Property Insurance

The property insurance policy, issued by Lexington Insurance (a subsidiary of the AIG Companies), covers on a blanket-replacement-cost basis the real and personal property owned or controlled by the insured organization. Limits up to $75 million are currently available. Deductibles start at $5,000 and are negotiable. The Housing Property Insurance retains and pays the first $500,000 of all claims (after the deductible has been satisfied); reinsurance is with a Lloyd's of London syndicate for the excess layers. The property policy contains many possible extensions of coverage, such as builders risk.

Property insurance coverage includes:

• Real and personal property
• Business interruption
• Rental income
• Boiler and machinery
• Inland marine (transit, valuable papers, etc.)
• Extra expense
• Builders risk
• Employee dishonesty
• Crime
• Limits up to $75 million
• Deductibles of $5,000 and higher