In Part III of our Four-Part C.O.P.E. (Construction, Occupancy, Protection & Exposure) Underwriting Series, we will discuss Protection considerations for underwriting Commercial Real Estate Risks.

There are two types of Protection considerations your Underwriter is looking out for when rating your Condominium Association, Apartment Building or Cooperative, these are Public and Private Considerations…

 

Public Protection

• The water supply and response time of the fire department are the most important factors when considering fire as the cause of loss. In terms of public protection in the form of fire departments, the level of protection can range from the volunteer fire department who may be somewhat less reliable to the fully paid and well-resourced service available around-the-clock.  

Private Protection

• What types of safes, alarm systems, security guards/doormen, locks, fencing, lighting and entry systems are in place to protect the premises?
• Do you have proper protection against fire loss?  Such as sprinkler systems? Alarms? Water Tanks? Fire divisions?
• In terms of wind and hail protection, are hurricane blinds and shutters used?  Are procedures in place to reduce or eliminate damage to windows and glass?

 

Check back for Part IV of our Four-Part C.O.P.E. series where we’ll be talking about ‘Exposure’ considerations when underwriting a Commercial Real Estate Risk.

In case you missed them, below are links to part one and two of this five-part series where we discussed Construction and Occupancy considerations for Commercial Real Estate risks.

Part I – Construction Considerations for Underwriting Commercial Real Estate Risks

Part II – Occupancy Considerations for Underwriting Commercial Real Estate Risks

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