About Us
Preferred Property Program
®, Inc. is a risk purchasing group, domiciled in Illinois and administered by JGS Insurance in New Jersey. As such, a policy is issued by different companies for our various programs for the membership of the group. Community Associations must sign and pay a membership fee in order to be eligible for coverage. Each individual association will be given a copy of the group policy, with their corresponding certificate.
The Certificate, which looks like a declaration page, will show the associations name (s), address, underlying limits, and applicable coverages.
The membership agreement contains language that members will receive a thirty-day written notice in the event of cancellation or non-renewal. Most risk purchasing groups do not have such a provision in their agreement.
Additional Areas of Coverage
We primarily operate as a risk-purchasing group. In addition we issue standard insurance policies (Low Limit & Equipment Breakdown Policies). These Programs are designed for Condominiums, Cooperatives, Homeowners Associations, Planned Unit Developments, Apartments and Timeshare Associations.
Community Association Specific Experience:
We have a separate division for handling of residential insurance, headed up by Vinnie Hager, an agency principal. We are active members of Community Association Institute (CAI) . Our immediate past president was a founding Director, and Past President of the New Jersey Chapter. He was National Chairman of the Insurance Professionals Committee of CAI.
Currently, Vinnie Hager serves on the Board of Directors of New Jersey Chapter of CAI, as Past President, as well as a past Chairman of CAI's National Insurance & Risk Management Committee. Ken Hager currently serves as Vice Chairman of CAI's National Insurance and Risk Management Committee. All of our agency principals keep abreast of the constant changes in the Community Association Marketplace. We are presently one of the foremost insurers of Associations in New Jersey, and have been for over 25 years.
The current principals of Preferred Property Programs® have a combined experience of over 58 years in the industry; Steve Kane the current president has been here since 1978. The other two principals, Vinnie Hager and Ken Hager have been here for 15 and 17 years respectively. We are members of Community Associations Institute (CAI) & Members of New Jersey Apartment Association (NJAA).
