Freedom Specialty Insurance Company, a subsidiary of Scottsdale Insurance Company, has released the Freedom Lease Protection Plan policy for property owners and managers (POMs).
The new policy is designed to help multifamily POMs against collection losses from tenant defaults by eliminating traditional security deposit collection, administration and liability for them.
With the new policy, POMs can see significant improvement in their net operating income compared to losses incurred in a security deposit program.
Freedom Specialty programs vice president John Lopes said, "The Freedom Lease Protection Plan is another example of how Freedom Specialty is expanding in the specialty liability market."
"It is an opportunity for us to provide an innovative solution to the multifamily housing market’s collection loss problem and provide a tool that POMs can use to improve their businesses’ performance," Lopes added.
In addition, Freedom Specialty has formed a partnership with information services company Lease Data Solutions (LDS) to provide data analysis services.
LDS’s technology and algorithms will evaluate POMs’ asset usage, management practices and operations management.