Services

Services & Info

The uniqueness of the DepositSaver™ Insurance Program is to be found in (1) Its “one of a kind” proprietary underwriting structure (2) With commercial tenants, its structural ability to eliminate loss of tenant deposits to a bankruptcy filing by the tenant (3) With multifamily tenants, elimination of concerns regarding potential adverse tenant security deposit legislation (4) Elimination of historical exposure tomultifamily tenant deposit class action litigation (5) Elimination of expensive processing and administration costs associated with traditional commercial tenant LOC’s (6) Tenant deposits that are insufficient tocover the actual damages sustained and (7) Costs associated with the collection, accounting for, potential interest payments on and final reconciliation of traditional commercial and multifamily tenant cashdeposits (8) With student deposits, the ability to eliminate the quarterly/semester need to return and re-collect student deposits (9) The need to collect an “up-front” credit card deposit along with the need to either account for any withholds and/or return of the outstanding deposit amount.

Accelerating Claim Recoveries

Through providing reimbursement as soon as a condition of default exists. Losses are automatically deducted from the monthly premium due by the policyholder prior to any premium payments to the insurance company.

Increasing Recovery Amounts

Through coverage limits that afford higher levels of protection than would be otherwise available under any traditional security deposit program

Reducing Administrative Costs

Through the elimination of time consuming processing previously performed under a traditional security deposit program

Avoiding Bad Faith Claims

And other issues of legal liability that may arise thru the traditional management of security deposits.  DepositSaver™ poses no similar risk based on the simple fact that the tenant has no privity of contract with the property owner/management company. DepositSaver™ achieves this by way of combining the above with a “dividend” feature that returns residual profit center funds to the owner after captive expenses and claims have been accounted for. The insurance policy generates cash flow which translates to potentially significant increases in NOI.

SERVICES

DepositSaver is both the developer and owner of the lease tenant security insurance program concept. DepositSaver manages and coordinates the underwriting of all product lines (commercial, multifamily, student housing and vacation rental) through the national insurance carrier, AIG. DepositSaver also assists and coordinates the national marketing of all lines through IOA. Additionally, DepositSaver handles all premium and loss reporting that takes place on a monthly basis by and between the insured property owner/management company, AIG, IOA and the insured’s captive facility.

NOI

DepositSaver was specifically designed by its developers to increase the property owner/property management company’s NOI through elimination of a known traditional “Cost Center”, tenant bad debt write-off.  DepositSaver creates a new profit center through increased potential positive cash flow, increased margins and simplified operational accounting.

Unit Damage

  • For Commercial, Industrial and Retail tenants DepositSaver provides a full 12 months loss of rental income protection
  • For Multifamily tenants DepositSaver provides up to 3 months loss of rental income protection
  • For Student Housing tenants DepositSaver provides coverage equal to 3 months loss of dormitory or off campus housing fees for student caused damages
  • For Vacation Rental Housing DepositSaver provides up to 1 week of lost rental income for vacation rental tenant caused damages

Excess Losses

In the unlikely event that a tenant caused damage claim exceeds the unit damage limits DepositSaver provides an annual aggregate loss fund that has the ability to compensate of excess losses, up to the aggregate limit of the insurance policy issued.

Administrative Expenses

The DepositSaver™ Program also reduces administrative expenses relating to the collection, accounting for, reconciliation and return of the traditional cash or LOC security deposit. DepositSaver also eliminates the cost associated with extensive screening of prospective lease applicants performed in order to determine what, if any, the level of cash deposit should be. DepositSaver™ will also eliminate the costs associated with the current practice of maintaining and managing separate escrow accounts for cash deposit withholds wherein state, city or municipal laws require the establishment thereof.

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