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Hub International Limited (HUB), a leading global insurance brokerage and financial services firm, has developed HUB Tenant Liability Captive Insurance for owners, operators and managers of residential rental real estate that will create an additional revenue stream for them by enabling them to retain the majority of the paid premium.
Working with Property Owners Protection Insurance Company, LLC (POPIC), an A-Rated insurer, HUB will roll out the captive to its more than 13,000 residential real estate clients in the U.S. and later in Canada.
“With POPIC, we are changing how a resident liability insurance program can be structured,” said James “Chip” Stuart, HUB’s Real Estate Specialty Practice Leader. “Our clients will ultimately benefit economically from the captive, collecting the insurance premiums, mitigating risks and easing the administrative burden of implementing and running the program.”
Multi-family, student housing and single-family residential rentals require residents to carry liability insurance or “renters’ insurance”. In the traditional model, an owner, operator and manager will partner with a third-party insurance provider to provide this coverage. HUB Tenant Liability Captive Insurance is designed to give residents a simple, convenient option to fulfill the insurance requirement of the lease while allowing owners, operators and managers to retain the majority of paid premium, rather than a third-party insurance company. The captive insures against resident damage to the property, caused by fire, smoke, explosion, water damage and falling objects and has a policy limit of $100,000 per occurrence with no deductible and no aggregate limit.
With HUB Tenant Liability Captive Insurance, HUB continues its commitment to providing tailored insurance solutions designed to best manage its real estate clients’ risks and needs.
About HUB International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, Hub’s vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information, please visit www.hubinternational.com.
MEDIA CONTACTS:
Marni Gordon
Phone: 312-279-4601
Marni.gordon@hubinternational.com
Jessica Wiltse
Phone: 312-596-7573
jessica.wiltse@hubinternational.com
