Newtown Grant, a master-planned community is Southeast Pennsylvania, is home to over 3,000 residents. Made up of a master association and multiple sub-associations, this very large community recently presented a challenging insurance renewal. The incumbent Directors & Officers Liability provider non-renewed coverage because of the complexities involved, and many other underwriters declined to offer terms altogether.
The Insurance Manager for FS Insurance Brokers worked closely with all of the Community Mangers to navigate the underwriting obstacles. By obtaining detailed information on each association, we were well positioned to successfully negotiate terms directly with the underwriter. In addition to the Property & Liability coverage parts, FS Insurance Brokers’ in-house underwriting department offered best-in-class coverage for Directors & Officers Liability, Crime, Umbrella, and Workers’ Compensation. The result was a prime example of the leverage FirstService brings to the table on behalf of our clients to deliver a tangible value proposition for insurance placements on each line of coverage.
In the end, a difficult insurance renewal with the potential for premium increases and coverage exclusions actually resulted in a more robust program with premium savings to each of the associations. By choosing coverage through our exclusive HOA Insurance Program, Newtown Grant experienced firsthand the value that FirstService Financial and FS Insurance Brokers help deliver to all FirstService Residential clients.