Licata Risk Advisors Warns Commercial Property Owners of New "Dirty Little Secret" -- Buildings Are Not Completely Covered as Insurers Turn the Tables on the Insured
(firmenpresse) - BOSTON, MA -- (Marketwire) -- 04/11/12 -- Licata Risk Advisors -- -- has just released a new study called "," available free of charge at .
According to Frank Licata, acknowledged risk advisory expert, "Your building's replacement cost is $100 million and your property insurance limit is $500 million. Very secure, right? Not necessarily!"
"Risky property insurance plans are being sold in the marketplace with very little -- if any --disclosure about how they actually work," he continued. "Large numbers of properties owned by various unrelated entities are being aggregated by insurance brokers and covered under programs that leave the properties exposed in the event of an 'unexpected' large loss."
"For example" he said, "we've reviewed programs where $3 billion of property are subject to a 'per occurrence limit' of only $500 million. The contractual obligations have been flipped so that the risk of unexpected loss now rests with the insureds, not the insurers!"
In the traditional method an owner insures the building or portfolio of buildings for 100% of their replacement cost. The insurance is dedicated to that property.
Under the new model, however, insurance brokers are pooling together property portfolios of many unrelated owners into a single insurance program with a shared limit. Hungry brokers are selling the new programs aggressively, but the shared limit is likely to leave some owners uninsured. A major problem is the lack of disclosure, so buyers entering the market should get well-informed before they sign up.
is not an insurance company or a broker, and does not sell insurance. This is an important distinction. There is no conflict of interest. We work with mid-market companies up to $700 million in revenue. These services are available: , , ,
The company is headquartered at 137 South Street, Suite 2, Boston, MA 02111-2838. Visit or call 617-451-2140, x312.
For further information contact
Steven Swartz
978-265-4934
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Datum: 11.04.2012 - 17:44 Uhr
Sprache: Deutsch
News-ID 134043
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BOSTON, MA
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Insurance
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"Licata Risk Advisors Warns Commercial Property Owners of New "Dirty Little Secret" -- Buildings Are Not Completely Covered as Insurers Turn the Tables on the Insured"
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