There is no college course teaching board members how to buy insurance. Most board members follow their predecessors and continue to make the same mistakes when it comes to remarketing their risk with as many agencies as they can.
But, using too many agencies is risky and here is why…….
Most agencies have the same options when it comes to insurance companies that are willing to write property in South Florida. As a matter of fact, there are about ten at the moment. That is why being a board member of a condo association you are all too familiar with the expression “The market is blocked, I need a BOR letter.”
Sending your insurance to multiple insurance companies every year can damage your image and you become known as rate shoppers among the underwriters.
Here are some of the benefits of staying with the same insurance company:
- Negotiation of renewal rates
- Faster claims handling
- Fewer gaps in coverage
- Willingness on the carrier side to accept new changes & exposures coming out of your risk.
We know the property market in South Florida has gotten difficult to navigate and that price is something on the forefront of every board member’s mind. That is the advantage of working with a risk management firm that is sensitive to price but not willing to compromise coverage to save you a few dollars just to get your business.
Saving a few hundred or a few thousand dollars is not worth having a gap in coverage and most of your tenants would agree with a board that takes that approach.
When working with the Bunker you’re getting a risk advisor, sure, but I’ve also been in your shoes. For the last twenty years, I’ve been serving as a board member and I have a deep understanding of the challenges you face. To schedule time with me, please click here!