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Commercial Real Estate Insurance
How to Sell Real Estate Umbrella Insurance
There are several hazards a property owner faces that could result in a catastrophic liability lawsuit. This includes attractive nuisances (open access to a swimming pool, for example), elevator or escalator malfunction, inadequate security, negligent property maintenance, premises in disrepair, and unprotected slip hazards (such as spills or recently cleaned floors), among others. To determine…
Real Estate Umbrella Insurance Q&A
This is an excerpt from our free “How to Sell High-Limit Real Estate Umbrella Insurance” eBook. Click here to download your copy. Why does my property need high Umbrella limits? The real estate sector, like many others, is seeing higher judgments and settlements being reached in liability cases, leaving property owners vulnerable to financial loss without…
Real Estate Umbrella Insurance: A Primer for Brokers
In 2020, the US experienced around 380,000 fires in residential buildings, including homes, multi-family homes, and apartments. Each one of those incidents could be grounds for litigation that cost property owners millions in damages. That’s why it’s important companies have robust and comprehensive insurance policies protecting them from fire and life safety suits, as well…
Commercial Umbrella Insurance: A Safety Net for Businesses
Most of the time, a business won’t need extra liability coverage. But it’s that rare, out-of-the-blue occurrence that brings an end to what was formerly a successful enterprise. No business owner should have to stay up at night wondering if their business will be the next one to make the news for eye-watering settlements. Obviously,…
The Importance of Program Stability in Real Estate Umbrella Insurance
The hard insurance market over the last several years has been characterized by rate increases, diminished capacity, and carriers exiting certain niche markets and lines of business. This has caused challenges for retail agents in finding a home for new business and renewals. Real Estate Umbrella insurance, like most product lines, hasn’t been spared from…
The Case for Higher-Limit Real Estate Umbrella Insurance
Property owners face a number of exposures that could result in a catastrophic liability lawsuit, making the case for ensuring vigilant maintenance of safety and security measures and for purchasing higher-limit Real Estate Umbrella insurance. Exposures include attractive nuisances (such as open access to a swimming pool), elevator or escalator malfunction, insufficient security, negligent property…
Top 3 Real Estate Risk Exposures for Property Owners
What are the top risk exposures real estate property owners & managers face? The sources of top liability exposures for residential and commercial real estate include: sidewalks, parking lots and parking structures, pools, playgrounds, and elevators. Slips and falls, drownings, and assaults and other security issues often result from negligent property maintenance, unprotected slip hazards,…
Insurers Focus on Increased Need for Inspections, Repairs for Older Buildings Amid the Surfside Condo Collapse
On June 24, part of the Champlain Towers South in Surfside, Florida, collapsed in the wee hours while many residents slept. To date, 97 residents have been confirmed dead. The catastrophic loss has sent shockwaves throughout this oceanfront community located in Miami-Dade County.
COVID Construction Spike Leads to Lumber Shortages
In March of 2020, American lumber mills curtailed operations, citing both employee health and safety concerns and an expected plunge in demand. As months-long quarantines kept Americans locked in their homes, however, home improvement projects and renovations skyrocketed. The failure of lumber producers to foresee this increased demand for construction supplies has led to widespread…
Water Conservation Tips for Buildings
It’s a no-brainer: Water=Life. We need it, we use it, but we have to conserve it better. Commercial and residential buildings can have a huge impact on water conservation with just a handful of low-cost or no-cost water solutions.