Consolidation of Policies and Coverage Changes Helps Reduce Program Costs

Real Estate Case Study

The Request

Assist this mid-sized apartment owner and manager with their insurance program.

Company Profile

Industry: Real Estate
Location: Southeastern Pennsylvania
Annual Property & Casualty Revenue: $50M – $400M

A mid-sized apartment owner and manager turned to Brown & Brown to help improve their inefficient insurance program. With more than ten policies all on different renewal dates, the renewal process was cumbersome and constant. The insured’s previous team offered limited service leaving the insured without adequate support.

The Solution

The team performed thorough reviews and highlighted gaps in coverage.

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 Results

Implemented coverage corrections and consolidated policies resulting in savings of over $40,000.

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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DISCLAIMER: Brown & Brown, Inc. and all its affiliates, do not provide legal, regulatory or tax guidance, or advice. If legal advice counsel or representation is needed, the services of a legal professional should be sought. The information in this document is intended to provide a general overview of the topics and services contained herein. Brown & Brown, Inc. and all its affiliates, make no representation or warranty as to the accuracy or completeness of the document and undertakes no obligation to update or revise the document based upon new information or future changes.

DISCLAIMER: Brown & Brown, Inc. and all its affiliates, do not provide legal, regulatory or tax guidance, or advice. If legal advice counsel or representation is needed, the services of a legal professional should be sought. The information in this document is intended to provide a general overview of the topics and services contained herein. Brown & Brown, Inc. and all its affiliates, make no representation or warranty as to the accuracy or completeness of the document and undertakes no obligation to update or revise the document based upon new information or future changes.