This relationship combines NTIS/MDP's Historic Property Program, which provides insurance solutions for historic property owners and preservation organizations, with Great American's expertise within the Builders' Risk and Real Property marketplace. NTIS/MDP will be responsible for the distribution of Historic Tax Credit Recapture coverage for Builders' Risks on behalf of Great American.
"Our goal is to educate agents on the mechanics of the Historic Tax Credit Recapture, while providing a general understanding of both Federal and State historic tax credits," said Paul LaVardera, Sr. Vice President. "In working with Great American Insurance Company, an A+ Rated Admitted insurer, we believe we can provide the best sense of security to historic rehabilitation projects and the project investors providing the business assets."
Highlights of this program include:
- Protection of tax credit granted by federal, state or municipal governments that are irrecoverable when there is a direct physical loss.
- Availability of additional coverages, including Application or Processing fees, Civil Authority, Expense to Reduce "loss amount", Ordinance or Law Requiring Demolition.
- Historic Replacement Cost
- No deductible applies to Tax Credit Recapture.
The program is available nationwide. Properties eligible for the program include:
- Mixed-use Redevelopments
- Cultural Institutions
About MDP Programs and National Trust Insurance Services
A key distinction with MDP Programs, and National Trust Insurance Services, LLC, is their affiliation with the National Trust for Historic Preservation. This relationship has been maintained since 2003 as a joint venture, with National Trust Insurance Services as the for-profit subsidiary. The company's website, www.mdpprograms.com, contains additional information. MDP Programs, a division of Maury, Donnelly & Parr, Inc. (MDP), is the Program Administrator for National Trust Insurance Services, LLC, and the Historic Property Program. National Trust Insurance Services, LLC, is licensed in the state of Maryland. Maury, Donnelly & Parr, Inc., is licensed in all states.
About Great American Insurance Group
Great American Insurance Group's roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial, institutions and education markets. Great American Insurance Company has received an "A" (Excellent) or higher rating from the A.M. Best Company for more than 100 years (most recent rating evaluation of "A+" (Superior) affirmed August 11, 2017). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG's common stock is listed and traded on the New York Stock Exchange under the symbol AFG.