Success Story #1
Real Estate Owner using various 3rd Party Managers of over $1 billion of Total Insurance Values (TIV) of commercial and residential real estate on a National basis. Properties are comprised of Hospitality, shopping centers, offices, industrial, mixed use and residential.
- Sometimes too many hands in the pot create problems. As an example an area problematic for real estate occurs when insurance needs to be placed on the asset and many times this can lead in too many directions.Up to three different parties (Majority Owner, Minority Partner and Property Manager) are potentially looking to place insurance in a master program. In all scenarios the broker for each party has a financial incentive to place the insurance but who gives the independent advise on the best options that a Fiduciary can depend upon. That is what we do and the end result is a Financial Savings to the asset while at the same time protecting the fiduciaries of the asset.
- One example of the above scenario – a National Brand Hospitality Franchise managed and insured the asset. The cost of insurance was rising year after year. One issue was the way the Property Manager was determining and allocating insurance cost. Bottom line is we reviewed and saved on a single asset over $300,000 . They were also able to recognize this savings year after year.
- D&O and EPLI coverage. Broadened the definition of Employment Practice Claim and amended policy to include in the definition of loss investigation of claims which were previously sub limited to $1mm.
- Total Program Insurance renewal savings was $800,000.
Success Story #2
Owner and manager of $6.7 billion of commercial and residential real estate on a National basis. Properties are comprised of shopping malls, offices and residential. 18 million square feet and 15,000 apartment units.
- The original program consisted of over 40 insurance policies with a variety of effective dates. This was administratively inefficient and created an inordinate number of coverage gaps but it was an expensive approach. We consolidated the program down to six policies with a common effective date and realized first year savings of just over $1,000,000.
- As the portfolio grew we continued to achieve hard dollar savings of $325,000+ on the property renewals.
- Recognized a 23% savings on the general liability year to year as the portfolio grew.
- Ongoing risk management services
Success Story #3
Developer of residential Real Estate in NJ, NY and Florida. Provide insurance and risk management advice on selected projects –usually in excess of $50MM in construction costs.
- Discussed and reviewed the option of OCIP and CCIP.
- Worked with the contractor on behalf of the owner’s interest in developing the insurance checklist and
requirements for participation in the CCIP.
- Negotiated and enhanced the Builders Risk Form with coverage for electrical and mechanical testing.
- Enhanced the Builders Risk Form with “collapse” coverage.
- Savings achieved on Builders Risk was 33% .
- Ongoing risk management services Construction Developer for construction utilizing OCIP with a project cost of $250,000,000.
- Creation of Project Specification and Broker RFP.
- Assisted in the developing of the insurance language in various contract and reviewed as needed.
- Review contractor and subcontractor bid deducts for all OCIP-provided coverages.
- Create an RFP for Third Party Administrator (TPA) Claim Services and review bid packages.
- Savings recognized was over $2,000,000.