Spring – and the bees are abuzz and so is the Big “I” Market and Fireman’s Fund’s Small Commercial Lessors Risk Only product. The launch in March was a huge success! Numerous IIABA members read the Two for Tuesday launch article, attended the LRO Webinar, and have submitted their Lessors Risk Only accounts through the Big “I” Markets Website. Was the success due to the unprecedented $50,000,000 maximum TIV per account or the broad range of real estate specific coverages?
It is difficult to tell exactly which great features landed the accounts, but below are some additional real estate specific coverages available in our form that just may catch your building owner clients’ attention:
- American Business Coverage (ABC) Real Estate Owners Extension Endorsement – an optional endorsement for Lessor’s Risk Property Owners. This endorsement is designed to broaden existing coverage with new enhancements. There are 18 coverages subject to a $500,000 Blanket Limit of Insurance and 12 additional coverages with specified Limits of Insurance.
- Realty Tax Increased Assessment Extension – Coverage will reimburse the insured for increased tax liability attributed to the construction, repair, rebuilding or reconstruction of the property damaged by a covered cause of loss.
- Green Real Estate and Personal Property Upgrade Endorsement – Allows owners of traditionally built structures to rebuild and replace with energy efficient systems, equipment, and materials. In addition, in the event of a total loss, our policy will cover the cost to rebuild in accordance with Green standards. Why Green? Buildings that carry LEED or Energy Star certifications have higher occupancy rates and lease for more dollars per square foot than their peers, according to the Co Star Group, a company that provides information services to the commercial real estate industry.
We encourage you to submit your Building Owner and Lessors Risk accounts today, and see what all the buzz is about!
Andrew McElhannon is the Member Services Coordinator for the Independent Insurance Agents of Georgia www.iiag.org, and can be contacted at: firstname.lastname@example.org or b y phone at 770-458-0093, x.110, or 800-878-6487.