Consolidation of Policies and Coverage Changes Helps Reduce Program Costs
Real Estate Case Study
Brown & Brown started by analyzing the insureds insurance policies and discovered multiple coverage gaps, including:
- Coverage limit of $10M on a $100M portfolio
- Limited coverage for roofs over 20 years old
- Limited coverage for subcontracted work
- Exposure to employment and management related claims
In addition to highlighting gaps in coverage, which the insured had not previously known about, the Brown & Brown team uncovered opportunities to consolidate policies for potential premium savings. To address the lack of support that the customer experienced with the previous broker, our team outlined a service plan that included an account manager and three assistant account managers to assist with the customer’s core service needs.
The customer worked with our team to find new coverage solutions to address the policy gaps identified. Our team negotiated with new carriers to:
- Consolidate policies
- Correct the coverage gaps in the previous policies
- Deliver a premium reduction
The newly negotiated insurance program incorporated coverage corrections and policy consolidation, resulting in more than $40,000 in savings. The team continues to deliver performance improvements to the apartment owner and manager, and they receive ongoing service and support from the Brown & Brown team.
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