Client Saves $130,000 And Improves Its Property & Liability Coverage
||Privately held investment firm (LLC)
||Properties in more than 30 states
|Number of Employees:
The client owns and manages more than 2.5 million square feet of commercial property in multiple states. Two different agents had been handling the property and liability coverage, but the developer had concerns neither was considering its overall insurance program.
CBIZ MHM, the client’s financial advisor, recommended a complete insurance review through CBIZ Insurance Services to examine both risk exposure and cost of coverage. The review exposed significant coverage exclusions within the developer’s insurance program. Deductibles in certain areas were so high that had the developer incurred any type of wind or water damage, it would have had very little insurance coverage to help with the costs of repair. Other areas did not have coverage under its excess umbrella policy, which could have also presented problems in the event the developer needed to make a claim.
By proactively identifying issues, the client was able to both improve coverage and reduce its cost, averting the risk of discovering coverage gaps during a claims process and saving an estimated $130,000 annually.
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