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Historic Properties

Impact of Losses to Historic Properties
Historic Properties

Impact of Losses to Historic Properties that Goes Beyond Physical Damage

When historic properties, such as hotels, country clubs, theatres, museums, commercial buildings and commercially operated historic homes, experience property damage due to a fire or other covered property loss, the potential fallout from such a loss goes way beyond having to repair or rebuild the structure. There are many insurance considerations to take into account when covering these properties to ensure they are adequately protected. In addition, it’s important that the property’s historical significance is maintained after a loss.

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historic properties
Historic Properties

Why Historic Properties Require Specialized Business Interruption & Extra Expense Insurance

Historic properties require specialized Property insurance to make sure the costs involved to restore the property are covered. In addition, revenue-producing historic properties need Business Interruption (BI) and Extra Expense coverage tailored to address their unique exposures. Historic properties typically take more time to restore or rebuild after a covered property loss because of their significant aesthetic and architectural details, construction techniques and the artisans required to perform the work. For example, a historic property may include features such as hand-carved millwork, historic flooring and fine art murals.

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Property Insurance
Historic Properties, Real Estate, Community Associations

Understanding Property Insurance for Niche Markets

While Commercial Property coverage is an integral component of an insurance program for all businesses, the type of coverage secured depends on the niche market served and its exposures. Different policies protect against different risks. Some cover only those risks named in the policy, and others cover all risks except for those that are excluded.

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Historic Properties
Historic Properties

Covering Historic Properties in the Wake of Notre Dame

When a historic property is damaged, most will not receive a flood of donations to restore it to its original state, like the Notre Dame cathedral did.  In a recent Insurance Journal podcast, Distinguished Program’s own Kurt Meister, senior VP, discusses the Historic Properties Program and the challenges of bringing a historic structure back.

While most insurance policies cover restoring the function of a building, they do not cover replicating the original, often ornate, historic features that make these properties so culturally significant.

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Construction insurance
Historic Properties, Real Estate, Market Insights, Risk Insight

Construction Insurance in Today’s Growing Market

If you build it, they will come—but don’t forget about adequate liability coverage for new construction! As the construction sector keeps pace with the general real estate market, Distinguished’s senior vice president and program executive, Michael Thabet, weighs in on currents facets of the construction industry and what that means for today’s carriers and insureds. Thabet discusses the importance of having the right type of coverage for different building projects and how newly emerging claims are changing the landscape of this sector. Dive right in and share this Rough Notes article.

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Historic Hotels Annual conference
Historic Properties

Distinguished Attends 2018 Historic Hotels Annual conference

It was an honor to sponsor and attend the 2018 Historic Hotels Annual conference at The Broadmoor, a beautiful historic hotel in Colorado Springs.

Kurt Meister, SVP of Business Development, and Maryann Prestia, Vice President of Programs, at Distinguished attended this years annual conference.  In addition to meeting with historic hotel property owners and managers, Kurt presented an academy session focused on the top risks historic hotels face and how to avoid them. He addressed some great questions coming from the audience.

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historic replacement cost
Historic Properties

Historic Replacement Cost Coverage Video

Owners and managers of buildings with historic significance, fine detailing and unique features have the desire to replace damaged property with like-kind and quality materials and detailed workmanship. If you have a client or prospect with a historic building, it’s vital to educate them on the importance of having historic or guaranteed historic replacement cost coverage so they are not left with significant coverage gaps in the event of a loss.

Please share our short animated video on replacement cost coverage with your clients.

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