{"id":25135,"date":"2019-10-22T08:42:18","date_gmt":"2019-10-22T06:42:18","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=25135"},"modified":"2019-10-23T05:58:45","modified_gmt":"2019-10-23T03:58:45","slug":"expert-insights-chip-stuart-explains-commercial-real-estate-insurance","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/expert-insights-chip-stuart-explains-commercial-real-estate-insurance\/","title":{"rendered":"Expert Insights: HUB International’s Chip Stuart Explains Commercial Real Estate Insurance"},"content":{"rendered":"
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Chip Stuart, Real Estate Practice Leader of HUB International<\/p><\/div>\n

Good foresight and relationships are among the most important things in the world of business. This is especially true in the case of commercial real estate, given the large revenues and costs associated with the market. For any commercial real estate<\/a> owner, it\u2019s essential to have a broker who can not only tailor an insurance and risk management solution to their portfolio of properties, but also advocate for them in times of need.<\/span><\/p>\n

We had the pleasure of chatting with Chip Stuart, Real Estate Practice Leader of <\/span>HUB International<\/span><\/a>, a leading real estate insurance brokerage. He has been working with the company since 2009. To find out more about the ins and outs of commercial real estate insurance, we asked him to share his experience and opinions. Here\u2019s what he told us.<\/span><\/p>\n

Q: Tell our readers a little bit about your business: what industry are you in and what services do you provide?<\/h2>\n

HUB is a national insurance brokerage and advisor to real estate clients. We provide all lines of insurance with ease of administration.\u00a0 We have specialized in real estate to bring our clients specific customized service, tools, resources, and options for insurance and other risk management services.\u00a0 We represent our clients to over 400 insurers and competitively market their insurance programs annually.<\/p>\n

Q: What\u2019s the most important thing to consider when looking for an insurance broker?<\/h2>\n

Its starts with finding the best broker who specializes in what you do, and has the experience and clout with the insurers. Underwriters respond more favorably when they know the insurance broker is in control.\u00a0 Additionally, the broker you pick has to have had experience in claims.\u00a0 You will need your broker at your side to advocate for you during a claim.\u00a0<\/strong><\/p>\n

Q: What are the challenges of the industry you work in?<\/h2>\n

While a broker tries to develop relationships between real estate and insurance underwriters, insurance companies\u2019 appetites change, claims happen, and people change. The challenge in the insurance industry is about staying informed and abreast of changes and developments with insurers that will affect clients.\u00a0 Before any renewal, a broker must have a plan B and the ability to move the business from one insurer to another.\u00a0 Staying current on market conditions of price and coverage and communicating changes to the client is imperative.<\/p>\n

Q: What is essential to know about CRE insurance?<\/h2>\n

Clients need to know details about their properties such as replacement cost valuation, fire protection, rents, occupancies, and the construction aspects. CRE clients deal with a lot of numbers.\u00a0 For instance, if you give your broker the sales price of the building to insure, you are paying too much premium.\u00a0 Weak or absence of information usually translates into an underwriter guessing, in turn rating to the worst case scenario price.\u00a0<\/strong><\/p>\n

Q: Are there any challenges you\u2019ve encountered in the process of creating insurance solutions for a commercial property?<\/h2>\n
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