Posted on 18 Feb 09
For over forty years, storefront owner AVRECO has offered Property facilities for many classes of business, including both licensed and surplus lines markets for standard and difficult-to-place accounts.
AVRECO has had a program since 1989 to protect cities from the financial loss of their tax revenues. As most cities depend upon this resource, it became apparent that any serious loss could impact their day-to-day operations. More and more towns are finding they are vulnerable to this exposure and that the cost is well worth the interest it is protecting. Many are unaware they can actually purchase the insurance coverage necessary to protect them from the potential loss of their sales, property or other scheduled taxes.
The coverage provided agrees to indemnify the municipality for lost taxes when Real or Personal Property at locations not operated by the city are damaged. A loss to these locations, which would wholly or partially prevent the city from collecting tax revenue, is covered on a Special basis. Simply put, the policy covers loss of tax revenue resulting from the interruption of business caused by an insured peril to a named location.
AVRECO’s Property department has an exclusive binding authority with an ‘A’ rated carrier, which creates a great opportunity to underwrite and quote small to large accounts in-house. We can write business in all 50 states & issue on a manuscript form. We also offer same-day turnaround for most accounts.
Similar recent programs by others will consider only those municipalities with smaller populations and they provide smaller limits. Those programs also will not consider Flood or Earthquake, whether critical or not. AVRECO has always provided this coverage for communities of any size, with unlimited policy limits and has always offered Flood and Earthquake.
Don’t let your municipality clients be vulnerable to this exposure when there is an affordable way to protect them.
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