Aline recently insured a multifamily complex in Greenville, SC for an investor who had experienced significant premium increases in the past couple years due to getting dropped by the standard market. Aline was able to help maximize their cashflow with 33% savings while not decreasing the coverage. The linchpin for whether this investor was going to switch to Aline was not the savings though. It was whether we could get an excess liability policy to offer the greater protection he really desired. Property losses are limited. Liability losses nowadays seem unlimited. Does proactive management and investment help do that, as opposed to reactive maintenance that is always fixing deferred maintenance items? Absolutely!
In a recent policy we wrote, the carrier shared some marketing / advisory material from their CEO. Here is what it said: “Slips, trips, and falls are among the most frequent causes of loss. What might surprise you is that, many times, they result in claims and judgments in the hundreds of thousands of dollars, which ultimately impact your insurance premium. In most instances, these claims can be lessened or prevented entirely simply by addressing the most common causes of such losses: wet / icy walking surfaces, uneven or worn steps / sidewalks, inadequate / poorly maintained lighting, obstructed views, and poor housekeeping.”
The majority of investors have to closely monitor their capital expenditures, especially big ticket items. Many of these items shouldn’t be too expensive though: installing caution signs, painting a crosswalk in the parking lot, pouring a little asphalt to repair a pothole, grinding down a sidewalk that isn’t level. These “loss control recommendations” can often be suggested after an insurance inspection and are typically always required after a property condition inspection for Fannie Mae and Freddie Mac. We recommend doing what you can to remove these potential hazards from your property in order to prevent losses.
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