Presidio Exchange currently oversee’s a substantial book of Lessors Risks – Apartments consisting of residential and residential above commercial properties totalling $1,500,000 in annual premiums.
Historical loss results have been favourable.
Majority of the existing book is predominately Northern Californian based and accessed through twenty + retail brokers (Northstar being the largest single broker source).
With the establishment of Presidio Exchange as a Coverholder at Lloyd’s, we believe the opportunity exists for expand our current book with a focus on residential properties in San Francisco area and urban areas within other Western States e.g. Nevada, Hawaii, Oregon
Presidio Exchange enjoys support from many of the leading regional and independent brokers within the Western States and we are condent,with our own Lloyd’s facility, we will be able to build a sizeable and protable book of business on top of our existing book.
Presidio’s principals enjoy close relationships not only with executives of some of California’s large regional and independent broking houses but also with apartment property owners, realtors and property managers.
San Francisco/Bay Area is particularly appealing apartment market for us as a large number of these properties are of a building age that restricts access to the ‘admitted’ market. However our experience support these properties as being highly desirable due to market value of the properties, well maintained condition, reputation and character of the property owners and the high calibre of tenants (often young professionals in the nancial and technology sectors) in rental properties in the many sought after urban areas.
Our initial focus will be on apartments with TIV of $10,000,000 and with a maximum number of apartments of 50 per location.
Based on current premiums levels under our existing facility,Presidio expects an average achievable rate of .25 cents on TIV plus additional premium of $100 per door for liability cover of $5,000,000.
Each risk would be subject to a comprehensive loss control report every three years. All recommendations would be followed up to ensure compliance/implementation with 45 days.
Presidio believes an excellent opportunity exists,particularly in San Francisco and the Bay area, to dierentiate our apartment product by oering Loss of Rent cover following earthquake (up to maximum coverage of 20% of TIV).
Our initial research would suggest an earthquake rate of $1 to $1.25 on the total selected rental insured value would meet with signicant interest by property owners.
We would also welcome consideration by Underwriters to this optional cover offering.