Problem Solved: Preventing the Insured from Traveling

Oga. 23, 2022

As part of our ongoing Problem Solved series, Place of residence spoke to Jason Schicianoanother president of Levitt-Fuirst insurance reimbursement.

Hitting the road. We had an apartment building Westchester County who were looking for a new insurance carrier, and we thought we had found an unbeatable option for them, plus a very attractive one. insurance package quote, which includes property and liability insurance as well as representation 80% or more about the total premium. We received permission from the organization to place the insurance. Then we hit a big bump in the road.

Unacceptable. It is similar to a new insurance company to inspect the property after the insurance is completed. A qualified inspector will inspect every area of ​​the building, from the floor to the ceiling and everything in between and make sure that no leaks are possible. insurance claims. In this case, what they found was unacceptable, in their opinion.

He noticed some damage in the underground parking garage. There was some evidence of into the water capable of causing corrosion to steel construction and concrete pillars of construction, which is actually holding the house together. This is what led to the downfall of Surfside, Fla., Condominium. Since then, insurance carriers have become more aware of anything that can produce similar results.

In fact, the team at this condo already knew it needed repairs. They had asked for a engineer’s report that, yes, there are some issues that need to be answered here, nothing urgent. The stability of the house is good, but if these things are not addressed, it can be a problem. Even so, the insurance company would not be involved in this.

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Let’s talk about it. A new carrier is available 60 days from the time the insurer has to decide whether the property conditions are acceptable or not. And if not, they can give written notice not to continue. We decided to talk to the carrier. There are many insurance brokers who do business with long term carriers. It’s all via email. No one knows anyone. But we have good relationships with all of the major carriers, and we did a Zoom call with a number of those who wrote and evaluated the decision makers at the carrier.

So I said, “Why don’t you give us the opportunity to go to this organization to see their intentions in terms of making enough to solve any future problems?” If they can do it within 60 days, and if you are open to the matter being resolved, you can guarantee the house until that time. Everyone wins. When you get a new client, we get a new client, and the building will be improved. Meanwhile, if things don’t work out that way, anywhere in the first 60 days, you can pull the plug and get out of the contract. “

They agreed to do so. So we went back to the board and the manager and told them that the carrier needs to see a he signed the contract within the first 30 days. They need to prove that the amount of work that needs to be done is satisfactory, and they want to insurance information making sure the contractor is reliable and has the right insurance. They also wanted us to give them progress reports at 30, 45 and 58 days. The board and the site manager responded that they were ready to sign the contract within 30 days.

Delayed maintenance is not an option. Boards need to know, especially these days, that you can’t delay maintenance, especially on large projects. If you don’t do this, it will cost you a lot of insurance or possibly much, much worse. Another lesson of this story is the importance of a good relationship between the broker and the insurance agent, and between the broker and the general agent and the board. When things go wrong, the borrower needs to interact with the carrier’s executives and decision makers and top management to get things done.