Jared Minnick
New Member
- 7
Hi all, looking for some input on how the "other agent" was able to get the higher limits.
Central California coastal area.
The customer purchased a commercial property - 1930's with updates over the years to the current code. 11k sqft, ISO 2, 2 story, currently vacant. The first floor is built out, and the second floor is stripped to studs.
The original published asking price was $1.6M. the customer paid $1.05M cash. No appraisal was done.
So we have a vacant property w/ a builder risk.
Customer said he has quotes with $2M and $2.04M limits ACV.
I am being told, (if the carriers will even entertain the vacancy/age/ shared common wall, builders risk, etc) that there is really no above-board way to get a $2M ACV policy with no appraisal when the published asking price was $1.6, the actual purchase was $1.05 and it's only halfway built out and currently vacant. "what carrier is going to knowingly allow risk to profit in the event of a loss?"
I am green enough that I know that I do not know how to respond intelligently.
thoughts?
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Central California coastal area.
The customer purchased a commercial property - 1930's with updates over the years to the current code. 11k sqft, ISO 2, 2 story, currently vacant. The first floor is built out, and the second floor is stripped to studs.
The original published asking price was $1.6M. the customer paid $1.05M cash. No appraisal was done.
So we have a vacant property w/ a builder risk.
Customer said he has quotes with $2M and $2.04M limits ACV.
I am being told, (if the carriers will even entertain the vacancy/age/ shared common wall, builders risk, etc) that there is really no above-board way to get a $2M ACV policy with no appraisal when the published asking price was $1.6, the actual purchase was $1.05 and it's only halfway built out and currently vacant. "what carrier is going to knowingly allow risk to profit in the event of a loss?"
I am green enough that I know that I do not know how to respond intelligently.
thoughts?
Like
Comment
Send