Conversion moves premium. It does not erase it.
2026 premium rises because construction TIV arrived, not because a master program was rewritten. Quoted permanent is still outside the composite.
Loss history · NHP
Losses
Five-plus years of claims by partnership and by the active sample closing. Premium follows the same cut — what is on a placed LP, what is on construction, and what the market charged for the exposure that remained.
Claims (2021–26)
4
Incurred
$273,000
Open reserve
$25,000
2026 premium history How calculated 2026 premium history $369,000 = $369,000 in force + $0 indicated NFIP. This is not a second in-force total.How calculated
$369,000
Period loss ratio
35%
Losses by conversion
Site claims grouped by partnership. Placed LPs produce the attritional water and wind. Millwork’s builder’s risk carries the live construction theft.
Conversion incurred $273,000 across 4 claims · 6 developments
Losses by development
Same claims, cut by development. Use the chips below to open one site at a time.
4 of 4 claims in view.
| Date | Location | Cause | Line | Portfolio | Incurred | Status |
|---|---|---|---|---|---|---|
| Feb 11, 24 | Ash Court | Water — supply line Supply-line water in a garden building. Project property responded. LP named insured. | property | Placed LIHTC / operating | $84,000 | closed |
| Jan 22, 25 | Elm Street Senior | Freeze Freeze at an unheated stair. Senior PBRA. No authority casualty line. | property | Placed LIHTC / operating | $41,000 $3,000 reserved | open |
| Aug 4, 23 | River Park Family | Wind / hail Convective wind on the river corridor. Excess flood not triggered. | property | Placed LIHTC / operating | $126,000 | closed |
| Mar 18, 26 | Millwork Lofts | Theft — construction materials Jobsite theft on builder’s risk. Construction partnership, not a PHA master. | builders risk | In conversion | $22,000 $22,000 reserved | open |
Premium against the exposure
Units jump when Millwork’s 96 units enter TIV on builder’s risk. Occupied does not — the site is vacant. Fleet is zero.
| Year | Units / occ. | TIV | Master / project / BR | Staff | Property · casualty | Premium | Rate | Incurred · LR |
|---|---|---|---|---|---|---|---|---|
| 2024 | 300 / 291 | $63.5M | $0 · $63.5M · — | 16 | $168,000 $30,000 | $198,000 | $.31 / $100 | $84,00042% |
| 2025 | 300 / 291 | $63.5M | $0 · $63.5M · — | 17 | $176,000 $33,000 | $209,000 +0% | $.33 / $100 | $41,00020% |
| 2026 | 396 / 291 | $91.9M | $0 · $63.5M · $28.4M | 18 | $351,000 $18,000 | $369,000 +1% | $.40 / $100 | $22,0006% |
2024
Placed LPs only. No construction. No auto.
2025
CAT rate on River Park flood. Still no fleet.
2026
Millwork builder’s risk in force. Permanent not in the composite. Occupied units do not include the vacant construction site.
Unconverted ACC is the attritional engine
Ash Court water, Elm freeze, River Park wind. Cottonwood and the duplexes are quiet in the sample years.
Authority casualty does not convert
No auto, WC, crime or EPL on this book. Those lines were never part of the developer program.