Distinguished’s Historic Properties Program is specifically designed to offer the broadest range of Property, Umbrella/Excess, Business Interruption, General Liability and Auto coverage for historic properties.
Our program includes many advantages for property owners – including the ability to swiftly secure skilled craftsman, acquire architecturally unique materials and the flexibility to pay for the extra time needed to accurately identify and repair historic features. We recognize that historic assets require specific insurance solutions to ensure preservation of historical elements that make these properties so special.
Our program’s coverage and valuation approach is indicative of the product specialization needed to protect each property’s significance, splendor, age and historic value.
Historic Properties Replacement Cost Coverage Video
Having the proper Replacement Cost coverage in place is key to ensuring your client’s historic property is covered in the event of a loss. Speak to one of our sales representatives today to find out more about Historic and Guaranteed Historic Replacement Cost coverage.
- Historic Replacement Cost
- Extended Replacement Cost
- Guaranteed Replacement
- Historic Cash Settlement
- Ordinance or Law/Increased Period of Restoration
- Historic Certification Expense
- Federal, State and Local Tax Benefit Recapture
- Green and Historic Green
Insurer: All carriers are A.M. Best rated A or better
- Hospitality, hotels, social clubs and restaurants
- Commercial historic homes
- Theaters – live performance or cinematic
- Commercial real estate buildings
- Preservation organizations
Email completed applications to your sales executive.
Additional Items to include
- Five-year loss history
- Existing loss prevention reports
- Existing appraisal reports (if available)
- Client contact for telephone engineering survey
- Description of what makes property “Historic” in nature
A formal Historic Appraisal for all new accounts will be scheduled within 30 days to validate insurable values reported. Existing Acord applications accepted; Depending on the coverage requested and unique exposures of an individual prospect, additional application materials may be required
The unique features and legacy construction techniques that separate historic properties from others are exactly why they require specialized coverages including Property insurance designed to help return a property to its glory in the event of a loss. For example, in the event of a fire, this could mean retaining the ornate details and façades of an older building or finding the unique art glass windows that contributed to the charm of a historic property. Standard Property insurance with Replacement Cost coverage won’t address the unique materials, features and craftsmanship that come with historic buildings. What is required for adequate coverage is Historic Replacement Cost coverage.
Historic Replacement Cost insurance will pay for artisan construction costs and restoration experts if needed after a covered loss. It will also pay for the cost to repair and replace damaged property with the same materials, workmanship and architectural features used for the same purpose, without deduction for depreciation, provided they are reasonably available. Coverage will also pay for the extra time required to accurately identify and repair historic features, as typically the work is more labor-intensive. Should such materials, workmanship and architectural features not be reasonably available, Historic Replacement Cost will pay for the cost to repair or replace with reasonably available materials, workmanship and architectural features that most closely resemble those that existed prior to the loss.
In addition, when looking to insure a historic property, the program should provide several options: Extended Replacement Cost, which allows a percentage of the increased limit above the agreed upon value; Guaranteed Replacement Cost, which will pay an amount equal to the replacement cost of the building without regard to the limit of insurance; and Historic Cash Settlement, which allows insureds to receive a cash settlement based on the lesser of the actual cost to repair or replace the damaged or the agreed-upon value on the policy.
Beyond having the right Replacement Cost insurance designed for historic properties, it’s also important to also have Ordinance or Law/Increased Period of Restoration Coverage. One of the most important considerations when underwriting historic properties is the impact of both national and local codes, as well as regulations during property repair. Current building codes, such as adding sprinkler systems for fire safety compliance or ensuring the structure is compliant with the Americans with Disabilities Act (ADA) may have to be met, resulting in additional construction costs. Sound Historic Property insurance includes Ordinance or Law/Increased Period of Restoration coverage to pay for the extra time (up to a specified period of time) required to repair or reconstruct the property to comply with the minimum standards of any ordinance or law. This includes the Historic Preservation Act or other landmark regulation in force at the time of loss that regulates the construction or repair, or requires the tearing down of any property.
Whether it’s a commercial historic home or a historic country club, each individual building contains an inherent and often unique series of values, which deserves a higher degree of insurance care and consideration than their more modern counterparts. It’s therefore important to work with specialists whose focus is in covering historic properties to secure the right insurance program.