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April 11, 2024 — As urban spaces continue to evolve and expand, the importance of efficient parking infrastructure cannot be overstated. Yet, for property owners and managers, the cost of insuring parking structures alongside main buildings has long been a significant financial burden. Enter One80’s Parking Garage Program, a pioneering insurance solution that revolutionizes the way parking structures are insured, unlocking substantial savings and ensuring comprehensive protection.

The essence of One80’s Parking Garage Program lies in its unique approach to insurance allocation. Traditionally, the total insured value of a property encompasses both the main building and any attached parking structures, resulting in higher premiums due to the increased risk exposure. However, One80’s innovative program realigns this paradigm by reallocating the insured value of the parking garage away from the main building. Consequently, a separate policy is crafted specifically to cover the parking structure, thereby minimizing the impact on the primary property premium.

The implications of this strategic reallocation are profound. By decoupling the insurance coverage of parking structures from main buildings, One80 empowers property owners and managers with newfound flexibility and cost-effectiveness. No longer constrained by inflated premiums resulting from combined coverage, they can optimize their insurance portfolio to reflect the distinct risks associated with each asset. Coverage features include:

1. Coverage on an admitted basis: With One80’s Parking Garage Program, clients benefit from coverage under admitted insurance policies, ensuring compliance with regulatory requirements and providing peace of mind.
2. Nationwide availability: Whether located in bustling urban centers or serene suburban landscapes, property owners across the nation can access One80’s Parking Garage Program, regardless of geographic constraints.
3. No minimum premium: Unlike traditional insurance programs that impose minimum premium thresholds, One80’s solution caters to properties of all sizes, from small-scale parking structures to expansive complexes.
4. No age restriction: Regardless of the age of the parking structure, One80’s Parking Garage Program offers comprehensive coverage, providing assurance to owners of both new and existing properties.
5. No distance limitation for wind and hail coverage: In regions prone to wind and hail damage, One80’s program offers expansive coverage without imposing restrictive distance limitations, ensuring protection against a wide range of weather-related risks.
6. $1,000,000 flood sublimit: Included as a standard feature of the program, the $1,000,000 flood sublimit provides robust protection against flood-related losses, available in all zones and locations nationwide.

The success of One80’s Parking Garage Program is underscored by its remarkable performance metrics. With an impressive 80% hit ratio, the program has garnered widespread adoption among property owners seeking to maximize savings without compromising on protection. Moreover, the tangible impact on insureds’ bottom line cannot be overstated, with potential savings of up to $400,000 on property policies observed—an unprecedented boon in an industry characterized by rising costs and shrinking margins.

One of the key drivers behind the program’s success lies in its ability to cater to the diverse needs of property owners across various sectors. Whether managing commercial office complexes, residential condominiums, or mixed-use developments, One80’s Parking Garage Program offers tailored solutions that align with the specific risk profiles and budgetary considerations of each client. Targeted classes of business include:

1. Municipal Parking Garages: From city-owned parking facilities to municipal complexes, One80’s program offers tailored coverage solutions that address the unique needs and regulatory requirements of municipal entities.
2. Hospitals: With parking infrastructure playing a crucial role in facilitating patient access and staff mobility, hospitals rely on One80’s program to secure comprehensive insurance coverage that safeguards their assets and operations.
3. Condo Associations: Residential condominium associations benefit from One80’s Parking Garage Program, which provides specialized coverage for parking structures within condominium complexes, ensuring protection against unforeseen events and liabilities.
4. Apartment Complexes: In the competitive rental market, apartment complexes leverage One80’s program to optimize insurance expenditure while securing robust coverage for parking facilities, enhancing property value and attracting tenants.
5. Office Towers: High-rise office towers entrust their parking infrastructure to One80’s program, benefiting from tailored insurance solutions that align with the unique risk profiles and operational requirements of commercial properties.
6. Theaters: From multiplex cinemas to historic theaters, entertainment venues rely on One80’s Parking Garage Program to mitigate risks associated with parking facilities, ensuring uninterrupted operations and patron safety.
7. Universities: With sprawling campuses and diverse parking needs, universities turn to One80’s program for comprehensive insurance coverage that protects their parking structures against damage, theft, and liability exposures.
8. Auto Dealerships: From showroom floors to service centers, auto dealerships depend on One80’s program to secure insurance coverage tailored to the unique risks associated with parking inventory and customer vehicles.

For commercial property owners, the program represents a game-changer in optimizing insurance expenditure without compromising on coverage. By separating parking garage insurance from main building coverage, they can channel resources towards enhancing core business operations, driving growth, and profitability.

Similarly, residential condominium associations stand to benefit significantly from One80’s Parking Garage Program. With many condominium complexes incorporating expansive parking facilities, the ability to secure cost-effective insurance coverage tailored to the unique needs of parking structures translates into tangible savings that can be reinvested into community amenities and maintenance initiatives.

Moreover, the program extends its reach beyond traditional property sectors, catering to specialized niches such as hospitality and healthcare. In hotels and resorts, where parking infrastructure is a critical component of guest experience and operational efficiency, One80’s solution provides peace of mind while optimizing cost structures. Likewise, healthcare facilities, with their complex parking requirements and regulatory considerations, find value in a tailored insurance approach that prioritizes efficiency and compliance.

Beyond its financial benefits, One80’s Parking Garage Program offers enhanced risk management capabilities, further bolstering its appeal to property owners and managers. By isolating the insurance coverage of parking structures, clients gain greater clarity and control over risk exposure, facilitating proactive measures to mitigate potential liabilities and safeguard assets against unforeseen events.

Looking ahead, the future of One80’s Parking Garage Program appears bright, with continued innovation and expansion on the horizon. As urbanization trends persist and demand for parking infrastructure grows, the need for flexible and cost-effective insurance solutions will only intensify. In this dynamic landscape, One80 remains committed to delivering cutting-edge programs that empower property owners, drive savings, and ensure resilient protection against evolving risks.

In conclusion, One80’s Parking Garage Program stands as a beacon of innovation and efficiency in the realm of property insurance. By realigning the insured value of parking structures, maximizing savings, and enhancing risk management capabilities, the program redefines industry standards, paving the way for a future where protection and profitability go hand in hand.

Martin Burlingame │ Binding Authority Practice Leader │ One80 Intermediaries

Martin Burlingame is the Binding Authority Practice Leader for One80 Intermediaries where he leads a team that places property, liability, package and management liability across 30+ carriers in the binding authority marketplace.

Previously Martin was the CEO of Bigfoot Å˽ðÁ«´«Ã½Ó³»­, an online MGA platform that handled submissions for over 15,000 agents across the US, now expanding to 25,000 agents as part of One80 Intermediaries. Martin served in the US army as an Armor and Intelligence officer with a combat tour in Mogadishu, Somalia.