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April 27, 2017

Comprehensive Risk Analysis Saves $13,000 While Improving Coverage

Client Profile

Industry: Construction
Entity Type: Association
Geographic Footprint: National
Association Size: 144 buildings/264 Residential Units
Ownership Structure: Non-Profit

CBIZ assists with information technology audit outsourcing.Problem

 

Bexley Park Master Association, Inc. was automatically renewing their commercial insurance policy for the past three years. The automatic renewal did not include a policy review, which meant the policies were no longer covering their exposures in a number of areas. Additionally, the community association had suffered from several claims, and did not receive claims advocacy service. 

Solution

 

A meeting was scheduled to discuss our extensive background in working with community associations and our approach to risk management.  During the initial meeting, a detailed insurance and risk management service schedule was provided. We proposed an on-site loss control safety review and a comprehensive risk analysis. The analysis and review revealed significant coverage gaps.  

Outcome

 

In addition to enhancing their coverage, the association saved over $13,000. They 
also benefited from a number of enhanced services and resources - annual hurricane site survey, annual unit owner meeting, annual loss control inspection, and claims management. Plus, they have access to a dedicated team focused on the community association industry, both from an insurance and property management perspective.

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