What is FPMA?
The
Fraternal Property Management Association was created to provide educational
assistance to fraternity volunteers in an effort to strengthen their ability to
manage the chapter properties of their fraternal organization. In addition, FPMA seeks to provide a
comprehensive and competitively priced property insurance program to protect
the physical plants that house the undergraduate members.
FPMA
Informational Brochure 
(pdf format)
FPMA participant applications may be completed utilizing the
automated form found below and returned via email to fraternalinsuranceapp@willis.com or by facsimile to
1-800-328-0522.
Fraternal
Property Management Association Application 
(MS Word format)
What are the
benefits of participation in FPMA?
- A semiannual FPMA newsletter
that focuses on risk management and issues facing property managers and
their fraternal organizations
- A property
insurance program that provides in most cases, broader insurance coverage
for less premium
- A biennial
inspection that provides recommendations for physical plant improvements,
addressing life safety and property conditions, along with completion of a
replacement cost valuation.
- Security of
knowing coverage will still be available at an affordable rate even after
a significant loss
What will the
insurance coverage of FPMA include for participants?
Provides for removal of coinsurance clause ensuring the
chapter will not be penalized for unintentional undervaluation of a chapter
property. A chapter must still ensure
that the values reported to the insurance carrier are correct, the policy will
only pay up to the values reported.
- Replacement Cost coverage
Provides for replacement of building and contents owned by
chapter or alumni association/housing corporation. If the physical plant is
damaged or completely destroyed, up to the limits of coverage on the policy.
If the property is valued at the greater of current 100% Boeckh
Valuation System (BVS), or approved replacement cost appraisal valuation on
file, or $110 per square foot Guaranteed Replacement Cost Coverage, (GRC)
applies. GRC will pay replacement cost
of the structure, subject to valuation provision in the policy, regardless of
the scheduled building limit shown on the policy.
However, policy sub limits remain unchanged. All chapters
and housing corporations should at least annually assess the replacement cost
of their premises to make sure the location is properly insured.
- Business (Loss of Rents)
Income
Provides for the payment of rental income to the house
corporation that would otherwise be lost if the house can no longer be occupied
due to a fire or to other extensive damage that prohibits occupancy.
Provides for the payment of additional expenses a chapter
or corporation might incur if a fire or extensive property damage requires
extraordinary expenditures.
Provides protection for losses suffered as a result of
accidental damage or mechanical or electrical system failure in a chapter house
from boilers, heating & cooling systems, hot water supply tanks, compressors,
pumps transformers, circuit breakers, electrical panels, and equipment
breakdown.
- Law and Ordinance Coverage
Provides the additional funds necessary to bring a damaged
structure up to current building and safety code requirements following a fire
or other extensive damage to a chapter facility. Standard property insurance
policies require the insurance company to return the property to its original
state and likely will not provide the additional funds needed to bring the
property in compliance with current building code requirements.
Business Personal Property Replacement Cost Inventory 
Business Income - Extra Expense Worksheet 
Who
would an interested participant contact?
Willis
10707 Pacific Street, Suite 200
Omaha, NE 68114
) 1-800-736-4327
2 1-800-328-0522
- New business and quote
estimate:
Marketing Department
1-800-736-4327 (extension 4191)
fraternalinsuranceapp@willis.com
- Facility
inspection coordination:
Inspection Manager
1-800-736-4327 (extension 4188)
inspections@willis.com
For more
information concerning interest of participation or questions on existing facilities
regarding the Fraternal Property Management Association, please contact Willis
at 1-800-736-4327.
Additional Available
Discounts
In a further
effort to reward the facilities that differentiate themselves from their peers
by taking additional steps to reduce their risk, we are excited to announce
property insurance discount opportunities effective April 1, 2004.
Disclaimer: specific discounts are dependant
on program participation of each chapter facility and its supportive and governing
entity (i.e. National Fraternity).
1. 10% discount for employing a Professional Property Management Company
In order to qualify for this discount, a facility must
employ a professional property manager who provides a minimum level of service.
A brief overview of the minimum service standard is provided below:
- Complete and annually update
a Facility Audit
- Manage, organize and pay general
operating expenses relating to the facility management
- Provide and secure housing contracts,
including security deposits, from the undergraduate tenants
- Authorize and pay expenses
incurred to rectify immediate maintenance needs
- Secure and monitor the
facility during extended school breaks
- Collect rent and all deposits
- Complete an initial walk
through and check out process with each tenant. Any tenant related damage will then be deducted from the tenant
security deposit
- Development of an annual operating
budget
- Proof of liability insurance
for property manager
A facility wishing to apply for this discount needs to submit
the following documentation:
- A copy of the current year's
contract with the respective property manager outlining their management
responsibilities
- Copy of the housing agreement
utilized by the property manager
- A copy of the most recently
completed Facility Audit
- 5% discount for the completion of a Strategic
Assessment with Pennington & Company
A three prong educational process developed for volunteer
housing corporations by Pennington & Company, the leader in fraternity and sorority
fund raising.
(click logo for more information)
Pennington & Company
The process utilizes extensive organizational research, a
written survey of the housing corporation board members, discussions with local
volunteers and campus officials and a review of the most current insurance
inspections on file. Its intent is to assist
the housing corporation become a more effective landlord by teaching them how
to operate as a business. The assessment will help them:
·
Know
what they are supposed to do
·
How
to do it
·
Why
they should do it
·
Fully
understand there are obstacles beyond their control
·
Develop
long term plans for the future of their facility
The discount provided to a housing corporation that has
utilized this tool will be provided for the first policy term, full or partial,
and the next full term. The discount
provided will not exceed the actual cost of the strategic assessment whether
realized in the first partial term or proportionally in the second full policy
term.
A facility wishing to apply for this discount needs to
submit the following documentation:
·
A complete copy of the Strategic
Assessment completed by Pennington & Company and a brief summary of your
organization's plan to adhere to its recommendations.
For information on a Pennington & Company assessment
contact:
John Ziegelmeyer
501 Gateway Drive, Suite A
Lawrence, Kansas 66409
(785) 843-1661
johnz@penningtonco.com
- 10% discount for modern, safe facilities.
Qualifying locations have been constructed or had major
renovations (i.e. full replacement of electrical and plumbing) after January 1,
1990 and have ONE or more of the following requirements:
·
Central
Station fire and burglar alarms
·
No
smoking and candle burning policy incorporated into a Housing Agreement
·
Resident
advisor or house mother living on site
A facility wishing to apply for this discount needs to
submit the following documentation:
·
Verification
of the construction date for facilities built after 1990
·
Complete
work orders and scope for electrical and plumbing renovations since 1990
·
A
copy of the Housing Agreement which contains the smoking and candle burning
policy and written statement from a house corporation officer that the agreement
is currently utilized
·
Written
agreement between the Resident Advisor or House Director and the local Housing
Corporation outlining daily responsibilities, hours of duty and compensation
structure
4. Newly Installed Fire Sprinkler System
In an effort to encourage the installation of fire
sprinklers in Greek housing through insurance premium reductions, we are
pleased to offer an increased initial premium discount upon activation of a
newly installed system. If your system
meets National Fire Code R13 installation, your facility will qualify for an
additional premium discount of:
·
40%
discount each policy year
A facility wishing to apply for this discount needs to
submit the following documentation:
·
Contract
invoice outlining the type of fire suppression system installed and areas of
coverage
·
Contractor's
Test Certificates for Interior Sprinkler
·
Documentation
that the sprinkler system has been tested and approved by the local authority having
jurisdiction
·
A
copy of the yearly service contract with a licensed and insured fire sprinkler
contractor
·
Completion
of the Willis sprinkler discount form
Sprinkler Discount Online Application :(online application)
To learn more about the discounts offered with the FPMA Program
contact:
Steve Wilson, Manager-Claims & Loss Control
1-800-736-4327, extension 4189
swilson@willis.com
Additional information concerning FPMA is contained within
our informational brochure and content provided below.
FPMA
Informational Brochure (pdf format)
