V3 Insurance Partners, a Newtown, Pa.based specialty program administrator, has expanded its V3 CAPP+ product into 26 states.
The new package program for condominium and homeowner associations, cooperative apartments and office condominium associations will only be licensed to only a select number of agents per state, according to a statement from the firm.
V3’s CAPP+ is a multiline policy is designed to cover the needs of community associations, insuring the property, crime, general liability and directors and officers needs of targeted community association clients. The package program is backed by Hiscox Insurance Co.
“There are a variety of emerging risks that community association market face, and we are responding to meet them,” said Susan Rivera, V3 president and CEO. “The value in the program is the package approach, which makes it easy for the board of the community associations to buy one policy that addresses all of the typical and new exposures they may encounter.”
According to Jason Holmes, V3 Chief Partnership Officer, the V3 form is enhanced to include coverages such as Guaranteed Replacement Cost, an option to extend coverages to property managers, machinery and equipment breakdown, employee dishonesty, landscaping and elevator collision. “Our D&O section includes enhancements for crisis management expense and privacy event protection to address these emerging risks,” he said.
With limits available up to $50 million, V3 is launching in the following states and regions: AZ, CA, CO, CT, DC, GA, IA, IL, IN, KS, MA, MD, MI, MO, MN, NE, NJ, NY, NV, OH, OR, PA, TN, UT, VA and WA.
According to the firm, only a limited number of agents will be selected per state.
V3 Insurance Partners offers insurance programs targeted at middle market companies. Its four major practice groups are Internet Workers’ Compensation, Transportation, Professional Lines and Property/Casualty.