Insurance for small apartment buildings in Brooklyn and Manhattan.
We're a brokerage for owners of 3 to 50 unit buildings. We place property and liability coverage, and we came to this from property management, so we know how these buildings run.
How we work differently
We build the submission from the building's records
Before anything goes to market we pull five years of loss runs, the open violations, and the years the roof, boiler, plumbing and electrical were last done. We also prepare a statement of values that matches what your lender has on file. This takes some of your time at the start. An insurer can only price what's in the file, and thin files tend to get declined.
Every proposal is checked against a written list
We keep a checklist for apartment buildings and go through it on every proposal before you see it. It asks whether the building limit is at least the loan balance, whether ordinance or law and loss of rents are on the policy, and whether we got an umbrella quote, including when nobody asked for one. Anything that's missing is written on the first page of the proposal.
We tell you whether a quote is admitted or surplus lines
Many Brooklyn walk-ups can't be placed with an admitted insurer and end up in the surplus lines market. That's common, and we'll explain why it happened with your building. On a surplus lines quote, the 3.6% New York excess line tax and the ELANY stamping fee are listed as separate lines and passed through at cost. We don't add anything to them.
Who we work with
Owners of 3 to 50 unit buildings in Brooklyn and Manhattan: walk-ups and elevator buildings, rent-stabilized and free market, a single building or several held in separate LLCs. When your lender wants a mortgagee clause changed or needs a certificate for a closing, send the request to us and we'll handle it with them directly.
Send us your renewal date.
We can start with just that. We'll reply with a list of what to send and a schedule. The aim is to have your file at market 90 days before the renewal.