The commercial umbrella insurance market continues to create headaches for real estate owners. Over the past 12-18 months, umbrella liability insurance premiums for real estate (especially multifamily properties) continues to rise. An umbrella policy provides additional coverage on top of the primary liability policy. By purchasing an umbrella policy, an owner protects themselves from legal costs […]
Improving the biography of a building can help reduce the cost of multi-family insurance premiums. As you might expect, an insurance company looks to minimize their own exposure when taking on a new risk. So, when it comes to real estate, presenting the property in a more favorable light can often make it more appealing […]
Residential and commercial real estate development are flourishing as many projects continue to commence in the Greater New York City Area. Other than General Liability, there are various exposures associated with real estate development. Here are 3 things a developer doing business in NY should consider when buying real estate developer insurance: 3 Thing You […]
Are you looking to purchase a residential or commercial property to knock down and redevelop eventually? If so, vacant building insurance might be the best solution in the short term. Depending on the occupancy at the time of loss, your property insurance might not pay for an incident that occurs when the structure is vacant […]
The new coronavirus (COVID-19) outbreak has consumed individuals, families, and businesses all over the world. As COVID-19 becomes increasingly widespread, the disease is raising fears about the public’s well-being while also creating business interruption. In recent weeks, many companies have shut down temporarily or forced to minimize staff. However, as many operations closed due to […]
The start of 2020 has been a continuation to commercial real estate insurance rates increases experienced in 2019. Insurer’s new guidelines have led underwriters to be much more selective for both new and renewal business. Carriers are focused on quality business along with risk management controls. In addition to a spike in premiums, insurers are […]
2019 State of Insurance Market: NY Multi-Family Real Estate Catastrophic losses mean changing market dynamics Did you know most insurance companies are global? When Japan experiences earthquakes, floods and typhoons, the losses incurred by an insurance company, will actually have an impact on the cost of your insurance here in the US. In 2017 insurance […]
With an estimated $150 billion to be spent between 2017-2019, New York City construction costs are ranked amongst the highest in the world. While bidding for jobs in this competitive and fast-paced market, many contractors are looking for ways to keep their overhead down. When calculating the costs and expenses for upcoming projects, buying cheap […]
Why wait until a claim occurs to scramble and review your commercial property insurance policy? One overlooked gap or error in your coverage could be very costly. Whether your policy is up for renewal, or you are in the process of purchasing a new policy, you should pay attention to the exclusions and limitations included in your […]
Whether you’re a small mom-and-pop construction company or one of the biggest names in the business, trends in the construction industry impact everyone. While analysts predict that 2017 will see an improved economy and construction will keep growing, there are still a handful of trends that keep builders up at night. Here are a few construction trends […]