Leatherstocking Cooperative Insurance Company
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This appetite summary is only a guide. Confirm eligibility, submission requirements, restrictions, and binding authority directly with the carrier or underwriter before relying on it.
Carrier appetite summary
Document: Product Overview – October 2025 Edition. PERSONAL LINES – TARGET & KEY RULES - Homeowners: Primary residence only; up to 3 rental units allowed. Claim‑free renewal credit available. Incidental business or farming exposures are acceptable with prior underwriter (UW) review. - Tenant Homeowners: ML‑4 form; minimum personal property limit $6,000. - Landlords (1–4 family): 1–4 family rental dwellings; 5+ units are written in commercial. Liability limits available up to $2M. 5% tenant‑insurance credit. Can accommodate multiple properties on a single policy with UW involvement. - Mobile Homeowners & Seasonal Mobile Homes: For 1990 or older, Form 1 only; ACV loss settlement. Replacement cost endorsement available on homes ≤15 years old. Claim‑free renewal credit available. - Seasonal Residences: No supporting business required. Short‑term rentals are acceptable subject to UW review. For limits over $300,000, Form 1 only unless an approved low‑temperature alarm is installed (proof required); contact UW. - Dwelling Fire: Used for unique or non‑package risks. RC or ACV options available. Vacant, under‑renovation, or new‑build dwellings are acceptable. Stand‑alone barns and condos may be written. - Dwelling Fire Mobile Homes: Can include rented mobile homes and travel trailers. - Long Island Homeowners (Suffolk & Nassau): Primary residence only (1–2 family). Risks located within 1 mile of the coast (including inlets) are prohibited. Risks with prior losses are prohibited. Maximum Coverage A limit $1,000,000. COMMERCIAL LINES – TARGET & KEY RULES - Businessowners Policy (BOP): Building valuation typically RC 80% or ACV 50%. • Enhanced BOP: Includes $1M liability, SF‑3, and several added coverages; $500 minimum premium; options to broaden/increase coverage. • Classic BOP: Includes $500K liability, SF‑1, and basic additional coverages; $300 minimum premium; options to broaden/increase coverage. • Specialty BOP programs available for vendor and beauty shop classes. - Student Housing BOP: 5% surcharge applies. Vandalism coverage remains in force during semester breaks when written on Special Form. Sororities, fraternities, and buildings with upper‑level balconies or porches are prohibited. - Special Multi‑Peril (SMP): For risks not qualifying for BOP. Written as non‑package; can be RC (80%) or ACV (0% coinsurance). - Fire & Liability: Available for contractors (e.g., general carpentry, drywall, janitorial, painting, landscaping, flooring and similar) – contact UW for specific classes. Also available for vacant commercial buildings, vacant land liability, and stand‑alone liability. - Inland Marine: Scheduled items require appraisal/photo if value exceeds $2,500. Maximum unscheduled limit is $50,000. Rented or leased equipment is prohibited. GENERAL UNDERWRITING – ALL LINES - Building valuation guidance: • Personal & Commercial (general): $170–$250 per square foot. • Long Island: $200–$300 per square foot. • 80% insurance‑to‑value required for Replacement Cost. • 0% coinsurance on ACV except Enhanced & Classic BOP, which require 50% for ACV. - Optional enhancement endorsements are available (consult UW/forms for specifics). - Policyholder restrictions: Applicants with a history of fraud, bribery, foreclosure, bankruptcy, judgment, or litigation are ineligible. Prior losses, code violations, or declined coverage require UW review before quoting or binding. - Large accounts: Any risk with Total Insured Value (TIV) over $2,000,000 must be submitted to reinsurers for approval; coverage cannot be bound prior to reinsurer sign‑off – coordinate with UW. BROKER / PRODUCER & SUBMISSION NOTES - Many non‑standard or higher‑hazard situations (incidental business/farm exposures, multiple landlord locations, short‑term rentals, coverage limits over $300,000 on seasonal, contractor classes, large TIVs) require direct UW contact before binding. - For Long Island, confirm distance to coast/inlets, prior loss history, and building valuation against the published per‑square‑foot ranges before submitting. - For student housing and fraternity/sorority‑adjacent risks, confirm that prohibited occupancies (sororities, fraternities, upper‑level balconies/porches) are not present. - For inland marine, collect supporting documentation (photos/appraisals) for high‑value scheduled items and confirm that equipment is not rented/leased.