Our struggling economy has impacted many of us in different ways. Unemployment and foreclosure rates are at an all time high. It’s not uncommon to see people transitioning from their current communities in search of better opportunities.
At Rockford Mutual Insurance Company, we work with our agency partners to insure many apartment and condominium risks. These commercial accounts form an important piece of our book of business. With so many people being displaced, now is a good time to remind everyone of our underwriting occupancy guidelines.
In order to qualify for coverage in any of our commercial programs, occupancy for apartment or condominium buildings must be 50% or better at minimum. This information should be asked to all prospective insureds on new business submissions as a part of the underwriting process. If the occupancy rate is less than 50%, coverage should not be bound and any exceptions will require approval from your underwriter. For all accounts with coverage already in force, you should notify us as soon as you become aware of properties that do not meet this guideline. Your commercial underwriter will work with you to determine appropriate action.
As always, we understand that there may be a compelling reason to make a decision outside of the guidelines and agree to consider all elements of the situations before making a judgment. We appreciate your continued support.
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