This program brings the cost advantages of group purchase coverage to public entities and not-for-profit organizations seeking property damage coverage for real and/or personal property owned, leased, or in the care, custody, or control of the insured entity.
SPIP leverages its combined size, along with market relationships developed through APIP, to deliver property damage coverage at a cost well below that available to individual entities.
SPIP’s size and the fact that it has a low overall loss ratio has enabled it to maintain stable or declining rates over the past several years regardless of fluctuations in the general insurance market. Because SPIP is a group purchase program, there is no risk pooling and, therefore, no possibility of future assessments.
Property-Related Coverages Under a Single Contract
Automobile physical damage
Automatic coverage for acquisitions of new property
Property in course of construction or remodel
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