Real Estate Umbrella Policies.

[DaveMel]

Hey Y'all,

I work for a medium sized real estate investment firm. We own/manage around 3.5 million square feet of Class A office space, and Anchored shopping centers.
Right now every property has it's own policy, and seperate ownership structures. The only thing they all have in common is my boss is the managing member of each property and holds a 10% stake in each property.

He is exploring ways to save significantly on his Insurance, and is exploring a blanket policy on all these properties. Obviously he can't afford to risk doing anything questionable.

Any Ideas?

DaveMel

 

[Anne]

Real Estate Umbrellas..

Yes, Dave there are umbrellas that can be written. I lost my last reply .. so I am not sure if you saw it or not. If you didnt let me know and I will resend it to you.

 

[DistinguishedProg]

You should check out Distinguished Programs. They have a wide array of real estate umbrella programs no matter what your needs are.

 

[adjusterjack]

He is exploring ways to save significantly on his Insurance, and is exploring a blanket policy on all these properties.

That's a good idea.

A long time ago I worked for an agency that had a client with about 400 properties on one policy and he was always buying and selling and had the same entity issue.

The policy was written on a reporting form. At the end of the month he reported the purchases and sales, an endorsement was issued with the premium adjustment, and a bill sent. If a lender was involved we'd endorse for that property and issue a certificate of insurance.

The umbrella was written to follow whatever was on the primary at any given moment without having to endorse it every time something changed.

It was a lot of work but the commissions to the agency exceeded $150,000 per year so it was worth whatever it took to keep the client happy.

 

[Markthebroker]

Lol, you guys, this post is 15 years old.

 

[marindependent]

Lol, you guys, this post is 15 years old.

I think distinguished programs extinguished it with

 

[Markthebroker]