Business Insurance – Your Weekly Cup of Joe – By Joe Buick
Kapnick and its Insurance Carriers have an appetite for Real Estate portfolios. We work daily with owners of these types of properties. Our clients have property schedules ranging from $100,000 to $100,000,000 (and higher). Several of our sales and service teams exclusively work to insure our clients’ portfolios. Often we have little time to react to our clients new investments. We at times need to add apartment complexes in an hour or two, depending on our client’s needs. The deep and long term relationships that we have with our stable of insurance carriers enables us to turn these around to meet expectations. Special items like premium allocations, loss of rent calculations and detailed contract reviews are some of the additional services that we provide to our clients in addition to placing the insurance contracts. Customized claim information can also be provided for our clients to help them understand that areas of improvement may exist. Once areas for improvement are identified, our Risk Service Department will work with clients to craft safety programs that are needed for Real Estate Holding Companies. These customized safety and loss control programs are critical for business owners that have so much exposure to potential third party claims. These additional services are offered to our clients to help reduce their administrative burden and to ultimately lesson their overall cost of risk.For Real Estate Portfolio clients a property loss can quickly dip into profits if not handled promptly. Another service that we provide (highlighted In an earlier blog) is the RED ALERT Priority Response Program available through BELFOR Property Restoration. Kapnick clients are automatically enrolled in this comprehensive program, as a no-charge value added service. The advantage for a business when disaster – natural or catastrophic – strikes, is that through our (and Belfor’s) emergency response hotline, clients receive priority response status from Belfor’s property restoration professionals. This can be a real help for property managers.
Has your agent discussed specialty Real Estate insurance services? Ask Joe a question about Real Estate specialty services in the comment box below.