Property and Liability
The Housing Partnership Insurance Exchange (HPIEx) provides property and liability insurance for 50,000 apartments owned by 20 Network member organizations.
Lexington Insurance, one of the largest and top-rated insurance companies in the country, writes all of the policies for the program and guarantees the payment of claims. HPIEx reinsures Lexington for the first $500,000 on each property loss and up to $1million per liability claim, and provides for additional reinsurance on property losses through Lloyd’s of London.
HPIEx manages and oversees performance-based contracts with experienced third-party firms to deliver services to its member-owners for underwriting, claims administration, loss prevention, financial management, and customer service.
In order to provide leadership and direction on ways to reduce losses in the individual and overall portfolios, HPIEx created a loss mitigation task force, comprised of top asset management staff from several member organizations.
HPIEx was initially capitalized through an innovative structure combining investment from its subscribers, Housing Partnership Ventures and the Merrill Lynch Community Development Company.
