Distinguished Blog - Real Estate
Market insights and industry news.
Builder’s Risk Insurance: What Your Clients Need to Know
The moment construction begins, a property is at risk of damage. Whether it’s theft, accidental fires, floods, or more, there can be a number of major risks to these buildings. That’s why it’s crucial that any property undergoing construction, improvements, or renovations has a comprehensive Builder’s Risk insurance policy. This kind of insurance policy is…
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Are We Ever Going Back to the Office?
The pandemic forced companies across the country to switch to fully remote work overnight. While teleworking has allowed many to cut back on commute time and connect with their families, it undoubtedly has its tradeoffs. Opinions on remote work vary depending on who you ask — some enjoyed the change, some didn’t. Will people ever…
Impact of COVID, Insurance Market on NY Brick & Brownstone and City Homes Programs
Recently we spoke with Katie Vespia, Program Manager for Distinguished’s NY Brick & Brownstone (NYB&B) and City Homes programs about the impact of both COVID and the insurance market on city properties across the county. NYB&B is a package insurance product designed for owner- or tenant-occupied properties in Manhattan, Brooklyn and Queens. City Homes offers…
Builders Site Protection and Market Changes
The pandemic caused unprecedented business closures during April and May across the country, particularly in the hospitality and retail sectors; sent professionals home to work remotely; emptied out office buildings; and shut down construction projects. We offer some insights on what we are seeing to date in both our Vacant Building and Builder’s Risk &…
Preventing Slip and Fall Insurance Claims
Year after year, slips, trips, and falls remain the number-one insurance claim for property owners. More than three million people visit the emergency room each year because of falls, according to the CDC (Centers for Disease Control and Prevention). The average hospital visit costs $30,000 to $50,000. Add in factors like ongoing medical bills and…
Pandemic Migration: Families Leaving Urban Areas for the Suburbs
Pandemic Migration Migration from city life to the suburbs is nothing new, with the most exoduses in recent times occurring after the financial collapse in 2008 and the horrific event of 9/11 in 2001. Amid the coronavirus pandemic, once again we’re seeing people leaving behind urban living for wide-open spaces, as safer-at-home orders were put…
Remote Work Cybersecurity Best Practices
Hacking activity is up, with cybercriminals taking advantage of remote work vulnerabilities amid the COVID-19 crisis. There are approximately 85 million Americans working from home. In fact, researchers cite that activity against corporations in the United States more than doubled by some measures in March, with malware infections, phishing tactics ,and ransomware running rampant. That’s…
Top Five Vacant Building Losses
The National Fire Protection Association (NFPA) estimates that U.S. fire departments respond to an average of 30,200 structure fires per year in vacant properties. The most recent data (2016) estimates direct property damage to these properties at $710 million annually.
The Coronavirus Real Estate Market
Every industry segment of society has been impacted by the COVID-19 pandemic, including the real estate market. Retail closures resulted in millions of employee furloughs, and stay-at-home mandates forced millions of employees out of their offices to work remotely. While many shopping centers, malls, individual retailers and offices have since opened, they have done so…
Navigating Today’s Umbrella Insurance Market
In our previous article, we discussed what factors are driving rate increases, capacity restrictions, tighter underwriting, and program structure changes in the Excess Insurance market. It’s important to note that prior to the COVID-19 pandemic, carriers were already tightening underwriting in the Excess/Umbrella market, specifically in the hotel, restaurant, and habitational sectors. In recent months,…
Workplace Adjustments: Re-Opening Doors to Offices and Shops
Click here for a downloadable safety info sheet Office buildings, strip malls, indoor malls, light warehouses, and other commercial facilities have been closed for the past two months and more as a result of city COVID-19 stay-at-home and shelter-in-place orders. Non-essential employees for the most part have been working remotely up to now, with many…