Real Estate Development Insurance
Albany, Schenectady, Troy, Saratoga, NY
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Real Estate Development Insurance Information
Why does a Real Estate Development Company need a risk management program?
Real Estate Development Companies take on the burden of handling a wide variety of risk. These risks include new property acquisition, construction, redevelopment, property maintenance, fit-up, and handling tenants. With so many moving parts a proper risk management program is vital to ensure that projects remain profitable, are completed on time and ultimately to protect the financial success of the company.
The risk management program for a Real Estate Development Company can vary greatly based on the make-up of the real estate portfolio and tenants. The risk management program should be developed in consult with an agent who understands your specific exposures and needs of your business.
Important Aspects of a Real Estate Development Company Risk Management Program
- Builders Risk: It can be very difficult to identify the actual exposure at risk to the property owner during the construction process. Insureds often over-look the soft costs, income loss and certain perils that can impact your business negatively if not covered properly.
- Risk Transfer Agreements: Having the proper risk transfer agreements in place with the general contractor and sub-contractors is vital in the event a loss occurs.
- Business Income Coverage: Business Income worksheets can be confusing, difficult, and time consuming. Having an agent who understands the coverage and the exposure for a developer with unique property portfolios can make the process much easier.
- Loss Valuation: Properly understanding the term “insured to value”, co-insurance, the different loss valuations, and which method is best for your unique portfolio can drastically affect the bottom line.
Get started today!
Developing the proper risk management program is a detailed process of internal procedures and protocols as well as having the proper risk transfer procedures and insurance policies. Ten Eyck Group has a staff of professionals that will work with you and assist in the growth of your company. Give us a call at (518) 464-0059 so we can start the process with you!