Property Owners & Managers

Commercial Insurance & Risk Management

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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  • Underinsurance penalties for outdated property values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