Insuring Real Estate is a specialty. At Haylor, Freyer & Coon we make sure our Real Estate clients are reducing their insurance costs through the use of Contractual Risk Transfer. What is Contractual Risk Transfer? It's the transfer of risk through the use of contracts and agreements. Insurance is also a transfer of risk, but to your insurance company for a premium. Contractual Risk Transfer is an effective risk management practice without the high cost of Insurance. Real Estate Owners who become educated in this are often able to dramatically reduce the long-term cost of their insurance program. They also further insulate themselves from severe liability claims.
Did you know in New York State that a Real Estate Owner is strictly liable for injuries involving any contractor you hire that falls from a height? Strict liability means there is no defense in court regardless of the worker's own conduct or liability. Without proper Contractual Risk Transfer, a Real Estate Owner is exposed to severe lawsuit with no defense. This falls under the Labor Law Statute section 240/241. New York is the only state with such a statute.
Did you know about the co-insurance threat on your property insurance? Insurance policies contain a clause that your property must be insured to a certain value. If not, at the time of a loss, a co-insurance penalty will be assessed and an owner will receive only a partial payment for the claim. This clause can be removed from the policy with the use of an agreed value endorsement. Avoid being surprised at the time of a large loss that a major coinsurance issue exists.
Did you know about Blanket Property Coverage? This combines all of your property limits into one large blanket limit. This gives you, the insured, great flexibility to ensure you have enough limits at any one location at the time of a loss. Do you have blanket coverage?
These are just a few examples of how we strive to protect and advise our clients regarding what is important to them. At Haylor, Freyer & Coon we take a consultative approach since our goal encompasses much more than simply selling an insurance policy. Our goal is to become your trusted advisor, reducing your insurance cost and protecting your assets with our knowledge and guidance. Real Estate is a specialty and your agent should be a specialist.
Please contact us today for a complete audit and review of your insurance program (free of charge). We will advise you on whether your program is cost effective and properly protects you.