CIC Services launches PortfolioVantage, a tenant legal liability programme that places cover for tenant-caused damage inside a captive insurance company owned by the property organisation. The captive manager combines the cover with technology from ePremium, an Inhabit brand, for tenant enrolment, compliance tracking and coverage monitoring, allowing property owners to administer tenant legal liability cover across their portfolios. Tenants or residents participate in a waiver programme providing cover for specified damage they cause to the property. Premium flows into a captive established for the participating property organisation, and after eligible claims and programme expenses the organisation may retain underwriting profit that would otherwise remain with an outside insurer. Under a conventional tenant legal liability programme, an outside insurer generally retains that underwriting profit when premiums exceed eligible claims and expenses. The ePremium platform supports enrolment, identifies missing or lapsed coverage, tracks compliance and provides portfolio-wide visibility. Integration with property management systems supports administration as portfolios and resident populations grow. As the captive develops, CIC Services can evaluate additional risks that may be appropriate to finance through it, including property deductibles, general liability layers, equipment breakdown, cyber liability, crime and employee dishonesty, employment practices liability, professional liability and environmental exposures. The firm says potential coverages depend on the organisation’s risks, loss history, existing insurance programme, premium potential and captive feasibility. The programme is designed for qualified owners, operators and managers of multifamily, single-family rental and commercial properties. CIC Services begins with a feasibility review of the portfolio, tenant population, potential premium, loss history, existing insurance programme and long-term objectives, and says a captive is not appropriate for every organisation. Bryan Ridgway, ACI, principal and chief operating officer at CIC Services, says: "Tenant legal liability is often treated as a standalone product, but it can create a much larger opportunity for qualified property owners. PortfolioVantage gives property organisations a way to protect against tenant-caused damage, retain more of the financial value created by the program and build an insurance strategy that can grow with their business." Ridgway leads the programme alongside Randy Sadler, principal and chief marketing officer at CIC Services, whose partnerships manage more than 400 residential properties. CIC Services is a captive insurance manager serving the middle market and has operated since 2005.
