”Provide a good habitational supplement and loss history with your submission. Thorough underwriting information is key to getting a quick turnaround and a competitive quote.” — Gabriel Derzhavets, Roush Insurance Services Inc.
“Do your research on the location. Look it up online because your underwriter will. Let them know up front any issues they may find such as a less than well maintained location or multiple bad ratings from tenants.” — Jill Bay-Weber, Paragon Insurance Holdings LLC
“It’s important when looking for habitational insurance carriers to consider their position of either excluding, limiting, or remaining silent on the habitability of premises.” — Patrick Flores, Asst. Vice-President / Broker, M.J. Hall and Co.
“Thoroughly review the currently valued loss runs prior to marketing an account and look at the kinds of losses occurring most frequently. In an effort to mitigate or possibly eliminate claims, insureds are becoming more proactive with risk management.” — Phillip B. Burke, executive vice president of AmWINS Brokerage of Georgia LLC
“Understand the state laws and requirements when writing condo insurance. Many states require additional coverages — such as fiduciary — and lack of knowledge can lead to large claims against your E&O.” — Martin Burlingame, CEO of Commercial Insurance Group LLC
“For those agents working with real estate investors, it is a constructive use of your time to discuss the feasibility of requiring tenants to purchase renter’s insurance. Nuisance claims are far more prevalent than total losses and having these shifted to a renter’s insurance carrier will help in reducing overall premium costs to the owner.” — Graham Doran, executive vice president of Prospect General Insurance Agency
“We are seeing a lot of big portfolios of apartment buildings spinning off older, less-profitable properties. Get the five-year loss history of the property. If there are a lot of past losses, note any mitigation techniques that may have improved the properties.” — Barry Whitton, managing director in Burns & Wilcox Brokerage Atlanta, Ga., office
“We are seeing issues with wording on flood policies where one building of a multi-building property may be exposed for a Zone A flood and the other buildings are outside of the zone. Many times, any buildings located in Zone A areas, or 100-year zones, are excluded by policies in the standard market because the coverage can be purchased through the government.” — Barry Whitton, managing director in Burns & Wilcox Brokerage Atlanta, Ga., office
“The client should be advised to insure their property for the cost to repair or replace (insurance to value). Consider the worst-case scenario when seeking insurance; the price for fully insuring assets should not be second to saving money.” — Yolonda Callies, underwriter at Topa Insurance Co.
“Engage a true expert when working to win multifamily opportunities. A seasoned wholesaler in this class will best be able to navigate the pitfalls.” — Bob Black, executive vice president in property at AmWINS Brokerage of Georgia