Preferred Property Program
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.