Property Owners & Managers

Commercial Insurance & Risk Management

Often after a significant property loss, property owners and managers look beyond premiums alone, for quality advice on how to reduce overall long term risk costs. Those responsible for commercial real estate must be diligent in protecting their assets and revenue streams and avoiding liabilities. Prudent risk management plays a significant role, ultimately leading to reduced claims from implementation of loss prevention and loss avoidance measures- high performing managers & owners count on experienced insurance brokers to lead that process..

Larry N, Churchill McLaughlin Property Management Specialists

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Owners and Managers of Real Estate Risks rely on
Directors Global Insurance Brokers Ltd. to place critical
commercial insurances, and to help manage risks

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The Management of property risks has changed in the last decade:

  • Condominium Act Reform
  • Escalating litigation precedents
  • Aging Municipal infrastructures & sewers
  • 100 Year Floods
  • Global warming and increased fire hazards
  • Terrorism

Some key risks facing property managers and property owners:
  • Underinsurance penalties for outdated property values
  • Common property exclusions:Mould, fungi, vermin, terrorism
  • Pollution- gradual; sudden & accidental; from hostile fires
  • Aging municipal infrastructures- causing sewer back up
  • Civil risks, like train derailments, prevention of ingress and egress, and civil authority access
  • Directors & Officers liability risks: discrimination and human rights violations; unpaid wages or taxes; breach of contract;
  • General liabilities such as slips, falls- alcohol intoxication and from use by guests, tenants and unit owners, of internal or external premises; bodily injury from smoke or fire or swimming pools or general premises risks
  • Guest liabilities (hotels)- damage to property
  • Reserve Funds: Depositors Forgery; Counterfeit Currency; Computer
  • Crime; Employee Embezzlement
  • Rental incomes losses, business interruption, external power outages, extra expense of carrying on business

 

Some key risk management solutions for property ownership and management risks:
  • Replacement Cost Appraisals- for buildings and equipment
  • Liability Loss Prevention- Slip & Fall procedures, incident tracking & reporting; recording snow, icing and maintenance
  • Contract & Certificates- auditing insurance carried by third party contractors , i.e. snow contractors, general contractors
  • Liability claims- optimum deductible level/cost benefit analysis
  • Claims frequency trending, forecasting and triangulation analysis
  • On-line 24/7 “risk knowledge centre”: electronic storage for historical policy documentation, claims histories, claims reporting procedures, claims forms, loss prevention bulletins