After extensive negotiations with underwriters of the group Property Insurance Program (PIP), they have agreed to include the following coverages at no cost for all locations, effective with this year’s renewal on 7/1/26: 

• Earthquake (deductible = 5% of building value);
• Flood (deductible = $100,000);
• Named storm (deductible = 5% of building value);
• Thunderstorm/wind/hail (deductible = 1% of building value);
• Pipe freeze/water freeze (included in standard decuctible and no sublimits on coverage). 

By including the above coverages for all PIP participants at no cost, house corporations will receive an average cost savings of ~33% vs. the original renewal quotes. 

House corporations no longer have to make any determinations about accepting/declining specific coverages. The only decision now required is the preferred deductible amount for all other perils (options range from $2,500-$25,000 on page 4 of this form).

General liaiblity, D&O, and commercial crime coverages are already provided for house corporations in the PIP at no cost. 

Corelogic Building Valuation: {corelogicBuilding158}

Reported Business Personal Property (Contents): {corelogicBuilding159}

Reported Business Income: {reportedBusiness160}

Estimated Extra Expense: {estimatedExtra161}

Total Insured Values (TIV): {totalInsured162}

Blanket Limit (TIV +20%): {blanketLimit163} 

Please select your standard/AOP (all other perils) deductible. The higher your deductible, the lower your premium. Below is the cost for each deductible option.

 

$2,500 deductible: {costFor}

$5,000 deductible: {costFor271}

$10,000 deductible: {costFor272}

$15,000 deductible: {costFor273}

$25,000 deductible: {costFor274}

 

Premium: {premium}

Excess Property: {excessProperty249}

Surplus Lines & Fees: {surplusLines}

Equipment Breakdown: {equipmentBreakdown167}

Inspection Fees: {inspectionFees166}

General Liability Coverage: Included

Directors & Officers Liability Coverage: Included

Commercial Crime Coverage: Included 

TOTAL INVOICE AMOUNT: {totalInvoice176}

Standard deductible: {standardDeductible}

Earthquake deductible: 5% of building value

Flood deductible: $100,000

Thunderstorm/Windstorm/Hail deductible: 1% of building value or standard deductible (whatever is larger)

Named Storm/Hurricane deductible:  5% of building value

 

Your Earthquake, Flood, Thunderstorm/Windstorm/Hail, and Named Storm/Hurricane deductibles can be bought down for additional premium. For pricing, please contact insurance@pikes.org. This will be a seperate invoice, so please proceed with this form.

By signing below, I acknowledge that, in the event of a claim, the maximum recovery for my location is {blanketLimit163}. I understand that I am subject to the deductibles listed on the previous page, as well as the Property Insurance Program Updates mentioned on page 2.

I also acknowledge that I have the option to increase the reported insured values above by contacting Favor & Company. I will receive an “Annual Insurance Cost Quotation and Optional Coverage Selection Form,” which will reflect any adjustment to the reported values, as well as any revised cost information.