One California St., Suite 400
San Francisco, CA 94111
www.epicbrokers.com
AT A GLANCE
Year founded: 2007
Number of Northeast employees: 795
Number of Northeast brokers: 131
Areas of expertise in real estate: Real estate, commercial, personal and employee benefits
ABOUT OUR FIRM
EPIC is a unique and innovative retail risk management and employee benefits insurance brokerage and consulting firm, founded in San Francisco, California in 2007 with offices and leadership across the country. EPIC Insurance Brokers & Consultants has a depth of industry expertise across key lines of insurance, including risk management, property and casualty, employee benefits, unique specialty program insurance and private client services.
Property owners of single buildings or large portfolios need to mitigate loss and satisfy multiple stakeholders. Our dedicated focus on analytics maximizes the positive attributes of your portfolio as it stands today and positions us to anticipate challenges in the future. Our risk profile findings translate into solutions to reduce cost. A customized service platform assures that the “blocking and tackling” is done right the first time. Our team of real estate experts will help you create a customized plan for managing risk with cost-effective coverage.
Our dedicated construction team operates as your business partner and trusted advisor — not just offering transaction-based, reactionary services, but providing forward-thinking consulting and advocacy. Our teams have a focus in the construction space specifically for contractors, real estate, rental equipment operations as well as energy.
Expectations are high in the construction and real estate development industries to deliver on time and on-budget; moving quickly to take advantage of every worthwhile opportunity; maintaining a safe workplace; performing all tasks with a focus on quality craftsmanship and efficiency. Our team understands these expectations and helps businesses in the construction and real estate development sectors meet them.
EVOLVING EXPOSURES
It appears that 2022 will see an easing to some degree of the industry-wide hardening of commercial rates experienced by most clients over the last several years. Increases will be more targeted to specific lines of coverage, particularly Umbrella and Cyber. The Umbrella market continues to see a contraction in capacity in terms of limits of liability offered and continued premium increases. In an effort to maintain the same limit of liability and pricing level from 2021, we are seeing more layering within the excess liability tower.
With respect to Cyber, a convergence of sustained pricing increases; new carriers interested in writing business and greater underwriting scrutiny has created more volatile and unpredictable renewal outcomes. A key cyber underwriting criteria that all carriers are looking for is Multi Factor Authentication (MFA) as part of a minimum underwriting requirement. Without it, fewer markets will be interested in your business and defensive pricing by the insurance carriers is the order of the day for those employers who fail to implement this basic security protocol. Real estate owner-operators and property managers are vulnerable. Retaining tenant bank account records in which personal identifiable information is at risk is ripe for a ransomware attack. Owner-operators and property managers who debit their tenant accounts regularly may be at greater risk as well. Phishing and social engineering fraud claims continue to create challenges.
Superimposed on all liability lines of coverage including Business Auto, General Liability including Products and Completed Operations, Professional Liability and Umbrella are claim settlements markedly increasing as a result of “social inflation.”
Both the Property and Workers Compensation lines of coverage have ample solutions and clients should always be seeking pricing concessions where possible, understanding, of course, that their claims record will ultimately drive the final pricing. We have targeted strategies and processes to help alleviate some of those challenges.
