A building owner came to us with a vacant, historical building on the Texas coast. The owner is converting the building to a mixed-use project with a large percentage of apartment space. They needed insurance on the structure and Builder’s Risk on the construction operations – and they needed it quickly. They had a pending construction loan on the property that was set to close in a week. This was a difficult placement – not only because of the coastal location and age, but also due to the renovations, which included some structural modifications. The values were large and the placement would require multiple carriers, and would require a layered placement where some of the layers would need to be written on a quota-shared basis. Through our relationships in the marketplace (both foreign and domestic), we were able to secure quotes for both the construction operations and the existing structure. We worked with the lender to make sure our terms were compliant with their requirements, and delivered quotes in time for the loan to close.

Hospitality Client #1

• The client reached out to CIS at the recommendation of the a nationwide Hotel Franchise’s corporate office. The client’s renewal premium increased from $40k to nearly $100k for no apparent reason. The client’s existing agent had no other options to offer.
• The CIS Hospitality Division mobilized quickly and delivered a $45k bindable quote within 48 hours that met all franchisor/lender requirements. The client was thrilled and would like us to quote the rest of his hotels when they come up for renewal.

Hospitality Client #2

• The client reached out to the CIS Hospitality Division at the recommendation of an existing CIS client. He had received a large increase on his renewal and wanted to see if CIS could help. The client’s hotel was in a Tier 1, coastal location, and had experienced 2 significant claims in the last 5 years. The client’s existing agent had exhausted all of his options and delivered a renewal premium of $125k.
• The CIS Hospitality Division utilized a market that most agents can’t access and delivered a $75k bindable quote meeting all franchisor/lender requirements. The client was grateful for the significant savings and the expertise our team showed in finding the coverage.

Problem

The client was under contract to purchase a large Real Estate Portfolio under a Stock Purchase Agreement. The Client wanted to protect against financial losses for unintentional and unknown breaches of statements made by the Seller in the contract. Solution- The CIS Team delivered a Representations & Warranties Insurance Policy. The policy facilitated the acquisition by protecting the Client against a solvency risk of unsecured indemnity provided by the original agreement.