Sompo GRS launches commercial real estate financing insurance

Sompo Global Risk Solutions (GRS) is offering a new specialized insurance that helps US commercial real estate and financial institutions with property-related risks. The new Sompo GRS Replacement Value Protection product covers the shortfall between the outstanding loan balances, the combined value of the underlying property insurance proceeds, and the land that collateralizes the loan in the event of a covered cause of loss, a release explained. Sompo GRS has entered into a strategic partnership with independent risk management and consulting firm Fisher Harris Shapiro to offer the program. Replacement Value Protection will be made available to retail US insurance brokers and agents through FHS; Sompo GRS will individually underwrite each transaction.