3/22/2011

Property Insurance - Mitigating Risks

FROM MOUNTAIN INSURANCE BROKERS (mountaininsurance.com)
"February 28th, 2011
While new buildings are constructed to meet the highest standards of safety and stability, older commercial properties can lack such protections, making them difficult and expensive to insure.
That’s why risk managers need to focus on the kinds of retrofit projects that will pay off in terms of reducing losses and lowering insurance costs.
In some cases, building regulations will determine what work needs to be done. But in the absence of codes, how does a property owner assess the hazards of an older property, whether it is recently acquired or one that is due an upgrade? Is creating a highly protected property from an ugly duckling worth the extra expense and effort?
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I know that I have clients whose Property Insurance provider promotoes sustainability features and rewards the client with discounted premiums. The work environment and facility can impact claims in a variety of ways; some obvious - trips, slips, falls, and other accidents; others less so - sick building syndrome and security.

What are the building aspects you're seeing that can impact your property insurance premiums and how do we mitigate those risks?