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April 27, 2017

Complete Insurance Audit Yields Improved Coverage and $600,000 in Annual Savings

Client Profile

Industry: Real Estate - Property Management
Entity Type: Limited Liability Corporation
Geographic Footprint: Properties in multiple states
Number of Employees: 85
Annual Revenue: $10 Million

CBIZ assists with information technology audit outsourcing.Problem

The client manages several multi-family properties in multiple states. During a consultative discussion with their financial and tax advisors, CBIZ MHM, the client agreed that a complete insurance audit would be welcomed to determine the adequacy of coverage and possibilities for cost savings.

Solution

Our CBIZ insurance audit program identified both gaps in coverage and opportunities for savings. Specifically, there was a complete exclusion of flood exposure in a flood zone and low lying areas that caused the client to be out of compliance with their loan and at risk for a loss that could have cost millions of dollars. Additionally, we noted that a number of locations were identified as dog friendly properties yet their umbrella and liability coverage specifically included an animal exclusion. Through our national program, we were able to provide improved coverage, removed the exclusions, and ultimately saved the client $600,000 in annual insurance expense.

Outcome

In addition to improved coverage at a lower cost, the client’s assets returned increased market value based on decreased operating costs. Buoyed by their confidence in CBIZ as their advocate for both financial and risk management, the client is considering substantial expansion of their operation by acquiring a residential real estate portfolio.

 

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