Q: Does the AHRP policy include E&O?
A: The AHRP policy does not offer errors and omissions coverage on the policy other than $150,000 for tenant discrimination.
Q: Does the AHRP policy really have an unlimited aggregate?
A: YES! Most lenders get stumped when they see replenishing unlimited aggregate on the AHRP certificates. The AHRP program really does offer an unlimited aggregate on their policies which is a HUGE benefit to AHRP policy holders.
Q: Does the AHRP coverage form require coinsurance?
A: No. It is a NON-coinsurance coverage form based on replacement value. The included coverage contains a 125% replacement cost provision which eliminates coinsurance penalties.
Q: Is a 30 day cancellation wording available?
A: Yes. The general policy text provides for 30 day notice of cancellation to the named insured. We are able to produce 30 day cancellation certificates and endorsements for parties with a financial interest.
Q: Does AHRP coverage offer equipment breakdown / boiler & machinery?
A: Yes. The policy has automatically included equipment breakdown coverage that provides directly to losses due to mechanical failure – loss to the physical building, HVAC equipment and loss of rents as a side effect of a covered loss.
Q: Is excess liability available and how high are the limits?
A: Yes. When lenders or owners desire higher limits of liability, AHRP can provide up to $8 million excess of the underlying general liability limits of $2 million at an increased premium.
Q: Can we place just liability during course of construction?
A:Yes. AHRP understands that most affordable housing entities are required to carry liability and sometimes excess liability during development phase by the lender. We understand the risk is small and the cost to provide during this phase is minimal compared to the insurance industry standard. We often also place the builder’s risk policy through our sister company, ORWACA.
Q: Does AHRP appoint retail agents?
A: Unfortunately, not at this time. AHRP is a “direct write niche program.” We are the agent / underwriter / risk manager / claims department all in one place.