Efficient risk management is a crucial component of successful real estate development and property management. The insurance markets are not static and, therefore, each renewal presents a new opportunity to review, benchmark and improve the efficiency of your risk management program, which can affect your bottom line.
The soft market of last few years has hardened as a result of the following factors:
- The insurance industry suffered losses close to $1 trillion in 2017 alone and climate change and increased weather events are expected to continue. Insurers are acting unambiguously to protect their financial and reinsurance positions.
- There has been very significant consolidation in the insurance industry, resulting in a less competitive environment.
- Underwriting has become more disciplined, requiring more detailed information and a particular focus on ensuring that valuations are accurate.
- The overall result of these factor has been:
- Meaningful premium increases.
- Increased client deductibles/retentions.
- Non-renewals in some cases.
How We Can Help
Our firm’s long-term experience and diverse real estate client base provides the basis for us to offer a wide range of assistance and value to clients.
- Keep track in real time of the rapid changes each insurer is making in this hardening market.
- Benchmark pricing and coverage terms and conditions.
- Develop an appropriate strategy to minimize the adverse client impacts of a hardening market.
- Negotiate renewal pricing and coverage for clients from a position of knowledge.
- Identify and address coverage gaps.
- Develop a submission to underwriters that includes the increased exposure details they require, while positioning the client in the best possible light for coverage.
- Transfer risk by contract to vendors and others to reduce premiums.
Types of Clients
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Real Estate Developers (Public and Private)
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Asset Managers and REITs
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Property Managers (Public and Private)
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Contractors
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Condominiums and Cooperatives
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Lenders and Investors
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Types of Projects
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Habitational Real Estate
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Utility Construction and Maintenance
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Commercial Real Estate
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Infrastructure Construction (e.g. Major Transportation Projects)
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Student Housing (private and institutional)
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Institutional Development (Healthcare Facilities, Universities, Religious Organizations)
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Military Housing
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Complex Mixed-Use Projects involving Multiple Ownership Structures and Public Infrastructure
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Assisted Living Facilities
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Types of Projects
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Habitational Real Estate
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Utility Construction and Maintenance
|
|
Commercial Real Estate
|
Infrastructure Construction (e.g. Major Transportation Projects)
|
|
Student Housing (private and institutional)
|
Institutional Development (Healthcare Facilities, Universities, Religious Organizations)
|
|
Military Housing
|
Complex Mixed-Use Projects involving Multiple Ownership Structures and Public Infrastructure
|
|
Assisted Living Facilities
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