ATLANTA--(OSC will announce its Tenant Policy Offering (TPO) protection program, a new product for owners of rental properties at the annual Mortgage Bankers Association meeting in Chicago this week. TPO pairs job-loss/unemployment protection with tenant liability insurance coverage.)--
“This new product offers tenants protection against the loss of income from unemployment at the same time that it protects the tenant’s and the landlord’s liability”
“This new product offers tenants protection against the loss of income from unemployment at the same time that it protects the tenant’s and the landlord’s liability,” explained Don Curtis, senior vice president of OSC, a financial risk management and lender protection company.
“This is a win-win for tenants and landlords,” said Curtis who spearheaded the creation and marketing of the TPO program. Under the program, the owner or landlord of the property pays the premium on the liability insurance and job-loss program. “Tenants know they will receive income even if they lose their job and landlords know that the risk of losing rental income or suffering a liability loss is much lower with the TPO program,” Curtis said.
The program is designed to provide equity investors in residential real estate portfolios, hedge funds, financial institutions, apartment owners, property managers, lenders and mortgage servicing companies an added protection from common risks that can jeopardize the cash flow of rental properties.
The liability policy insures the tenant’s premises, similar to renters’ insurance coverage. Optional features include coverage of contents and special risks such as mold, pets and bed bugs. The policy issued by an A-rated insurance carrier.
It is the first time that renters/landlord insurance for damage to tenant premises has been combined with protection against the loss of a job. The job loss/unemployment benefit can provide as much as $2,500 per month for up for one year. “The program will help keep rental properties occupied, help maintain property conditions and will contribute to the revitalization and stabilization of neighborhoods,” Curtis said.
Ted Lamb, COO of OSC, said “TPO is a natural outgrowth of OSC’s home warranty, job-loss protection and homeowner’s insurance package of products. OSC and its parent Breckenridge Insurance Group also market a stand-alone two-year home warranty program that covers appliances and major structural defects for home buyers.
“OSC is developing a unique group of products that link protection for lenders, property owners, investors and consumers into property protection packages that will give lenders and investors a competitive advantage in the residential marketplace,” said Ted Lamb, COO of OSC.
OSC, a specialist in insurance and risk management services and products offers a comprehensive range of portfolio protection and financial risk management services to both large and small institutions. OSC, with its parent company Breckenridge Insurance Group, augments its traditional collateral protection insurance coverage options with additional lending and insurance products including home warranties, job-loss protection and specialty property-casualty insurance. OSC operates in California with license # 0G38902.