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IPOA Delivers Insurance Solutions for Senior Living Properties with New Exclusive Program Launch

Featuring Stefan Burkey, CEO, Insurance Programs of America (IPOA)

Posted on 25 Jun 13 by Annie George

Baby Boomers are looking towards retirement – even those who are scaling back and downsizing and not quite ready to leave their careers behind – and enjoying the perks that come with a brand-new phase in their lives. And, with more than 70 million people expecting to retire than the previous generation, independent senior living communities are gearing up to meet the demand of those Boomers looking to settle into the second half of their life among their peers with amenities and activities they can enjoy. What’s more, community-based service initiatives are increasingly being implemented for seniors living in apartment complexes or 55+ communities.

The East and Gulf Coasts already have a high concentration of seniors living in diverse properties – from high-rises in downtown cities to condos and townhouses in gated communities, and it’s expected to continue to grow as the graying of America continues. Other markets are also tapping into this growth sector, including in Atlanta and Arizona. Not only has the 55+ senior living segment become an area of growth for real estate developers, but it also offers a niche opportunity for the insurance industry to further tap into.

That’s exactly what Insurance Programs of America (IPOA) is doing with its new exclusive program, SeniorLivingPro, launched earlier this month. IPOA specializes in niche markets and program business, and has developed several key programs to serve specific industries including hotels with HotelPro, which was launched last year, and NationalPropertiesPro, which will be launched next month and will provide Property coverage for large risks spanning several classes of business. We recently spoke with Stefan Burkey, CEO of IPOA, about SeniorLivingPro and the benefits and features of the program.

“We’ve established our reputation based on a commitment to develop and deliver strong programs with solid underwriting expertise and in-house underwriting authority, which allows us flexibility and the ability to be responsive to our agency partners,” said Stefan. “Our goal is to pinpoint certain niche markets and create programs that are designed to be profitable and have longevity. What’s more, because of our relationships with several carriers, we have the ability to access the open market if a specific risk doesn’t fit our program…this provides agencies and brokers with one resource to get their accounts placed.”

SeniorLivingPro is underwritten through Lloyd’s of London, available on a national basis, and exclusive to IPOA. The program is designed for senior independent living facilities, providing Property, Liability and Excess/Umbrella coverage. Coverage is available up to $40 million per location. Named storms and hurricanes are excluded in Tier 1 counties, with wind and hail covered unless it’s designated a named storm. Tier 2 counties have limited named storm coverage, and all other counties are insured on all-perils basis.

Our Liability product has several enhancements including Employment Practices Liability Insurance (EPLI). Excess Liability is available up to $25,000,000.

“In developing SeniorLivingPro, we expanded our in-house underwriting staff with the addition of Darin McClure who has years of experience in insuring independent senior living properties and helped us create our program,” said Stefan.

The target for SeniorLivingPro is large facilities, those with in excess of 100 units on the property. “Additionally, we will have the pen to write larger properties under our NationalPropertiesPro program, which offers coverage of $50 million per location and $250 million per policy.

For more information about SeniorLivingPro, please contact Darin McClure at IPOA at 877-653-IPOA (4762).