Property Insurance: Frequently Asked Questions

We are continuing with our series on Property Insurance, with a few frequently asked questions and if this doesn't help you can always reach out to us with your questions! 

 

What do you consider the most when looking at a property submission?

• Age
• Construction Type 
• Building Updates
• Rent/Cost per night
• % Sprinklered 

 

All of these are extremely important factors, that help show us how well the property will stand up in the event of a covered peril happening. For example, % Sprinklered shows us that in the event of a fire, the building can be saved, or it can burn all the way down, depending on what the percentage is! These factors aren't the end all be all though, and they all work together to tell us about the building. For example, while a building's age might be older than me, it could have been completely updated in the past year, making the age not as important. Every property is unique in its own ways and has its own factors that can make it easy or hard for us to place. 

 

What factors most detract from an otherwise strong submission?

• Low maintenance on the building
• Reviews of it being not clean or mismanaged
• Built during or before the year 2000, but hasn't been updated since
• Requesting less than 100% insured to value

 

Assessing a risk is a long process with a lot of different things to consider. These are just a few things that we look at to show us what the real state of the property is, there is only so much you can tell from pictures. Different parts of the building deteriorate at different speeds, so looking at when/what updates have been done to the building, can be really telling about the property. While most of these are about the physical building, cleanliness can also be telling, not necessarily about the structural integrity of the building, but about how it is being managed. The management of a property is just as important as the physical building, because the way it's cared for reflects not only its condition but also the true character of those in charge. 

 

What do you need to consider a property submission?

• Acord Application
  • 125 and 140
• Statement of Values
• Loss Runs
• Any Supplemental Application that applies to the risk being submitted

 

Being able to supply us with these things speeds up the process and gives us the information we need to correctly place your risk! If you can give us all the information, we need at the start, it saves us time and you time. It also means that we are able to help you quicker, which means you can help your clients quicker, aka it's a win-win! At the end of the day, too much information on a property submission is better than not enough! 

 

While all of these are equally important when it comes to placing risks, don't let one thing deter you from sending in a submission. We want to work with you, to help you find coverage!