Ted W. Allen & Associates, Inc.
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Ted W. Allen & Associates, Inc. is an independent insurance agency located in Cypress, TX serving the greater Houston, TX area and across the United States. We proudly offer our clients the utmost integrity and care in helping to identify the risks they face daily, paired with customizable solutions to help protect their business.
Since opening in 1967, the company founder, Ted W. Allen, became acclaimed as a model of integrity in the industry. After more than 50 years of successful business, the agency continues to uphold his respected reputation and renowned customer service and will work with you to find the right solutions to preserve and improve your business.
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As an independent agency, we are here to help you find the right coverage.
When Your Business is Someone Else’s Home
Multifamily properties can range from a small duplex to a large apartment complex, and you might own just one building or multiple. Regardless, you’re not just someone’s landlord, you’re a business. You need to protect your investment as the source of income it is. Standard homeowners or business insurance won’t do. You need specialized multifamily property insurance to cover all your bases.
What Makes Ted W. Allen & Associates, Inc. Special
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Condo and co-op associations may face severe financial consequences from property loss due to fire, wind, or other causes.
Commercial property insurance should provide coverage for damage to the building, personal property owned by the association, and income lost due to a covered cause of loss.
Condo and co-op associations are susceptible to many risks, such as claims due to bodily injury, property damage, personal injury, and more. The association could also face lawsuits from claims associated with common areas such as hallways, stairwells, swimming pools, and parking areas.
General liability insurance is an absolute necessity for any association. It provides coverage for legal fees and judgments when the association is named in a covered lawsuit.
Crime and Fidelity Bond Insurance
Crime and fidelity bond insurance is designed to provide coverage to cooperative and condominium associations to protect them from theft of funds or association-owned personal property by an employee, board member and in some cases, the property management firm.
Crime and fidelity coverage is designed to provide coverage for employee dishonesty, forgery and alteration, computer fraud, counterfeiting, and more.
Systems Breakdown Insurance
With technology performing many tasks in today's world, a breakdown can cause a significant financial burden, including the cost to repair the equipment and any resulting lost income or extra expenses.
Comprehensive coverage provides protection against equipment mechanical breakdown for machinery such as heating and cooling equipment and elevator motors.
Directors and Officers Liability Insurance
Directors and officers (such as board members) can be held accountable for decisions they make in the performance of their duties. Any resulting lawsuits are typically expensive to defend and can result in potentially large settlements.
Directors and officers liability insurance provides coverage for the legal costs to defend a covered lawsuit and may also provide the money necessary for any resulting judgments.
Commercial Umbrella Insurance
What happens when your condo or co-op building faces a large liability loss that exceeds the basic limit of your standard policy?
A commercial umbrella policy will provide extra coverage over and above general liability, directors and officers liability, auto liability, and employers liability policies. Limits start at $1,000,000 and go as high as $200,000,000.
Cyber Liability Insurance
Technology has spun a whole new web of liability exposures including the need for protection of privacy, data, and financial information for your association residents. Breach of their data can result in costly fees and lawsuits for the association if held liable.
Cyber liability coverage covers fees and lawsuits resulting from the breach of personal data, assuming that the association is liable.
Pollutant clean-up is generally excluded from the basic policies. Leaking of a fuel tank can be very costly to remediate.
Environmental insurance provides coverage for clean-up costs and third party lawsuits as a result of a leak from the tank or related pipes.
Sponsor / Investors Owned Units Insurance
Typically the policies for the association exclude coverage for the sponsor or holder of unsold shares for the interior of the units they own.
A policy should be maintained to provide coverage for what you are responsible for within the unit, as well as any lost income and lawsuits resulting from acts within the unit.
Condominium Building Insurance 101
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The Advantage of an Independent Agency Working for You
What makes our independent agency different?
- We represent multiple insurance companies.
- We are licensed insurance advisors.
- We are by your side every step of the way.
- We offer a wide variety of insurance solutions.
- We are there for you in your time of need.