Insurance Quotes
2010 /
2011 Insurance Costs:
1.) The total cost of the
2010/2011 Nationwide Premium is $6, 062 and
there are no additional finance charges or any
other kind of cost uplift.
2.) This policy has the same coverage as the 2009/2010:
-Comparable Director liability
coverage that includes board member law suit coverage.
-Buildings are
insured for the proper amount; full (Functional) replacement costs
-2009
Replacement value - Bldg 1 = 1,440,815 and Bldg 2 = 1,234,569
-No water/sewer
damage cost caps
Slight Cost Increase, for 2009 comparable policy
-------------------------------------------------------------
$6, 062 - 2009/2010 - Nationwide. Premium
$ 6,151 -2010/2011 - Nationwide. Premium
--------------
$89 - Increase over
last year
2009 /
2010 Insurance Costs:
Insurance
costs:
04/09/09 Nationwide = $6,062.00 <-- 2009/2010 fiscal budget costs
-Last year Nationwide $6,038.00
-It was discussed the cost of insurance is no longer going to go down and will probably have an annual increase of 4-6%
-04/09/09 board approved staying with Dave Schramm and Nationwide
PROS:
-Been with them for awhile now, knows our good/continued history
-Dave has been good to work with and responsive
-Nationwide covers the majority of
the Condo Assoc. in
-Village has been through several inspections with Nationwide and we have
address all their concerns -No inspection needed for this year to renewal
-No $100k cap on water damage claim
-Policy does cover damage caused by sewer and drain backup, others have limited coverage
Summary
of 2009 / 2010 Insurance Bids:
---------------------------------------------------------------------------
Union Mutual of Vermont Companies = $5,951
Nationwide = $6,062.00
-Last year Nationwide $6,038.00
Dave also can quote polices for carrier Travelers
Travelers indicated were not eligible due to the age of the building and
the proximity to the ski area (concern over units being rented on a short
term basis).
Nick Bergeron of Berg, Carmolli and Kent, Inc
--------------------------------------------------------------------
Travelers = $5,307, probably additional cost for additional cap on water
damage Total $5,390????
-Last year -Travelers $5,931.00 = $5,848 + $83 - Water/Sewer
damage $100k cap
2008/2009
Nationwide Quote
The Village board
unanimously agreed to renew with Mullen Financial Services with Nationwide.
This decision is
base on, competitive premium cost, our history with Dave, inspection criteria,
and better coverage.
We have
completed our evaluation of Village Insurance quote between "David Schramm
of Mullen Financial Services with carrier Nationwide" and "Nick
Bergeron of Berg, Carmolli and Kent, Inc.with carrier Travelers".
Nationwide
premium is ~$107 more that Nick Bergeron of Berg, Carmolli and Kent, Inc.and carrier Travalers. About
the only significant difference in these policies is Travelers has $100k cap on
water and sewer damage, Nationwide does not have a cap on water and sewer
damage. With our units build one on top of one another I believe this is
notable risk for our complexes, as quantified by the following Village claims
where the majority of the repair cost was water damage.
Summary:
David Schramm of
Mullen Financial Services with carrier Nationwide
Nick Bergeron of
Berg, Carmolli and Kent, Inc.with carrier Travalers
Nationwide
$6,038.00
Travelers $5,931.00 = $5,848 + $83 - Water/Sewer damage $100k cap
---------------------------
Delta $107
Dave Schramm
with carrier Nationwide
PROS:
-Been with them for awhile now, knows our
good/continued history
-Dave has been good to work with and
responsive
-Nationwide covers the majority of the Condo
Assoc. in
-Village has been through several
inspections with Nationwide and we have address all their concerns
-Not requiring a second means of egress
-No inspection needed for this year to
renewal
-No $100k cap on water damage claim
-Policy does cover damage caused by sewer
and drain backup
2007/2008
Nationwide Quote
03/15/07
Hi Folks, our Village
Master insurance policy is up for renewal in March.
The Village board
unanimously agreed to renew with Mullen Financial Services with Nationwide.
This is decision is base on, least costly premium, our history with Dave,
inspection criteria, and a little better coverage. This year we have cost
saving of 36% or $4,495. Pls see details in the summary section below.
Insurance expenditures
are a large portion of your annual Insurance/Assoc. fees. As a cost saving measure, our Assoc. annually
solicits several agents for a more cost effective master insurance policy to
cover, common areas, exterior/structure and infrastructure of our Village
complexes, please note this does not cover your unit or its contents.
Last years premium with
David Schramm of Mullen Financial Services and Nationwide was $12,352.00. This
year's solicitations came down to two viable options, Cool Insurance Agent and
our current policy holder Mullen Financial Services.
1.) Jack Beniac of Cool
Agency with carrier Middlesex Mutual
-03/08/07 provided a quote with total
premium cost of $8,024
2.) David Schramm of
Mullen Financial Services with carrier Nationwide
-03/01/07 Initial quote provided $12,676.00
-03/13/0 Re-quote provided with total
premium cost of $7,857.00
Summary:
-------------
1.) Cool Agency with
carrier Middlesex Mutual
PROS:
-Much better initial premium cost with about
the same coverage
-Could be an additional $1.5k saving next
year, if accepted and no losses
-Guaranteed Functional Replacement Cost,
which no one else offers
-Middlesex Mutual does cover other Assoc. in
the area
-Wentworth II & III are using Middlesex
Mutual
CONS:
-Cool agency has not been responsive until
Village owner Terese Ayer got involved
-Cool agency initially indicated they do not
do condo insurance, causing delays
-Quote has contingences on receipts, review
and acceptance, which is the inspection criteria
-The discussion of second means of egress
has not come up yet
-Policy does not cover for water damage
cause by water running for more than 14 days
-Policy does not cover damage caused by
sewer and drain backup
2.) Dave Schramm with
carrier Nationwide
PROS:
-Been with them for awhile now, knows our
good/continued history
-Dave has been good to work with and
responsive
-Nationwide covers the majority of the Condo
Assoc. in
-Village has been through several inspections
with Nationwide and we have address all their concerns
-Not requiring a second means of egress
-No inspection needed for this year to
renewal
-Policy does cover for water damage cause by
water running for more than 14 days
-Policy does cover damage caused by sewer
and drain backup
CONS:
-Appears we could have gotten a better
premium quote than what was initially offered
-Re-quote was base on no claims in three
years and going above an beyond to mitigate claim risk
-Does not offer the functional replacement
cost, but is addressed with the 20% rider
Additional Details:
-------------------------
Both policies include
Director/Property Agent liability coverage.
The Cool Agency quote
was sent to Dave Schramm, on
Dave Schramm explained
that Middlesex Mutual and Nationwide policies are close to the same coverage,
Nationwide is covering a little more, see details in summary section. Dave also
offered an explanation that if the buildings are insured for the proper amount,
which Village is, full (Functional) replacement costs is not an issue. In
addition, given that two separate companies, independently of each other, came
up with about the same building replacement costs, is a very good indication
the valued replacement cost of our Village complexes is correct; $2.2 Million
for Nationwide and $2.3 Million for Middlesex Mutual.
As always, you can find
this and all the latest Association information at our Village web site.
http://users.adelphia.net/~kries
-Password is 'garth'
I would like to thank
our Property Agent, Joe Boylan, for continuing to go above and beyond the call
of duty to save us all money, this is just one example of many this fiscal
year. I would like to thank the board for putting in place our insurance claim
mitigation policies, soliciting and analyzing agents quotes that directly
contributed to lowering our insurance premiums for the last three years. A
special thanks to Terese Ayer for this years solicitation of Cool agency and
procuring and extremely cost effective premium rate, forcing the other agencies
to rethink their original quotes.
And to you the owners
for supporting and participating in our Assoc. decision making process,
-Kurt
Kurt Ries
Village Assoc. Director
email: itele2@yahoo.com
2004/2005
Nationwide Quote
Village
Insurance Quote Summary
3/10/2004
|
Insurance Rating Type Coverage Deductible Cost Prop/Liab |
|||||||||||
|
Page CampbellLloyd's of A Assc. Prop 1,770,000 2,500 11,113.60 |
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|
Penn America Insurance Co. A Prop Liability 1,000,000 1,511.57 |
|||||||||||
|
VT Mutual Direc Liability 879.43 |
|||||||||||
|
Total 13,504.60 and
|
