HOLMDEL, N.J.--(BUSINESS WIRE)--Preferred Property Programs (PPP), a division of Jacobson, Goldfarb & Scott, Inc. (JGS Insurance), today announced the release of its latest national insurance product for community associations. In conjunction with AXA XL, a division of AXA, PPP will offer a Directors and Officers insurance policy specifically designed for community associations.
The D&O policy aims to address the changing nature of community associations and the new variety of developments being established. This policy is available stand alone or as a companion to PPP’s well-established umbrella/excess tower.
“The notion of the traditional condominium and homeowner association is evolving with new organizational structures such as mixed use, urban centers and metro-burbs,” said Wayne Dow, Vice President of Programs for PPP. “Our goal is not only to better serve established books of community association businesses, but further, to address the unique exposures associated with these new types of risks. We believe this is key to an evolving marketplace.”
The policy offers aggregate limits starting at $1MM on a primary or excess basis, dedicated limits for defense costs coverage, a broad definition of “Wrongful Act” and coverage for the entity organization and community association manager. Options for employment practices liability including wage and hour law are included.
“We have been looking to release a complimentary program for our umbrella offering and the underwriting expertise that Preferred Property delivers surpassed our pre-requisites,” said Scott Yeomans, Senior Vice President, Business Development Officer at AXA XL.
About AXA XL
AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com.
About JGS Insurance
Jacobson, Goldfarb & Scott, Inc. (JGS Insurance) was established in 1919 as an independent insurance agency that is privately owned. The two principal owners, Kenneth Hager and Vincent Hager, represent in excess of 40 carriers both national and regional. Based in Holmdel, NJ the company’s headquarters are in Bell Works, with additional offices in Silver Spring, Maryland as well as Hallandale, Florida. JGS operates in all 50 states as well as the District of Columbia. For more information, visit www.jgsinsurance.com.