Insurance Minds for Real Estate Matters

Expertise

Loss Control

Controlling losses whenever possible is the only long-term approach that an insured can do to keep their total insurance cost as low as possible. Controlling the losses result not only in premium reductions, but also in lower deductibles and expanded coverage options. The results are seen over a rolling five year period and a relatively clean loss history is what most underwriters value as an indication of good management and overall risk.

Our loss control seminars/programs started more than 20 years ago and were designed by commercial real estate owners for owners. Originally designed for multifamily owners, we have now expanded into other sectors such as retail and office. We offer a common sense approach to making properties safer and owners more defensible. Our programs have been adopted by insurance carriers who continue to use our processes today. Owners who have adopted our loss control program have seen frivolous law suits decrease if not disappear.

Please contact us if you are interested in attending one of our seminars and participating in the program to reduce your total insurance costs.

Claims Advocacy:

It has been said that claims should be one of the first things discussed when purchasing insurance. It’s actually one of the few products or services that are purchased “sight unseen” and unfortunately is a service difficult or impossible to measure until there is a loss, which is obviously too late.

Real estate claims, specifically ones with direct structural damage, magnify the issue as often times the claims are extremely large. Insurers scrutinize every penny and oftentimes outside consultants, typically structural engineers, are hired by the insurers to help adjust a loss. This process alone creates significant delays in settlements. Add in weather delays, and/or catastrophic events (such as hurricane Ike or Katrina), material shortage, expertise shortage (this occurred during Ike) and attorneys, and it becomes even more clear that a claim will not be settled in the time frame that an insured would expect and there is an almost certainty that there will be a gap in money being paid versus what the insured expects.

Unfortunately, the insured or can do very little to move this process along or overcome hurdles along the way without intimate knowledge of the mechanics of an insurance policy. This lack of control or sense of helplessness is what infuriates most insureds to the extent that they hire a public adjuster, file law suits and/or at the very least come away with the feeling that they’ve been wronged. 

In an effort to assist our clients, we have implemented our own claims advocacy department which is there to help advise and navigate our clients through the process. We do not act as a public adjuster, but rather as a voice for our clients and we assist them with an understanding of how the claims process works and what their rights within the policy are. Often times our proactive efforts prevent potential issues from even surfacing or allow us to eliminate bottlenecks that can easily be created between insureds and insurers.

This value-add service is designed to make the claims process smoother and assist our clients in being treated fairly by the insurance companies. In many cases it eliminates the need for an insured to hire outside professionals to assist them during the process.

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