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SES Insurance Brokerage Services, Inc.



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Real Estate Held in Trust by Financial Institutions


 

For over 27 years, SES has partnered with all “A” rated carriers that offer Master Trust package policies on admitted paper.  SES’s client base includes financial institutions of all sizes from local independent trust companies to national banks with household name recognition with a100% retention over 5 years. 

Package policies provide property, liability, systems breakdown, earthquake and flood, with excess coverage available for liability, earthquake and flood. 

Package policies are written on ISO based forms.  We invite coverage specifications to assist us in obtaining coverage that best fits the needs of the Financial Institution.  A full proposal and a premium quotation will be presented for review upon acceptance by an insurance carrier.

General

All coverage will be secured through an “A” rated carrier (Best’s) unless disclosed otherwise at the time of presentation.  The policy is written in the name of the Financial Institution (Insured).  Named insured wording is expanded to include others with interest in the property.  Proof of interest may be required at time of loss.  The policy contains automatic coverage wording to ensure no lapse in coverage when the property is acquired as an asset.  Errors and omissions wording is available to protect the Financial Institution for clerical error or oversight.  Procedures that will mitigate the use of errors and omissions clause are highly recommended to protect the loss ratio and integrity of the product for all clients.

Property

Property coverage is written on a blanket basis with a per occurrence, per location limit.  Coverage is generally written on a replacement cost basis for residential, non-operating commercial and farm structures.  Options are available for actual cash value or functional replacement cost basis for each structure scheduled.   Time element coverages (loss of use, loss of rents) are also included.   Additional coverages are available and often automatically included based on property type. The vacancy/ unoccupancy coverage exclusion is deleted.  It is expected that the Insured will diligently visit and maintain the property pending rental, sale or distribution.  Coverage includes personal property coverage, including scheduled valuable items.   

Systems breakdown coverage for boilers, vessels, air conditioning, etc., is also available and, generally, the limit follows the property limit.

Earthquake and flood coverages are also available; limits offered are written as annual policy aggregates and those limits are subject to exposure review and availability of capacity.  Additional coverage limits, , are available through SES.  Flood coverage is generally written over what is available through National Flood Insurance Program for Special Flood Hazard Area properties.

Liability

The primary policy is written on a package basis and includes liability coverage with blanket limits.  Limits may apply per property or per trust.  Minimum coverage limit is $1,000,000 occurrence combined single limit for bodily injury and property damage.  This coverage is ensures against claims brought by third parties where the Insured is legally liable.  Coverage for commercial properties is lessors risk only.  Additional liability limits are available through SES.

 

 

Coverage is available in all 50 states, US territories and Canada.

Locations Served : Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Washington,D.C., Delaware, Florida, Georgia, Hawaii, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia, Wyoming