Page 6 - Jan 2020 Insurance Brokers Spotlight
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Providing competitive, consultative,
risk management solutions to real estate Owners, Developers, and Managers for over 50 years.
WHAT IS A NOTEWORTHY TRANSACTION OR PROJECT
THAT YOUR FIRM HAS WORKED ON RECENTLY?
We recently placed coverage for a $200 million gut-rehab project on a landmark Miami Beach Hotel, a $100 million new Harrah’s casino in North Carolina and a $100 million apartment/retail project near the Harrison, NJ PATH Station, including a GL OCIP, Builders Risk & Contractors Pollution Liability.
TELL US ABOUT A CREATIVE SOLUTION THAT YOUR FIRM
PROVIDED TO A REAL ESTATE CLIENT.
A number of years ago, the market for Builders Risk insurance became very expensive and limiting for wood frame projects and those projects constructed in coastal and earthquake-prone areas. Our construction/real estate team was able to create an exclusive USI Builders Risk Program that offered broad coverage and terms, high sub-limits for Flood and Earthquake and full coverage for frame projects all at very competitive pricing. This extremely successful program was underwritten for established real estate firms with a successful history of project development. The form developed for this Program has now been accepted by many of our BR insurers to use exclusively for USI.
WHY SHOULD A CLIENT CHOOSE YOU OVER THE
COMPETITION?
Our Real Estate Group is comprised of Professionals with an average of over 25 years managing risk for a variety
of real estate accounts...from shopping malls, apartment complexes and industrial parks...to hotels, airports, casinos,
high-rise offices and condos. This experience, combined with the broadest insurance company representation in
the business, assures that our clients are getting the best coverage advice, most competitive pricing and the highest level of claims advocacy. Our Real Estate Team leverages USI ONE ADVANTAGE, a fundamentally different approach to risk management, integrating proprietary business analytics with a network of local and national technical experts in a team-based consultative planning process to identify targeted solutions to our clients’ risk management needs. USI’s robust analytics, deep industry expertise and hands-on service provide our clients with solutions that have a meaningful economic impact.
WHAT INSURANCE COVERAGE TRENDS DO YOU SEE
IMPACTING THE REAL ESTATE SECTOR?
The Property & Casualty insurance business as a whole is experiencing one of the most inflationary trends in rates that we have experienced over the last 30 years. Real Estate portfolios are experiencing reduced capacity for Property and Umbrella coverages and double-digit rate increases, even for portfolios with good loss experience. Factors such as increased losses from natural disasters (wind, flood, hail and fire), higher jury awards for liability and auto claims and escalating costs of building materials that increase the claims payments are combining to drive insurance costs higher. USI’s broad market representation and leverage with the insurers is a valuable tool to assist us in mitigating premium increases and coverage restrictions.
AT A GLANCE...
NEW JERSEY HEADQUARTERS: 180 Park Ave., 1st Floor, Florham Park, NJ 07932
YEAR FOUNDED: 1979
TOTAL NUMBER OF NEW JERSEY EMPLOYEES: Over 150 TOTAL NUMBER OF NEW JERSEY-BASED BROKERS: 30
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