Because property premiums are based on the value of the property, many insureds have sought to save money over the years by reporting lower values. While that tactic can bring cost savings in the short term, it works against the longer-term best interests of both the insured and the industry. Should a catastrophe strike, a business that’s underinsured may not have sufficient funds to rebuild or make it through an extended shutdown.

BOTTOM LINE
Risk cannot be adequately managed without a true picture of the risk. The best way to obtain the most cost-efficient coverage is to provide the most accurate information, reduce modeling uncertainty, and achieve premium credits by providing better data. Brokers with expertise in assessing property risk using sophisticated modeling systems can provide better guidance in identifying the data needed to adequately manage risk. Contact your CRC Group producer for more information.

Topic Timeline
2:02 | Can you give us a quick recap of property insurance rates, what's currently happening in the property market?

3:06 | Is under-reporting a good strategy?

4:21 | What are hard limits and how does this play into this discussion?

5:26 | How is software changing how agents should report?

6:41 | What considerations should agents have for property submissions in the wake of the Coronavirus pandemic?

8:07 | What about insureds that have catastrophic exposures? How does modeling affect them?

10:34 | How important is accurate data?

12:50 | What about those who are looking for cost efficient coverage?

14:20 | What value does a CRC broker add?

Featuring:
David Pagoumian is the President of the CRC Red Bank, NJ office. David specializes in property placements and is an active member of the Property Practice Advisory Committee.

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