IBA HONORS JGS
Vinnie Hager (left) and Ken Hager (right)
IBA Honors JGS Insurance’s
Preferred Property Program
I
nsurance Business America recently
selected JGS Insurance’s Preferred
Property Program as a top specialist
in Habitational Insurance. This
honor was included as part of its
Top Specialist Brokers issue published in
March 2017, which names 60 brokerage
firms that “have found a competitive edge
in today’s rapidly changing marketplace.”
JGS’ Preferred Property Program services
associations such as condominium
complexes, homeowners’ associations,
apartment buildings, and hotels and motels.
Ken Hager, president of the Preferred
Property Program, a wholly owned
subsidiary of JGS Insurance, is thrilled
that the program has been recognized
with this honor. He is also quick to give
credit to the many team members who
have contributed to building the Preferred
Property Program into a top specialist
broker over the years. “This is a great
accomplishment for those who provide
this very specialized and highly complex
type of coverage,” says Hager.
Back in the 1970s, as the condominium
market began to take off, Hager realized
that the insurance requirements for
condominium associations were different
from the requirements for anything else
being built at the time and, therefore,
required special consideration. In fact,
JGS was one of the first agencies to offer
comprehensive, customized insurance for
the community associations sector, and
its expertise since then has only continued
to grow.
JGS Insurance is one of the founding
members of the New Jersey Chapter of the
Community Associations Institute (CAI)
that works on a nonprofit basis to support
and inform condo association owners. Part
of the group’s mission is to understand
all aspects of risks and exposures for this
sector as well as to monitor and interpret
emerging threats and changes for the
group’s members.
Most association policies cover damage
to a building’s common areas, including
lobbies, hallways, and clubhouses. Exterior
grounds and building maintenance are also
typically covered but not the residential
units themselves. Policies can vary widely,
however, with respect to coverage amounts,
deductibles, waiting periods, exclusions,
and other factors, so it’s critical to get help
from a trusted broker before signing on to a
particular plan.
To be eligible for coverage, applicants
must qualify as an eligible association and
pay a membership fee. Once enrolled in a
particular plan, a copy of the policy will be
issued along with a certificate showing the
association’s name, address, underlying
insurance limits, and applicable coverages.
It is important to review the membership
agreement to be sure that it mandates at
least a 30-day written notice in the event
of a cancellation or nonrenewal. Not all
policies require such notification but it is
definitely worth having.
As an influential managing general agent,
the Preferred Property Program draws
brokers from across the country looking
for customized insurance coverage for
their association clients. “We have long-
term experience developing very specific
programs for these unique exposures,
which attracts a wide range of buyers,”
says Hager.
“If you are newly responsible for your
association insurance, proceed with
caution,” he advises. “There are so many
places where things can go wrong — and get
ugly — that it’s best to work with an expert
in developing every facet of your policy.” +
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