NY Brick & Brownstone
The New York Brick & Brownstone Program is a package insurance product designed for owner- or tenant-occupied properties in Manhattan, Brooklyn and Queens. Developed specifically for smaller New York habitational properties, the program delivers the coverages small building owners need and the ease and efficiency brokers are looking for to manage business cost effectively.
- A.M. Best A+ rated admitted carrier
- Competitive pricing
- Value-added risk management services
- Risk territory: Manhattan, Brooklyn, Queens
- Size: 1 – 30 units
- Classes: condos, co-ops, brownstones, row housing and apartment buildings
- Construction: joisted masonry or better
- TIV to $6 million for JMS (jointed masonry structures)
- Residential properties including mixed-use properties with at least 50% residential
- Special Form – Cause of loss
- Agreed Amount available on Building Coverage
- Replacement Cost
- Equipment Breakdown, miscellaneous electrical apparatus included
- Terrorism included
- Ordinance or Law
- Coverage A - Up to building limit, Coverage B and C each - 25% of building value or min $150k
- Deductible options from $1,000 to $10,000
- Business Income including rental value with extra expense
- Employee Theft
- Back up of Sewers and Drains up to policy limits
- $1 million per occurrence / $2 million aggregate on Bodily Injury, Property Damage, Personal and Advertising Injury
- $100,000 damage to premises rented to you
- Medical Payments - $5,000 each person / $25,000 each accident
- $1 million per occurrence
- Additional Living Expense
- Personal Inland Marine (fine arts, furs, jewelry, silver, bicycles, antiques, musical instruments, cameras)
Optional Property Endorsements and Coverages
- Flood, for qualifying locations only
Optional Liability Coverages
- Hired & Non-Owned Automobile Liability
The coverage information outlined here is a guideline only. Please refer to the actual policies for full terms, conditions, exclusions, and limitations. In the event of a conflict between this document and the actual policies, the policies will control.
The dark-hued sandstone that distinguishes the nineteen-century residential brownstones you find in Manhattan, Brooklyn and Queens is what makes these neighborhoods and favorite streets in New York come alive with history and charm. Many of the brick and brownstone residences (as well as condos, co-ops and apartment buildings) throughout the three New York boroughs are occupied by the owners while some are tenant-occupied. Providing the right insurance takes experience as these buildings come with unique exposures.
For example, the age of these buildings requires that Property insurance include Ordinance or Law coverage so that if there is property damage and the structure needs to meet current building codes during the rebuild the policy will help pay for these additional expenses. Sufficient coverage for back up of sewers and drains should also be included in a Property policy, particularly important for older buildings. The main sewer line is owned and maintained by the property owner, including any part of the line that extends into the street or public right of way. Over time, these main sewer lines can easily deteriorate, crack, collapse or become obstructed. The insured may not be aware that this type of damage is occurring. But one severe rainstorm may be all it takes to bring the problem to a head and result in a significant loss.
Business Income coverage is critical for property owners of mixed-use residences to respond in the event of a covered loss that temporarily shutters the storefront while repairs are made so that the insured is paid for loss revenue and ongoing expenses.
In addition to having Property insurance designed for New York habitational properties in place, property owners should also be aware of the potential liability exposures they face when using contactors to perform repairs or to rebuild after a loss. Under New York’s Labor Law (Scaffolding Law), a property owner could end up responsible should a contractor’s worker get injured on the job. The New York Labor Law stipulates that the contractor and property owner can be held fully responsible for any elevation-related injuries – even if the worker failed to use provided safety equipment or had no reason whatsoever to be on the job site, or the contractor failed to provide a safe work environment. The insured’s exposure for construction worker injuries may also extend beyond this law because of the way in which the insured’s contract agreement has been drawn up, or if the contactor is uninsured. It’s, therefore, critical that an insured’s construction service agreements are reviewed carefully, along with the provisions, clauses, and requirements included in them. Additionally, ensure that your clients understand the importance of requesting Certificates of Insurance that align with contractual insurance procurement requirements.
Using properly vetted, licensed and insured contractors will also help in mitigating and transferring a property owner’s third-party liability risk and should be part of his or her best practices and risk management program. There are services available to assist with vetting and pre-screening contractors.
A strong insurance and risk management program is vital in protecting owners of these special properties against property and liability losses.