Venbrook Group, a leading US-based insurance brokerage and risk management firm, has partnered with DB Insurance to launch a new habitational insurance product tailored for condominiums and townhome homeowners’ associations (HOAs) in California.
The policy, the first from Venbrook’s new Specialty Product Group, addresses growing insurance gaps in the state’s commercial property market caused by natural disasters, regulatory limits, and shrinking carrier capacity, according to InsurTech Insights.
Coverage includes $1m liability per occurrence, $2m aggregate, $5,000 in medical payments, business income protection on an actual loss sustained basis, and extended replacement cost coverage up to 125%.
The product is admitted and targets underserved multi-unit residential properties. The initiative is part of Venbrook’s broader strategy to serve the Construction and Real Estate sectors with innovative insurance solutions.
“We are thrilled to partner with DB Insurance Company and bring an admitted, A+ rated carrier to fill the capacity needs of commercial property residential owners in California,” said Jason Turner, Founder and CEO of Venbrook Group. “For many reasons, there is a hole in the market. This product is a lifeline for this segment.”
“We are very happy to work with Venbrook on this much needed product,” said Jimmy Bae, LA Branch Manager for DB Insurance. “This is a win for the marketplace.”
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