Preferred Property Programs (PPP), a division of Holmdel-based Jacobson, Goldfarb & Scott Inc. (JGS Insurance), on Tuesday announced the release of its latest national insurance product for community associations.
In conjunction with AXA XL, a division of AXA, PPP will offer a Directors and Officers insurance policy specifically designed for community associations, aimed to address the changing nature of community associations and the new variety of developments being established.
This policy is available stand-alone or as a companion to PPP’s umbrella/excess tower. It offers aggregate limits starting at $1 million on a primary or excess basis, dedicated limits for defense costs coverage, a broad definition of “Wrongful Act,” and coverage for the entity organization and community association manager. Options for employment practices liability including wage and hour law are also included.
“The notion of the traditional condominium and homeowner association is evolving with new organizational structures such as mixed-use, urban centers and metro-burbs,” said Wayne Dow, vice president of programs for PPP. “Our goal is not only to better serve established books of community association businesses but further, to address the unique exposures associated with these new types of risks. We believe this is key to an evolving marketplace.”