NEW YORK–(BUSINESS WIRE)–
Freedom Specialty Insurance Company continues to identify new product opportunities that offer a competitive advantage for its brokers clients with the release of the Freedom Lease Protection Plansm policy. The plan is designed to indemnify multifamily property owners and managers (POMs) against collection losses from tenant defaults. POMs can use the coverage as a means to eliminate traditional security deposit collection, administration and liability. This allows for an increase in tenant demand and occupancy, leading to the ultimate benefit to POMs of the potential for significant improvement in net operating income versus losses incurred in a security deposit program.
The Freedom Lease Protection Plansm is another example of how Freedom Specialty is expanding in the specialty liability market, said John Lopes, vice president of Programs at Freedom Specialty. It is an opportunity for us to provide an innovative solution to the multifamily housing markets collection loss problem and provide a tool that POMs can use to improve their businesses performance.
Freedom Specialty has partnered with Lease Data Solutions (LDS), an information services company serving the real estate, insurance and finance industries, to conduct data analysis services. LDSs proprietary technology and algorithms evaluate POMs asset use, management practices and operations management. Lopes noted that policyholders receive the regular portfolio performance analysis and technical support from LDS. We believe this strategic partnership will strengthen our underwriting platform and give our policyholders an added benefit that will add significant value to their portfolio management.
The plan is designed to cover losses incurred by POMs when tenants default on their obligations under a qualified lease. Covered losses include:
The policy extends the following benefits to POMs:
Tenants will benefit from the plan because it:
About Freedom Specialty
Freedom Specialty Insurance Company, a subsidiary of Scottsdale Insurance Company, represents a wealth of experience in specialty liability insurance, and provides specialized expertise, dynamic problem-solving, and decisive responsiveness to the needs of their clients. Backed by Nationwide Insurance and an A.M. Best Rating of A+ (Superior), FSC XV, the companys financial strength and stability allows it to serve as a vanguard in specialty liability lines. Visit freedomspecialtyins.com to learn more, or call John Lopes at 212-329-6925.