Page 10 - Jan 2020 Insurance Brokers Spotlight

WHAT IS A NOTEWORTHY TRANSACTION OR PROJECT
THAT YOUR FIRM HAS WORKED ON RECENTLY?
The frame builders’ risk market has been firming. Multiple carriers have exited the space, rates are going up and obtaining extensions on projects has become a challenge. Our solution was to create a master builders’ risk program. This locked in rates and terms and conditions on all deals for a year, allowing our client to have stable underwriting for a project of $315M including full terrorism placement.
TELL US ABOUT A CREATIVE SOLUTION THAT YOUR FIRM
PROVIDED TO A REAL ESTATE CLIENT.
Gallagher recently created a solution for real estate companies that are providing services and owning properties through third-party capital. We recognized that because this client’s business model was unique, their coverage needed to match. Our solution blends D&O/E&O with no Professional Services Exclusion, no Redlining Exclusion, no General Partnership Exclusion and a limited Contractual Liability Exclusion — a solution tailor-made for this client.
ARE THERE ANY EVOLVING EXPOSURES TO LOSS THAT YOU ARE SEEING IN REGARD TO YOUR REAL ESTATE CLIENTS THAT YOU ARE ADDRESSING WITH REGULARITY?
Ransomware is one of the most talked-about emerging threats in real estate, but there are many other cyber exposures that are putting our clients at risk. Social engineering like business email fraud or phishing scams are examples of those exposures. An employee receives an email from a purported vendor, employee or client directing a payment be made; but when that payment is made, the money is actually stolen. This is a frequent loss we see with real estate companies. Cybercriminals target real estate companies because of the large number of vendors involved and payments made. Even with smaller, family-owned real estate companies, social engineering
Gallagher HQ, Rolling Meadows, IL
is still a risk. Smaller businesses may not have the same protections as their larger counterparts (e.g. multi-factor authentication, encryption, external email tags, etc.), which only increases their risk.
WHY SHOULD A CLIENT CHOOSE YOU OVER THE
COMPETITION?
Our team’s knowledge of the insurance markets (including property, casualty and executive lines) and the depth and quality of relationships with the underwriters are critical in helping clients obtain excellent coverage and competitive pricing. Our commitment is to be responsive at all times, and in regard to all of your needs. Whether it is an issue of insurance coverage, financing transactions or claims, the Gallagher team is here to help. Our goal is to act as our clients’ trusted advisors, essentially becoming an extension of our clients’ teams.
AT A GLANCE...
HEADQUARTERS: 200 Jefferson Park, Whippany, NJ 07981-1054
YEAR FOUNDED: 1927
AREAS OF EXPERTISE IN REAL ESTATE: Commercial, hospitality, retail, multifamily, flex and more with expertise in property, casualty, professional lines, environmental and development
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