Page 4 - Jan 2020 Insurance Brokers Spotlight

HOW WOULD YOU DESCRIBE YOUR TARGET CLIENT BASE?
Our clients are entrepreneurial real estate owners, managers, developers and large contractors. While we
are licensed countrywide, we obviously have a focus in
the Northeast region. For those New Jersey organizations considering work in New York, the specialists in our Construction Practice can provide the necessary counsel to navigate the attendant Labor Law issues and secure proper coverage placement.
WHY SHOULD A CLIENT CHOOSE YOU OVER THE
COMPETITION?
The very best clients want to deal with talented insurance advisers who have a dynamic organization behind them. Our consultative approach seeks to understand a client’s risk tolerance and their priorities. We can offer, as needed, a Vulnerability Coverage Assessment, Claim Analysis, Loss Prevention Consulting, Benchmarking, Contract Review and OSHA Compliance guidance. We have a Surety Bond Department that regularly places site improvement, bid, performance and payment bonds when required. To further complement these services, we offer Employee Benefit and Private Client Insurance programs.
ARE THERE ANY EVOLVING EXPOSURES TO LOSS THAT YOU ARE SEEING IN REGARD TO YOUR REAL ESTATE CLIENTS THAT YOU ARE ADDRESSING WITH REGULARITY?
New Jersey has continued to aggressively enforce the Environmental remediation of polluted assets by legacy property owners prior to sale. In addition, Water Intrusion claims and their downstream impact (mold remediation, for example) in office or residential assets is becoming a significant concern. The extended shutdown of a building in order to remediate the site as well as the potential bodily injury claims that could arise from tenants or residents is problematic.
As of today, the National Flood Insurance Plan (NFIP) continues to operate at a deficit resulting in a current debt owed to the US Treasury in excess of $20 billion. The NFIP will continue to raise rates on those property owners (both commercial and residential) for the foreseeable future. The average rate increase year over year is expected to be approximately 8% for now.
Robert Sobel
Cyber-related claims are on the increase and the real estate industry is not immune. 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. There are multiple insurance carriers willing to write the coverage at competitive rates. The policy language offered by these carriers vary greatly and the devil as they say is in the details.
Workplace Violence has continued to show up in the news with greater frequency. While it is nearly impossible to protect employees, invitees or customers 100 percent of
the time, enhanced security including video monitoring, premises lighting and access control should be constantly enhanced and updated to mitigate these events and provide a legally defensible position for your insurance carrier when there is such an event.
AT A GLANCE...
HEADQUARTERS: 17-17 Route 208, Suite 260, Fair Lawn, NJ 07410
YEAR FOUNDED: 1940
TOTAL NUMBER OF NEW JERSEY EMPLOYEES: 207 TOTAL NUMBER OF NEW JERSEY-BASED BROKERS: 65
AREAS OF EXPERTISE IN REAL ESTATE: Real estate, commercial, personal and employee benefits
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