Challenge

A large Midwest metropolitan housing authority had begun the redevelopment of several of its public housing properties, using the Rental Assistance Demonstration (RAD) federal program. Through its non-profit development arm, the organization became involved in multiple projects that lacked consistency in insurance coverage, pricing, and expiration dates. It was difficult and inefficient to manage.

The organization wanted a master program to encompass all their projects, from construction to completion and beyond. They called Hylant for help.

Solution

The process was complex. The Hylant team began by developing a comprehensive statement of values spreadsheet and a detailed loss data report for all the housing authority’s projects and properties. They used the information to initiate conversations with the insurance marketplace, while also educating the marketplace about the RAD conversion opportunity.

Finding and selecting just the right carrier partner was critical. Hylant had to address coverage during the construction phase, so the carrier needed to be flexible enough to add locations by endorsement and provide uniformity of property and general liability rates. At the same time, a coverage format for permanent insurance placement was needed, so the carrier had to offer package capabilities and limit capacity.

Searching across its vast network of trusted partners, Hylant was able to find just the right carrier for this client and developed a single master policy that encompasses all its RAD conversion projects.

When you work with the right partner, complex coverage becomes streamlined, strategic, and built to last.