Category

Real Estate

small business insurance
Real Estate, Hospitality & Restaurants, Community Associations

Risk Management Programs Critical to Help Keep Small Business Insurance Costs in Line

How much small business insurance costs depends on many different factors, including the type of operation and its location, its exposures, the industry served, claims history, etc. The coverage features and policy terms in an insurance program, along with its policy limits, of course, also affect the cost of coverage.  Additionally, today’s firming insurance market is impacting the cost of insurance across the board, including in all industry sectors.

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Ordinance or Law
Real Estate

Ordinance or Law: Digging Deeper into Property Insurance for City Homes

In reviewing a multi-unit property owner’s insurance needs for a condo, apartment building, co-op, brownstone, or mixed-used structure, there are many exposures to address and ensure that coverage will respond. Having replacement cost coverage with Commercial Property insurance is one important feature of a sound program but making sure that the policy will also address many of the costs involved in rebuilding after a loss is equally important.

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Real Estate

Mitigating Water Damage Risks in Multi-Family Buildings

Water damage is among the leading property claims payouts for insurance companies. In fact, the annual cost to insurance companies from water damage and mold, according to the Water Damage Defense, is $2.5 billion. Water damage can stem from various sources including: internal leaks, valve failure, or a supply line failure in a water heater; washing machine failures; frozen pipes; bathroom fixtures; appliance leaks; faulty plumbing; leaky roof; and an aged sewage system.

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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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Market Value
Real Estate

Why Replacement Cost Over Market Value Makes Sense for Multi-Family Homes

Distinguished Programs specializes in providing insurance for City Homes and New York Brick & Brownstone properties. Often questions arise from property owners on how to best determine the amount of coverage they need to purchase under their Commercial Property policy – whether this should be based on the building’s market value or replacement cost value. We put together an info sheet, “Understanding the Difference: Market Value vs. Replacement Cost,” to help agents and brokers explain how each property valuation methodology works and the benefits of insuring a property with Replacement Cost coverage.

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Real Estate

Hurricane Season: Understanding the New Normal

Hurricane season is approaching, and with it, a new reality when storms hit properties in its path. According to a recent report put out by Zurich North America, one of our key carrier partners, despite the overwhelming evidence of a “new normal,” communities are not taking broad action to protect their coastal areas and vulnerable properties and infrastructure. The risks remain high for property owners.

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hiring contractors
Real Estate

Best Practices for Hiring Contractors

Spring is ramping up, and so are the construction jobs and renovations! But do your clients know the ins and outs of hiring contractors? Are their contractors OSHA certified or have they received recent complaint? Are their contracts all up to snuff, and how about the contractors’ insurance coverage? As residential and commercial property owners embark on routine maintenance projects or much-needed repairs,

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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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wind damage
Real Estate, Community Associations, Risk Insight

A Strong Wind Is on the Way

As Bob Dylan says, “A hard rain is gonna fall…” and with it this weekend, a strong wind is gonna blow! The greater New York area is bracing for wind gusts up to 70 mph Friday, according to the National Weather Service, not to mention a coastal flood advisory through Saturday.

Are you ready? Doing a quick property sweep could help protect your building from severe wind damage.

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Boiler
Real Estate

Alert: New Online Process for NYC Boiler Inspections

Down deep in the basement is the heart of your building that keeps everything going: the boiler! Yearly boiler inspections are the law—and for good reason. But now those annual inspections in New York City must be submitted online. This new process, along with submitting yearly certificate fees, is now the only way to complete a boiler inspection with the NYC Department of Buildings (DOB).

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