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Underwriter launches policy to protect against eminent domain.


A local insurance underwriter has created what it says is a new kind of policy to minimize the risk of property value loss resulting from rezoning or condemnations through eminent domain eminent domain, the right of a government to force the owner of private property sell it if it is needed for a public use. The right is based on the doctrine that a sovereign state has dominion over all lands and buildings within its borders, which has its origins in  proceedings.

The policy, Home Value Safeguard, was developed by The Ward Group LLC (Logical Link Control) See "LANs" under data link protocol.

LLC - Logical Link Control
 of San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay.  in partnership with AmWins Group Inc. and is backed by certain underwriters at Lloyd's of London Not to be confused with Lloyds Bank or Lloyd's Register.

Lloyd's of London is a British insurance market. It serves as a meeting place where multiple financial backers or “members”, whether individuals (traditionally known as
.

The policy was developed in response to the U.S. Supreme Court decision on an eminent domain case originating in New London New London, city (1990 pop. 24,540), New London co., SE Conn., on the Thames River near its mouth on Long Island Sound; laid out 1646 by John Winthrop, inc. 1784. , Conn.

The decision gave more power to governmental agencies to take land for private or public use, according to according to
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 Jeffrey Ward, chief executive officer of The Ward Group.

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For less than $300 per year, the policy provides up to $200,000 loss of market value when the home is sold, plus up to $50,000 to relieve the expense of moving as a result of eminent domain, he says.

A Million-Dollar Goal

The Ward Group says it anticipates selling $1 million in premiums in the first year, which represents 4,000 policies. It is marketing the new policy to the residential real estate and insurance industries.

"We are hopeful it becomes a policy you purchase when you are purchasing title insurance, when you are buying a homeowners policy and buying a home warranty A Home warranty is an insurance contract that covers the repair and replacement costs of home appliances. The warranty generally covers equipment and appliances such as dishwashers, plumbing systems, electrical systems etc. ," he said.

The Ward Group is targeting title insurance companies, real estate brokers and lenders and anticipates making this policy a standard offering during the closing of home sales.

Ward said the policy offers more than real protection, it provides "peace of mind."

"When you consider the value and limits of coverage provide and the relatively low premium amount, we are confident a high percentage of homeowners will elect to purchase the coverage," said Ward.

Awaiting Approval

Ward says The Ward Group and Char lotte, N.C.-based AmWins are awaiting approval by the state Department of Insurance to begin offering the policy statewide. He says he anticipates approval within six months.

"We are seeing a very positive response from Realtors and lenders to HVS HVS Human Visual System
HVS Herpesvirus Saimiri
HVS High Voltage Software
HVS High-Volume Sampler
HVS Hard, Very Severe (rock climbing grade)
HVS Hue, Value, Saturation (color model, aka HLS) 
," said George Orr, vice president at AmWins Group.

Marko Mlikotin, president of the California Alliance to Protect Private Property Rights, says that while more than 40 states have reformed their eminent domain laws since the Kelo v. New London decision in 2005, California has not.

"Providing insurance that covers eminent domain abuse could become a very lucrative business in California," said Mlikotin.
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Title Annotation:Home Value Safeguard
Author:Mowad, Michelle
Publication:San Diego Business Journal
Date:Mar 24, 2008
Words:407
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