Risk No Longer Vacant? Convert Your Policy

// June 2, 2022
Reading Time: 2 minutes

Photo of a woman turning an "open" sign in a shop window

There can be many reasons why a residential or commercial building is being insured as vacant. Often, a policyholder has made a new investment purchase for a future rental property or signed a lease with the intent of opening a new business, and renovations are needed prior to occupancy. Not only is USLI a competitive home for your vacant risks, but we also offer long-term solutions once these risks become occupied — saving you time and the expense of re-marketing.

For example, consider a six-month vacant building policy placed with USLI while the building, which will become a restaurant, is undergoing renovations. Once the renovations are completed, rather than canceling the policy, we can consider endorsing it to cover an occupied restaurant with an adjustment in premium and expanded coverage forms. Simply provide a completed application for the new exposures, and we will review it.

This streamlined process can be considered for many of our products, such as 1-4 Family Dwellings, Lessor’s Risk, Main Street Mercantile (with 100 eligible classes) and Fitness Centers. Depending on the state and product, there could be an instance where a new policy is required; however, our flexible approach ensures a smooth transition, offering consistency and the familiarity of USLI to the policyholder.

Key advantages of converting a Vacant Building policy once it’s occupied include:

  • Flexibility
  • Seamless coverage
  • Mixed occupancies are considered
  • Maintain no general liability deductible and no inspection fees
  • Policyholder access to our Business Resource Center providing business solutions

Please contact your Commercial Lines underwriter for more information.

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As always, thank you for your support and business.

Written by Michele Eby
June 2, 2022