Vacant Property Coverage, for When You’re Between Tenants or Selling

April 10, 2019

article image
After more than six years, it’s still a seller’s market, values continue climbing, and property owners, whether they’re holding residential, office or industrial space, are seeing their properties snapped up in days, sometimes hours. All of that can change when the economy slows, of course. And even in a hot real estate market, vacant space can still be found, sometimes on the market, sometimes not, its owners just waiting for capital to flow in or because they’re too busy with other ventures to pay attention to their investment just yet. So if a house, or apartment building or office space are not occupied, and there’s no business being conducted in the place, you don’t need insurance, right? Why? Because vandals, sometimes hunting for copper, break into abandoned buildings and can wreak havoc. Because of lightning strikes that spark devastating fires. Because of winds that blow so hard, they can tear off a roof. Because of arsonists. Because a little, old lady (or even a young child) tripped and fell and broke their foot on a cracked sidewalk right in front of your premises.

Spotlight

EmblemHealth

At EmblemHealth, we believe in health care for all of us. As one of the nations largest not-for-profit health insurance companies, we cover more than 3 million people, or one out of every three New Yorkers. We started back in the 1930s, at the height of the Great Depression. Out of hard times, the idea of health insurance was born: a system that would protect everyday people from financial misfortune if they had an accident or illness. Two companies from those early days of health insurance, Group Health Incorporated (GHI) and Health Insurance Plan of Greater New York (HIP), would later merge and become EmblemHealth. And after 80 years, our purpose as a not-for-profit is still the same: to provide quality, affordable health insurance for New Yorkers and their families.

OTHER ARTICLES
INSURANCE TECHNOLOGY

Innovation rises to meet disability and long-term care risk

Article | January 28, 2022

As the COVID-19 pandemic continues, we are learning to live with it and mitigate its risks. While older adults have suffered disproportionately from the health impacts of COVID, they have also suffered from the effects of efforts to control its spread. Infection rates rose in recent months, and many long-term care facilities again closed their doors to visitors. This left many families separated from elderly and disabled loved ones during the holiday period.

Read More
CORE INSURANCE

Unlocking the potential of deeper customer-agent-insurer relationships

Article | December 27, 2021

Mr. and Mrs. Garcia purchased their first life insurance policies from their agent more than a decade ago, when their eldest son was born. They soon bundled their home and auto policies for a discount. A few years later, when the Garcias started a small business, they worked with their agent to establish commercial insurance. As the business thrived, the family set up fixed indexed annuities and mutual funds to put their growing savings to work. All of their policies and accounts are easily accessible via an online platform, and when a new need arises, they simply message their agent to discuss a new policy. The agent also reaches out regularly to make sure the Garcias’ evolving needs are always met. The experience of the hypothetical Garcia family shows how simple it would be for insurers to build deeper customer relationships. But many insurers continue to struggle to develop relationships with their customers that span multiple products. In fact, limited successes in this area have convinced some insurance executives that there is limited value in cross-sales initiatives. In our experience, however, a more coordinated approach can unlock huge opportunities to meet customers’ comprehensive needs through a principal adviser.

Read More
CLAIMS

Builders Risk Insurance Vs. Liability Coverage: How Each Benefit Works

Article | December 22, 2021

For construction contractors, there is nothing more important than safeguarding your works in progress. After all, if something were to damage the property and interrupt your progress, then you might face a huge financial setback. At this point, it’s critical that you have builder’s risk insurance ready and waiting. Your policy will be there to assist you following property damage at construction sites. However, your builder’s risk policy will not offer the same coverage to injuries or property damage that you cause to other parties. In this case, separate liability insurance benefits will provide the necessary benefits. Though separate from your builder’s risk policy, liability coverage is equally important. Let’s take a closer look at how these benefits work.

Read More
INSURANCE TECHNOLOGY

Making the digital leap in underwriting

Article | December 16, 2021

Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to inefficiencies and ineffective underwriting. The divide exists because today’s underwriting platforms have not evolved to meet the needs of a modern digital carrier. To see why, let’s take a quick look at the history of these platforms. The first generation of underwriting platforms was built to provide rating systems and core policy management needed to price and administer the underwriting of policies. The technology they run on has changed from mainframe to servers to the cloud, but the platforms themselves remain focused on managing the least information necessary to price and maintain the policy.

Read More

Spotlight

EmblemHealth

At EmblemHealth, we believe in health care for all of us. As one of the nations largest not-for-profit health insurance companies, we cover more than 3 million people, or one out of every three New Yorkers. We started back in the 1930s, at the height of the Great Depression. Out of hard times, the idea of health insurance was born: a system that would protect everyday people from financial misfortune if they had an accident or illness. Two companies from those early days of health insurance, Group Health Incorporated (GHI) and Health Insurance Plan of Greater New York (HIP), would later merge and become EmblemHealth. And after 80 years, our purpose as a not-for-profit is still the same: to provide quality, affordable health insurance for New Yorkers and their families.

Events