Insurance surcharge and FP breakers

mark32

Senior Member
Location
Currently in NJ
Hey guys,

An acquaintance of mine is in the midst of purchasing a few residential buildings. He was told the previous owner was being surcharged over $300k a year because the main breakers for each unit are Federal Pacific. (Each unit has a sub panel, which had been upgraded years ago, but the mains located in the basement, were not). We first discussed changing the enclosures, then, just swapping out the mains with a replacement, like the ones Connecticut Electric makes. Days later, he was told by someone that the FP breakers under scrutiny are really only 15a and 20a single pole breakers, and not two pole 50's and 60's like the ones in question. I looked online but could not find anything supporting this. In conversation, I told him to discuss this with the current insurance company, and to shop around other insurance companies and see what he can find. I'm guessing FP has such an unsavory rep in the industry that they're going to charge you whether the issue were with single poles or not. Truth be told, I'm just shooting from the hip, for me in my world, customers are always like, "Oh, it's a FP panel, it's gotta go". But this is not a one or two family dwelling, we're talking over 200 units. So, obviously it's in this guys best interest to find the most feasible solution. Thanks in advance for your most valuable opinions ~
 
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