THE INS AND OUTS OF BUYING INSURANCE
Apartment communities are one of the most difficult assets to insure, says Mary Jane O’Keefe, risk manager at Pinnacle Realty Management Co. With a high risk factor and exposure to accidents, few insurance companies entertain underwriting policies for the multifamily industry. Nevertheless, when it comes to purchasing insurance, owners should shop around. Look for the best price and make sure that your policy adequately covers your properties.
Two of the most important policies in multifamily are property and liability insurance. When searching for a new policy or renewing an old one, companies should not settle for “boiler plate or industry standard policies,” says Scott Teitel, a senior consultant at United Insurance Consultants Inc. “There are many manuscript endorsements and policies available for the asking.”
“The biggest mistake buyers make is that they don’t ask questions,” says Teitel. “Companies don’t think they can accomplish what they set out to do, so they settle for what the industry gives them.”
Are You Properly Insured?
Being prepared for a fire disaster is one of the most important things an owner or property manager can do. Besides having the appropriate fire safety systems, owners also need the right insurance.
But getting suitable coverage requires work on the owner’s part. Owners need to ask the right questions to ensure that they are properly covered.
And not only do owners have to worry about completed apartment complexes, but they also have to insure buildings under construction, known as course of construction policies. Darlene Howland, a risk manager for Colson & Colson Construction Co. suggests adding soft costs to this policy.
After a fire, the additional coverage will pay for architectural and engineering fees and additional interest on loans. This particular coverage saved Colson & Colson a substantial amount of money after a fire burned down a project under Construction, says Howland.
Scott Teitel, a senior consultant at United Insurance Consultants Inc., sees gaps in policies that many property owners do not recognize.
Two of the most important policies in multifamily are property and liability insurance. When searching for a new policy or renewing an old one, companies should not settle for “boiler plate or industry standard policies,” says Scott Teitel, a senior consultant at United Insurance Consultants Inc. “There are many manuscript endorsements and policies available for the asking.”
“The biggest mistake buyers make is that they don’t ask questions,” says Teitel. “Companies don’t think they can accomplish what they set out to do, so they settle for what the industry gives them.”
The Heritage Registry of Who’s Who
New York, June 2007: The Directors of the Heitage Registry of Who’s Who™ take pleasure in announcing the inclusion of Mr. Scott B. Teitel of SBT Consulting Group, Inc. in the forthcoming 2007-2008 Edition. The accomplishments and achievements attained by Mr. Scott Teitel in the field of Insurance Consulting Services with SBT Consulting Group, Inc. warrants inclusion into The Heitage Registry of Who’s Who™.
Heitage Registry of Who’s Who™, a New York based biographical publication, selects and distinguishes individuals throughout North America who have attained a recognizable degree of success in their field of endeavor and thereby contributing to the growth of their industry.
