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James D Kuhn | Strategies For Real Estate Catastrophe Property And Liability Exposures

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According to industry studies, 75 percent of commercial buildings are underinsured. ISO’s Estimated Replacement Cost represents the average estimated cost to rebuild the building after a total loss. That estimate will improve your ability to evaluate the risk and protect your customers with more appropriate policy limits. – PowerPoint PPT presentation

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Title: James D Kuhn | Strategies For Real Estate Catastrophe Property And Liability Exposures


1
Strategies For Real Estate Catastrophe Property
And Liability Exposures
  • James D Kuhn

2
Set Up Proper Limits Based On Catastrophe Modeling
Catastrophe models are able to input accurate
and details physical characteristics of
individual properties into the modeling software.
To effectively utilize catastrophe models as
basis of setting up proper limits will require a
combination of actuarial analysis, information
gathering and negotiation.
3
Obtain Secondary Property
Companies can model results to better understand
locations that are exposed to natural catastrophe
risks driving the loss estimate with the help of
the right risk management partner. Companies can
be sure that they are accurately reflected in the
loss output with the goal of directly reducing
premium when they obtained detailed data
regarding the location.
4
Eliminate Subcontractors Warranty And
Limitations
Warranty language exclusions are often included
in the policy, and can create significant
financial exposure for companies. Negotiations
for the removal of the warranty language
exclusions from the general liability policy can
fill in a potential costly gap.  
5
 Liability Exposure
You need information on liability exposures to
assess risk at properties youre insuring.
Premises exposures, such as storage areas,
balconies, stairs, and handrails, can play a
significant role in underwriting decisions. You
also need accurate information on other premises
exposures, including swimming pools, animals,
lighting, fire escapes, and elevators
6
Alignments Of Policy Coverage With
Contractual Exposures
Review contracts and coverage's that are being
transferred to make sure that the content of
relevant policies supports the agreed contractual
obligations of both the company that will
transfer the liability and the company that will
assume the liability. 
7
Risk Improvement Statements
Risk Improvement Statements provide valuable
information for underwriting and rating insurance
for a particular property. For the building and
each occupant, you'll get specific information to
identify hazardous conditions and suggest
remedial action, and to highlight fire-protection
improvements and suggest modifications. When
using SPI Plus, you can select one or more Risk
Improvement Statements
8
Exposures
Exposure data on adjacent buildings, including
exposing walls, hazards, construction, and
distance can provide critical underwriting
information. For example, a situation where a
property is close to a high-hazard operation or
adjacent to a storage tank with flammable liquids
can present potential risks. You should be aware
of additional exposures, including local wildfire
risk, possibility for damaging winds and water,
and how close the structure is to a flood or
earthquake zone.
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