M id A tlantic Real Estate Journal — May 15 - 28, 2020 — 3A
www.marej.com
M id A tlantic R eal E state J ournal By Ronald Diskin, Ronald Diskin Associates Current state of the insurance market and challenges
A
s a building owner these are unusual and unprecedented
1. The current environment of the insurance market has seen a significant tightening of coverages and rising premi- ums. The industry premiums on the multifamily segment show up to a 30% average in- crease. Hotels, Office and retail buildings as well as industrial buildings are facing similar price increases. 2. Some insurance carrier have put a mortarium on new business and renewal premiums are rising SIGNIFI- CANTLY 3. Covid 19 has made collec- tion of rents very difficult, In
New Jersey tenants can ask to have their security used in lieu paying rent- check the statue in your state 4. Eviction process has been halted 5. Non admitted or excess carriers do NOT have to give you advanced notice of pre- mium increases or change in coverages-they can wait till the last minute to give you pricing Possible answers to ad- dresses these challenges: A. Talk to your agent at least 30 days in advance of your renewal -
a. Make sure they marketing your account b. Explore higher deduct- ibles to help decrease the renewal increase B. Ask if they have access to programs to meet your insur- ance needs on your portfolio C. Excess/umbrella premi- ums are on the rise-ask you agent if you qualify for an umbrella program. D. Especially if you are in- sured with a non-admitted or excess carrier, make sure you speak with your agent regard- ing the renewal pricing 30 to 45 days prior to your renewal.
Do not assume it will just happen and you want time to explore other options if there is a significant increase. In closing, it is extremely important for building owners to be proactive on their insur- ance. The last decade has been a soft market and carriers were offering renewals with very little increases. YOU MUST GET AHEAD OF THE RENEWALS. Ronald Diskin is presi- dent & CEO of Ronald Diskin Associates, A Divi- sion of Insurance Office of America (IOA).
times. See below for a list of some of the chal- lenges that b u i l d i n g owners are c u r r e n t l y facing and possible so- lutions:
Ronald Diskin
NAI Global president & CEO Jay O l s hon s ky named honorary CCIM designee NEW YORK, NY — NAI Global senior VP operations LindsayFierro announced that
M id A tlAntic Real Estate Journal — New Jersey — May 11 - 24, 2018 — Inside Back Cover B
www.marejournal.com
NAI Global p r e s i d e n t a n d C EO J a y O l - s h o n s k y , F R I C S , SIOR , has b e e n b e - stowed the H o n o r a r y
www.RDAINS.com |www.IOAUSA.com
Jay Olshonsky
Customized Packages Apartment Complexes Co-op's Mixed Use Buildings (Apartments with Merc) Condo's Shopping Centers Office Buildings Warehouses Hotels & Motels
INSURANCE COVERAGE FOR INVESTMENT PROPERTIES RISK IS A GIVEN IN BUSINESS TODAY. HOW MUCH YOU MANAGE RISK IS NOT. You may be insured, but is your insurance really covering your needs? Purchasing insurance is a major business expense and probably one of the most misunderstood products you purchase. If not properly covered, you can suffer severe financial losses. COMPREHENSIVE COVERAGE AGGRESSIVE PRICING
CCIM designation from the CCIM Institute, one of the most prestigious associations in the commercial real estate industry. “The nominations for honor- ary CCIM status are for those who demonstrate a high level of knowledge, service, and suc- cess in the commercial real es- tate industry. Your petitioner, Karl Landreneau, CCIM, SIOR , and CCIM Institute are honored to recognize your accomplishments and leader- ship, and I hope that you will accept this honor and proudly join the ranks of CCIM,” wrote Gregory Fine, FASAE, CAE and CEO of CCIM Institute, in a letter to Olshonsky inform- ing him of the decision. CCIM is a commercial affili - ate of the National Association of Realtors and draws from over 1.4 million members and are the largest international commercial brokerage net- work in the world. There are 13,000 CCIM members based in more than 1,000 markets in 30 countries around the globe. Fewer than 10% of commer- cial real estate investors and advisors earn the CCIM des- ignation by completing highly complex courses that teach real estate professionals the science of buying and selling investment-grade property.
Ronald Diskin Associates Corp. A Division of Insurance Office of America (IOA)
JONATHAN DISKIN (973) 599-9600 X44312 CELL: (201) 919-3839 jonathan.diskin@ioausa.com
RONALD DISKIN (973) 599-9600 X44311 CELL: (201) 213-6590 ron.diskin@ioausa.com
Made with FlippingBook - Online Brochure Maker