Commercial Property

As breweries and wineries go green, agents need to translate sustainability initiatives into clear underwriting conversations and protection strategies.

“The real estate insurance market is going through significant changes,” says independent agent Stephen Turnbull. “Rising construction costs and inflation have made it more expensive to rebuild properties, leading to higher replacement cost values and increased premiums.”

“It’s on us to understand what opportunities technology provides our industry to be more efficient and grow at a faster rate than generations before us,” says young agent Ryder Roberts.

As insurers increase their underwriting restrictions to limit storm exposures, risk mitigation is becoming more important than ever for commercial insureds.

The guidelines for the federally funded program include maintaining properties in compliance with local housing codes, passing periodic inspections by housing authorities and following strict eviction and lease termination procedures.

A contractor with an ISO commercial general liability policy experienced a property damage claim. The carrier says it owes the actual cash value (ACV) for repairs but the agent believes the carrier owes the full cost to repair.

A client’s commercial property suffered wind damage. Repair estimates were approved, but weather delayed the repair and the costs increased. The adjustor is denying the additional repair costs.

With factors such as an aging workforce and economic fluctuations pushing material and wage costs higher, agents can help their clients purchase adequate builders risk coverage.