Connect insurance to the operation
Commercial real estate programs work best when building ownership, tenant occupancy, lease requirements, property values, Lessor’s Risk Only (LRO) liability, rental income, catastrophe exposure, and portfolio-wide liability are coordinated. Commercial real estate insurance for building owners, landlords, Lessor’s Risk Only (LRO), property portfolios, liability, rental income, and ownership entities.
Unscheduled people, property, or locations
Review the current operation, credible loss scenarios, management controls, contracts, requested limits, and the policy terms intended to address this issue.
Excluded services or causes of loss
Review the current operation, credible loss scenarios, management controls, contracts, requested limits, and the policy terms intended to address this issue.
Limits that do not match credible severity
Review the current operation, credible loss scenarios, management controls, contracts, requested limits, and the policy terms intended to address this issue.
Risks that deserve specific attention
Property and catastrophe damage
Describe where the exposure occurs, who controls it, how frequently it arises, what could make a loss severe, and which documented controls are in place.
Lessor’s Risk Only (LRO), premises, landlord, and ownership liability
Describe where the exposure occurs, who controls it, how frequently it arises, what could make a loss severe, and which documented controls are in place.
Loss of rents, business income, and changing replacement costs
Describe where the exposure occurs, who controls it, how frequently it arises, what could make a loss severe, and which documented controls are in place.
Coverage areas to coordinate
Commercial property, loss of rents, and business income
Confirm limits, deductibles, covered entities, locations, operations, exclusions, endorsements, and how this protection coordinates with the rest of the program.
Lessor’s Risk Only (LRO), general liability, and umbrella or excess liability
Confirm limits, deductibles, covered entities, locations, operations, exclusions, endorsements, and how this protection coordinates with the rest of the program.
Ordinance or law, equipment breakdown, flood, and other property extensions as applicable
Confirm limits, deductibles, covered entities, locations, operations, exclusions, endorsements, and how this protection coordinates with the rest of the program.
Build a useful submission
- Describe every operation, ownership entity, location, service, customer type, and material change since the prior policy began.
- Provide current revenue, payroll, values, vehicles, equipment, contracts, and currently valued loss information when available.
- Explain significant claims, near misses, corrective action, safety procedures, training, maintenance, and management oversight.
- Identify requested effective dates, contract deadlines, lender or landlord requirements, desired limits, and deductible preferences.
Questions the review should answer
How will the program address property and catastrophe damage?
Connect the answer to the appropriate policy, limit, deductible, endorsement, exclusion, operational control, and recovery plan.
How will the program address lessor’s risk only (lro), premises, landlord, and ownership liability?
Connect the answer to the appropriate policy, limit, deductible, endorsement, exclusion, operational control, and recovery plan.
How will the program address loss of rents, business income, and changing replacement costs?
Connect the answer to the appropriate policy, limit, deductible, endorsement, exclusion, operational control, and recovery plan.
Frequently asked questions
What information helps prepare a Commercial Real Estate insurance common coverage gaps review?
Start with a clear description of the operation, locations, ownership, revenue, payroll, property, vehicles, contracts, current insurance, and loss history. For commercial real estate, pay particular attention to property and catastrophe damage, lessor’s risk only (lro), premises, landlord, and ownership liability, loss of rents, business income, and changing replacement costs.
Which policies commonly deserve attention for commercial real estate?
The starting coverage areas include commercial property, loss of rents, and business income, lessor’s risk only (lro), general liability, and umbrella or excess liability, ordinance or law, equipment breakdown, flood, and other property extensions as applicable. Actual needs depend on the operation, contracts, locations, people, property, vehicles, services, and available market terms.
Coverage descriptions are general. Eligibility, availability, limits, deductibles, valuation, exclusions, and policy terms vary by operation and insurance market. Actual policy documents control.