ is an integral part of the association’s mission to promote excellence among program administrators/MGAs. Distinguished Programs exemplifies the standard we are setting for our segment of the industry.” The award was accepted by Distinguished Programs chief executive officer Jeremy Hitzig at the Target Markets Program Administrators Association’s Sixth Annual Summit in Tempe, Arizona. About Target Markets
DP featured in Rough Notes Magazine
Real Answers for Real Estates Risks - Distinguished is a Market for Commercial and Habitational Needs From strip malls to student housing, the market for real estate risks is complex and challenging, and it can be a trap for the unwary. Distinguished Programs, a program manager based in New York City, has carved out a niche, or rather several niches, in the real estate market, providing retail agents and brokers with expertise and carefully designed programs. Distinguished Programs traces its roots to the 1940s, when its predecessor was established as a small retail broker to handle co-op risks in the New York metropolitan area. In 1995 the company phased out of the retail business and became a full-time program manager and distributor. In 1987 the company developed the country’s first real estate umbrella liability purchasing group, which is still in operation today. (See “Umbrellas for Purchasing Groups Provide Impetus for Growth” in the March 1999 edition of Rough Notes.) Today Distinguished Programs has written premium of about $117 million and is licensed in all 50 states; it actively writes business in 48 states. The firm employs 180 people and has offices in Ohio, Illinois, California, Rhode Island, Colorado and Qingdao, China. The Distinguished Programs Group LLC is a holding company for five operating entities:
Distinguished Programs, whose target market is small to mid-sized accounts, offers a range of products, including property, general liability, high-limit umbrella, and directors and officers liability. Among the niches the firm serves are affordable housing, community associations (including condos and planned unit developments), city homes (urban residential buildings with up to 20 units), and student housing. Distinguished Programs works with a number of high-rated carriers. Just as the three most important factors in real estate are location, location, and location, the Big Three for niche program managers are experience, experience, and experience. At Distinguished Programs, many of their people have more than 30 years of experience in marketing and developing programs for real estate risks. Gaining an edge “We definitely find that the market is softening, which results in some competitive pressures,” says Carla Vel, president and chief operating officer of Distinguished Programs. “Typically it’s the national carriers, that have a global approach. For the regionals, if they’re in the market, they tend to stay in it.” Vel continues, “What we’ve done to stay ahead of the curve is to develop niches like student housing, affordable housing, older buildings, and condo associations. We have different competitors in different parts of the country,” Vel says, “and we try to take advantage of what we do better in any given part of the country.” A key focus of Distinguished Programs is developing programs for segments of the real estate industry that standard insurers tend to avoid, either because of the small premiums they generate or the belief that ISO’s more generalized rating categories do not accurately reflect the risk involved. Judith Sigel, vice chair for program development, explains that for the real estate market, ISO distinguishes among rentals, condos, and commercial classes, but goes no further. “We’ve determined that there are far more segments, starting with occupancy—for example, student housing versus senior housing. “For instance,” she continues, “if a student falls down, she gets up and she’s fine. If a senior citizen falls down, he might break his hip.” Conversely, “If a student has had too much to drink and is sitting on a balcony, he might fall off and get hurt, whereas a senior probably isn’t going to do something like that.” At Distinguished Programs, Sigel says, “A lot of what we do is about drilling down more specifically. It might be occupancy, geographic location, the age of the structure—there are so many different things about a risk we can look at to define it precisely, and on a long-term basis that gives us a better result because we’re serving the specific part of that niche as opposed to the whole ‘basket’ of real estate.” Click on image for enlargement Where and how we live Sigel says, “What we do is step back and say, ‘We’re in the real estate business; what factors are driving where people live and how they live?’ It might be economic conditions, political conditions, or sociological conditions. For example, a clear trend now is that the first baby boomers are turning 60 and beginning to retire,” Sigel observes. People in this market segment may be interested in moving into active lifestyle communities, she says. “We’ve also become very active in affordable housing,” Sigel says. “In this country, affordable housing is a very difficult market to underwrite profitably. It tends to be thought of as public housing or welfare housing. It’s looked at negatively, and it ends up in the E&S market.” At Distinguished Programs, Sigel explains, “We’ve been able to determine that there are segments of tax credit housing or subsidized housing that any of us would love to live in. A prime example of that is if you lived in Greenwich, Connecticut, and made $80,000 a year, you would actually be eligible for affordable housing,” she says. “Both local governments and the federal government are looking at affordable housing as a huge issue, and we see it as a great opportunity. Understanding the niche, under-standing what we can write and what we should never write, is an extremely valuable way for us to educate our underwriters about the products people actually need,” Sigel declares. Sigel mentions additional estate trends. “Many retired people are moving out of their homes and into condos where they can enjoy certain amenities and where residents must be over age 55,” she says. In the South, she adds, there is growth in the construction of two- or three-story garden apartments; and in urban areas, high rises are being built for people who want to enjoy city living. Adds CEO Jeremy Hitzig, “There’s a lot more specialized housing today than there ever has been before. For example, timeshares didn’t even exist 20 years ago. There are also resort communities promoting active living for seniors. Each of them has unique characteristics that we’re working hard to understand and serve.” “Almost everything that happens in our world affects real estate,” Sigel declares. “Just listening to the news or reading the newspaper are good ways to find out what’s going on. We pay attention to these things in trying to figure out what our product is going to look like and how to underwrite and price it correctly.” Adds Vel: “We’ve created our own proprietary database, and on every submission that comes in, we collect at least 30 very specific pieces of information having to do with the characteristics of the risk: location, age, and type of construction; type of ownership and occupancy; how many stories, how many units, sprinklered or not, fire and life safety information, and so on. That allows us to slice and dice information so we can understand what the risk looks like.” “When we sit down with an insurance company to negotiate something or to create something new, having data is a huge strength of ours and a big way we differentiate ourselves,” Sigel adds. “We’re not like the people who approach an insurer and say, ‘I need this because I need it.’ Being able to present a detailed analysis and projections gives us a real advantage.” Distinguished Programs also has retained people with unique expertise, including a former firefighter and a current firefighter and a building manager with 30 years of experience. A booming market A key trend identified by Distinguished Programs’ product development department is strong growth in planned unit developments, which the company views as a market with high profit potential. Earlier this year the company launched a program for planned unit developments. “The most appropriate term for what we’re writing in this class is homeowners associations,” Hitzig says. “A homeowners association is an association of single-family homes. We’ve built a small niche in insuring homeowners associations.” Distinguished Programs doesn’t insure the individual homes, Hitzig emphasizes. “In a gated community there may be a guardhouse, a clubhouse, a swimming pool, tennis courts—all of those things are picked up under our program.” Planned unit communities are less common outside California and the Southwest, Hitzig observes. However, he adds, “In the older parts of the country, some home owners may get together for group activities, and they might form an organization with a board of directors.” Distinguished Programs also insures groups like these, Hitzig says. Working with retailers Distinguished Programs operates nationwide through a network of approximately 1,100 independent retail agents and brokers. “We’re happy to work with an agent who has many real estate accounts, and we’re happy to work with an agent who has one,” Vel says. “It’s the risk that’s important to us. All of our agents are trying to do the best job for their clients, and we become a resource for them.” A valuable resource indeed, if these comments from retailers are any indication: “My niche is affordable housing,” says Kyle McKinney of Global Insurance Network in Boston. “A lot of insurance companies have stereotypes of this business that are simply wrong. Underwriters hear affordable housing and they think of the old housing projects. The fact is, in many cases you can’t distinguish affordable housing from market value housing. The trend today is toward mixed housing where affordable is a percentage. Distinguished Programs is one of the few organizations that was willing to take the time to listen and understand the business.” John Stathopolous, commercial account manager for Asco Insurance Services, a family-run agency in the Chicago suburb of Morton Grove, says, “Companies come in and try to tap the habitational market, but they usually get eaten up and then drop out. Distinguished Programs knows the business. They understand what they’re doing. That’s enabled them to be a more consistent player.” Steve Dickerson, a senior vice president who specializes in writing condo and co-op business at USI of Falls Church, Virginia, says, “We use Distinguished for umbrella on habitational accounts. They approach the business the way it should be done. They’re specialists, and they understand how to segment and underwrite the business. As a result, even during very tough market times, they have been able to bring strong, large, reputable companies to the table.” Brian Berg, president of Brian Berg Insurance in Lake Forest, California, says Distinguished Programs helps him gain entrée to accounts that otherwise might not want to meet with him. “Getting your foot in the door with property managers of condo and homeowners associations is tough,” Berg says. “But if I can show them where there is a coverage deficiency, I can get in. Distinguished found deficiencies in the existing markets for community associations. They’ve differentiated their umbrella and D&O products. They offer the broadest coverage and best pricing in the market.” With its depth of industry experience, market knowledge, and underwriting savvy, combined with a willingness to listen, Distinguished Programs clearly has real answers for real estate risks. *
For more information:
Distinguished Programs Launches City Homes Insurance Program (CHIP)
The Program Targets Small City Condo/Apartment Buildings That Many Carriers Shun August 8, New York, NY – Most major insurers see the small condo and apartment buildings that dominate the residential neighborhoods of many American cities as bad business. The premiums are simply too low and the risk level too high. What has traditionally been an undesirable segment for top insurers is proving to be fertile ground for real estate insurance program developer – Distinguished Programs. Earlier this spring, the firm began testing the waters with CHIP (City Homes Insurance Program) – their new property, liability and umbrella program for condo and apartment buildings with 20 units or less and up to $5 million in insured values. The program, which is available exclusively through agents and brokers, gives small building owners the same level of coverage and deductible options available to larger property owners. Carla Vel, Distinguished Programs’ Chief Operating Officer, believes smaller apartment and condo buildings are treated unfairly by the industry. “We’ve written many of these accounts over the years and our book clearly shows that these risks out-perform standard ISO classifications,” said Ms. Vel. “By gearing our underwriting and rating to reflect this specific niche, we can deliver a more competitive product. Our technology, which is designed specifically for underwriting and processing real estate business, makes it possible for us to handle small accounts cost-efficiently.” To date, Ms. Vel’s firm is seeing strong demand in the marketplace. “Agents have limited options for small, urban habitational properties,” she explains. “They are forced to walk away from this business or use smaller, local carriers that may lack the financial wherewithal. CHIP, which is written by one of the largest and strongest insurers in the US, gives agents and building owners a new alternative.” Based on the success of the test program, Distinguished Programs announced it is rolling CHIP out in thirteen cities across the country, including: Albany/Troy (NY), Alexandria (VA), Baltimore, Chicago, Denver, Los Angeles, Milwaukee, Minneapolis, Philadelphia, Portland (OR), Seattle, St. Louis, and Washington, DC. Distinguished Programs provides a broad range of insurance products to the residential and commercial real estate industry, including: property, general liability, high-limits umbrella and directors & officers liability, through a nationwide network of independent agents and brokers. The firm has offices in New York, Ohio, Illinois, California, Colorado and Rhode Island. Its operating units also include ReSource Pro, a back-office support and remote staffing operation in Qingdao, China, and Saranac Insurance Company, a reinsurer based in Barbados. Media Contacts:
Distinguished Programs Announces Management Changes; Hitzig Becomes CEO
May, 2006, New York, NY -- The Distinguished Programs Group, LLC, has named Jeremy Hitzig chief executive officer, effective April 2006. Andy Potash, founder and former CEO, will remain as chairman of the board. Carla Vel will continue in her current position as president & chief operating officer. Both Mr. Hitzig and Ms. Vel have been nominated to the company’s board of directors. Commenting on the changes, Potash said, “Over the last ten years we’ve built a terrific and innovative organization. We have an excellent management team, first-class service platform and great ideas for product development and expansion. I’m confident that Jeremy and Carla will continue to broaden our product offerings and develop our real estate expertise in partnership with our insurance company and agent/broker partners. As Chairman, I’m looking forward to continuing to work with them in their new roles.” Mr. Hitzig joined Distinguished in 1995 and has served in a variety of capacities, most recently as senior vice president with executive responsibility for Marketing, Community Association Programs and S.E.S. Insurance Brokerage Services, a recently acquired program manager and service provider for bank managed trust property portfolios. Mr. Hitzig is a graduate of McGill University and received his M.B.A. from Columbia Business School in New York. He also holds the Chartered Financial Analyst and CPCU designations. Ms. Vel also joined the company in 1995. A real estate and program management veteran, Vel has overseen virtually all aspects of the company’s operations as it has been transformed from a niche regional program player to a leading national distributor and underwriter of real estate insurance. Distinguished Programs also announced the consolidation of underwriting, marketing and claims management under the leadership of Helen English, who was recently promoted to senior vice president. Ms. English joined Distinguished in 2000 and was responsible for the structuring and placement of the company’s programs with insurers and reinsurers. Jim Tesoriero, senior vice president, has assumed executive responsibility for the Community Association Programs and Branch Operations in addition to management of the firm’s Property Owners Program. Mr. Tesoriero joined Distinguished in 1999. Distinguished Programs provides a broad range of insurance products to the residential and commercial real estate industry; including: property, general liability, high-limits umbrella, directors & officers liability and workers compensation, through a nationwide network of independent agents and brokers. The firm has offices in New York, Ohio, Illinois, California, Colorado and Massachusetts. Its operating units also include ReSource Pro, a back-office support and remote staffing operation in Qingdao, China and Saranac Insurance Company, a reinsurer based in Barbados. A Special Message To Our Florida Customers
October 5, 2005 The Distinguished Programs Group, LLC announced today that it has acquired S.E.S. Insurance Services, Inc. of Tustin, CA. New York-based Distinguished Programs is a leading insurance program manager for residential and commercial real estate. S.E.S. is the premier insurance program manager and service provider for bank-managed trust property portfolios. Founded in 1988, S.E.S. is the creator of the Total Insurance Management System (TIMSTM), its proprietary system which is widely recognized as the leading trust insurance quoting and tracking platform. Clients include the majority of the nation’s largest banks as well as an array of other trust property and asset managers. “S.E.S. is an innovator and market leader in their niche. This acquisition complements our strategy of developing products and services that meet the needs of property owners and managers,” noted Distinguished Programs’ CEO Andy Potash. “The S.E.S. team brings a strong franchise, the powerful TIMSTM technology platform and a wealth of expertise. We look forward to their joining the Distinguished Programs family of companies.” “Distinguished Programs provides S.E.S. with a solid platform from which to support and build our programs,” added Janet White, Chief Operating Officer of S.E.S. “Their expertise in insurance for residential and commercial real estate is a natural fit with our focus on insurance for the real estate holdings of trust departments. We welcome the opportunity to join the team at Distinguished.” With offices in New York, Ohio, California and Qingdao, China, Distinguished Programs provides a broad range of insurance products to the residential and commercial real estate industry including property, general liability, high-limits umbrella, directors & officers liability and workers compensation. Products are distributed on a nationwide basis through independent agents and brokers. For further information please contact: Jeremy R. Hitzig Tel. (212) 297-3100 DP moves Property and General Liability programs to AIG NEW YORK, September 7, 2005 – AIG Programs, a division of Lexington Insurance Company, a member company of American International Group, Inc. (AIG), has appointed The Distinguished Programs Group as program administrator for Distinguished Program’s Property Owners Program. The Property Owners Program covers both primary liability and property insurance and is available nationwide for a range of real estate classes, including habitational and commercial properties. Property limits up to $50 million are offered, with flood and earthquake covered on a sub-limited basis. The program’s supporting services include rapid policy issuance, loss control assessments, and claim handling based on protocols that expedite case resolution. “We are pleased to work with the Distinguished Programs Group to provide one of the premier real estate programs in the country,” said David A. Jordan, Senior Vice President of AIG Programs. “This program continues our initiative to expand AIG Real Estate SolutionsSM, a recently formed unit dedicated to serving the specific insurance and risk management needs of the real estate sector.” Andrew Potash, Chairman and CEO of The Distinguished Programs Group, commented, “Our rigorous selection process for our real estate business led us directly to AIG Programs. We were impressed with the depth of their underwriting and services talent, and together we will grow and expand our long-standing commitment to serving the real estate industry.” The Distinguished Programs Group, one of the nation’s largest real estate program managers, has been active in the real estate program arena for over 10 years and currently manages more than 9,000 locations across the United States. The Property Owners Program is available to licensed agents and brokers through The Distinguished Programs Group. For more information, including applications, contact Jim Tesoriero, Senior Vice President, The Distinguished Programs Group, at (212) 297-3150 or jtesoriero@distinguished.com.
Distinguished Programs Launches City Homes Insurance Program (CHIP)
Distinguished Programs announced the availability of CHIP, its new property, liability and umbrella program for small city condo and apartment buildings. The program fills a void in the marketplace and provides a viable option for smaller properties that often fall below the minimum premium levels of A-rated, admitted insurance carriers. According to Carla Vel, Distinguished Programs President and COO, "Smaller real estate accounts are often ignored by carriers. Some insurers see these customers as too much trouble for too little premium; others aren't comfortable writing in urban areas. Our ability to use our real estate experience to segment the market, tailor the product to the needs of small buyers and streamline the processing, makes this an attractive growth opportunity for Distinguished." CHIP is designed for masonry buildings with up to 20 units and $5 million in insured values. Both residential and combination residential/commercial buildings are eligible. CHIP responds to the needs of small building owners by offering low minimum premiums and a choice of reasonable deductibles. Policyholders can also opt for a specially priced $1 million, $2 million or $5 million dollar umbrella. The program is underwritten by American International Group, Inc. CHIP is currently available to agents in Baltimore, Chicago, Denver, Philadelphia, Seattle, and Washington DC. For more information contact Jim Tesoriero at 1.888.355.4626 or go to CHIP - (City Homes Insurance Program. )
Dealing with Frozen Piping in Fire Protection Systems
The following recommended pre-loss and post loss measures do not
address every possible solution. They are intended to guide property
owners with suggested approaches to be taken in the event of freezing
in a fire protection system, restoring protection systems as quickly
as possible, and taking special precautions while the system is
out of service to minimize a property loss. Pre - Loss Measures (before a freeze) Post - Loss Measures (after a freeze) Remember the TV sitcoms Leave it to Beaver or Father
Knows Best? (Don’t date yourself by confessing to having
seen these shows as a kid – just say you watch cable reruns with
your own kids.) The interesting thing a few geezers at
Distinguished remember is that these shows’ heroes (they were
always male, good fathers, honored and respected role models),
were insurance agents! Improving the Outlook What to do? There are excellent, honorable professional agents and brokers all over the country and financially solid insurance companies that offer important coverage products and services and stand behind their promises. The industry serves as the indispensable backbone of the American economy. Producers can still compete successfully against the Internet and other sources, demonstrate their vital role in the business community and enhance the image of the industry. The key is to distinguish oneself by continuing professional education, full and honest communication with clients and carriers and scrupulous integrity. It’s tough to discuss ethical issues without sounding preachy, but the only way to overcome outright distrust or vague doubts about the value of the work we do is to do it with high ethical standards. Agents we know who have the most success differentiating themselves tell us they try to focus on issues such as the following:
Compliance vs. Ethics We think those are useful areas to examine, and you can probably think of other, similar concerns. The point is that there’s a difference between compliance and ethics. Compliance with regulations, essentially the minimum standard of behavior, will keep you out of court (sometimes!). But mere compliance is just not enough to win the hearts and minds of the insuring public who have become somewhat jaded. Ethics refers to optimal standards of behavior; the “do unto others” test of our relations with all parties to a transaction. Clearly, the great majority of people consider themselves ethical and strive to act ethically. It’s not always easy; it’s a nuanced thing, and we’re all human. But we usually know when we’re doing the right thing and when we’re not. As far as the public is concerned today, the ball is in our court. Cold Weather Risk Management Tips The onset of winter brings many hazards that can result in costly
property damage or bodily injury claims. Slips, falls, and fires
are the most common types of loss experienced during the winter
season. The following tips are offered to assist you in reducing
your exposures.
Fire Be certain that a fire safety bulletin is delivered to every tenant in the building that includes safety tips, locations of fire extinguishers, and emergency exits and procedures. It should also be posted in common areas. While this is always a good practice, it is particularly important during cold weather. The following specific issues should be included in the safety bulletin:
Water & Plumbing
By utilizing this checklist, you can prevent many losses from
occurring and control the ones that do. This will eliminate the
disruption of your business, inconvenience to your residents, and
costly repairs. Insurance buyers have been preoccupied in recent years with property and liability insurance for terrorism losses, D & O for allegations of corporate wrongdoing, and the high cost of health insurance. While these relatively recent Risk Management issues continue to be challenging and demand attention, a less dramatic exposure, one that has existed for generations, also warrants an organization’s careful consideration: Employee Dishonesty. In fact, fidelity losses might pose a greater likelihood of crippling a small or mid-size business or Community Association than the more highly publicized concerns noted above. A New York Times article in May, 2004, entitled, some might say cynically, "Hard to Trust Anyone These Days," pointed out some important facts, particularly for small business operators:
Larger businesses usually have adequate assets to overcome even serious losses from employee dishonesty. But smaller businesses may struggle to recover from such an event. The shock of a betrayal of trust at a small business can pose a psychological and financial setback sufficiently overwhelming enough to cause severe damage or even drive it out of business. And, of course, crime claims also strike at Community Associations. Here is just a sampling of the kinds of claims we’ve seen:
There are many common-sense Risk Management tools that most business people are aware of but sometimes tend to let slip. This can be particularly true in family-run or community-based operations where the instinct to trust partners or key employees who are relatives, neighbors or friends is understandable; but, unfortunately, sometimes naïve. Here are a few tips:
Insurance against employee dishonesty is the ultimate backstop. Coverage can include, in addition to the basic dishonesty protection, other causes of loss such as theft or disappearance of money or securities, and even computer fraud. But bear in mind that most applications for this coverage will ask what preventive measures are in place, so prudent Risk Management practice must be demonstrated. Typical required controls include:
Distinguished has a Crime Program specifically designed for Community Associations that participate in our D & O Program. Dishonesty limits from $50,000 to $5 million are available through Great American Insurance Company (Best’s rated A [excellent] XIV). Importantly, coverage is broadened to include in the definition of “employee” both property managers and non-compensated officers. Visit the Crime section of this site for more detail and an application, and don’t let Crime coverage be a victim of neglect! Employment Practices Liability in Today's World If you have any doubt that EPLI is a major concern in business today, Google® it: “Employment Practices Liability” brings up 12,400 entries – it’s a big deal. According to the Insurance Information Institute, the median award in EPLI suits nationally rose over 30%, to $250,000 in 2003 from about $190,000 in 2000, and that does not include associated legal costs. Moreover, it’s not just a “big business” issue. In a recent article in Crain’s New York Business, Chubb Group revealed that nearly half the respondents in a poll of private businesses expect an employee to file a discrimination complaint with the government this year. Obviously, every producer must discuss this exposure with every business client. But what’s going on? In the past decade or so expanded remedies available to plaintiffs suffering real or imagined work-related offenses combined with our generally litigious environment have caused an escalation in claims. Here are just a few of many broad factors cited in explaining this phenomenon:
Some of the things we hear about that go on in the workplace (not ours, of course) strain belief and can’t be printed here – after all, human behavior is unpredictable, and sometimes pretty strange! However, the most common claims usually involve wrongful refusal to hire, failure to promote, demotion, reassignment or termination; sexual harassment, coercion, slander, defamation, libel, invasion of privacy and discrimination. Being Decent Isn’t Enough Unfortunately, small and mid-size businesses usually do not have the ability to establish formal risk management programs to deal with employment practices exposures. A Human Resources Department with written procedures and training dealing with the ever-increasing range of important employment issues is beyond most firms’ capabilities. And while common sense, fair and decent behavior might once have been the answer, regrettably this is no longer always the case. A disgruntled employee with a sense of entitlement, encouraged by colleagues or a TV or newspaper story and assisted by an aggressive attorney, can easily overmatch a well-intentioned, “innocent” company supervisor. The answer today is Employment Practices Liability Insurance. EPLI should be a basic component of every commercial coverage portfolio. It has become a highly competitive line of business, available from many excellent carriers at reasonable prices. Distinguished Programs’ Directors and Officers Liability Coverage for community associations (D-CAP), designed for many types of residential communities, includes a broad EPL coverage part. (Click on “Products and Services.”) Some EPLI specialty carriers offer policyholders risk management support, and every major carrier offering the coverage has an explanatory feature on its site. EPLI-related information can also be found online at several other sites not connected with any specific carrier. Here are a few names and the pages where you’ll find helpful material:
If You See Something, Say Something Recent terrorist subway bombings in London serve as another stark reminder of the need for vigilance in our daily activities including the management of commercial properties. Following are excerpts from a recent briefing by the New York Police Commissioner Raymond Kelly. The comments are not unique to New York City. They have universal application and relevance. "The briefing - based partly on information obtained by NYPD detectives who were dispatched to London to monitor the investigation - was part of a program designed to encourage more vigilance by private security at large hotels, Wall Street firms, storage facilities and other companies." What British Authorities Found After The Bombing A Lesson Learned The lesson here is the need for awareness and vigilance. In the London case, somebody may have been aware of multiple, commercial grade refrigerators being delivered to the apartment. This was clearly "out of the ordinary" for this location. Had the authorities been alerted, the bombings may have been prevented. Don't dismiss these facts because the apartment was described as a "flop house". Terrorists may select more attractive locations for their operations at any time. We urge you create awareness among your employees and residents of this important issue. The message is best summed up by the following slogan that is beginning to appear in public places throughout NYC. "If you see something, say something". Following the September 11th attacks on the World Trade Center in New York, we shared information on the need for building security and offered specific steps property owners and managers can take to minimize exposure to terrorist activity, either as a target or base of operations. That bulletin is included on this website and we urge you to re-familiarize yourself with the important information it provides. Remember, preventing opportunities for terrorists is everyone's responsibility. Claims Service: The Moment of Truth Once the policy has been issued there are very few opportunities to interact with the policyholder and demonstrate the value of the insurance coverage he/she has purchased. Responding to a loss is one of those opportunities that can either make or break a business relationship. To most policyholders claims service is like a "seatbelt". Not much attention is paid to it until it's needed; then it better function properly…. the first time. We believe that's the way it should be. At DPG, we take the worry out of claims handling by proactively managing the claims process before a loss occurs. A tremendous amount of time and energy is spent "behind the scenes" making sure the process is responsive, efficient, and effective. We have developed our own "best practices" and work closely with our insurance carriers and TPA's to make sure they're followed. Our established credibility with our team of carriers and TPA's enables us to actively participate in the investigation and resolution of the claim. This includes providing high quality service during the handling of the claim. Our Distinguished claims services include: 1) Providing direct access to claims professionals who strive to
ensure that every claim is settled quickly, efficiently, and fairly. Should you ever need it, you'll find our claims handling oversight
is truly "Distinguished".
|
||||||||||||
|
   |
The Distinguished Programs Group
6 East 43rd Street, New York, NY 10017
1-212-297-3100