Real Estate

“The owner of 2,500 apartment units faced substantial losses in the face of Superstorm Sandy when their previous broker failed to advise them of a rent abatement waiting period on their existing business income policy.

Unaware of the three-day waiting period, the owner forgave the rent of all tenants who experienced a power outage during that time due to the storm, expecting to be reimbursed for the lost income. Unfortunately, the policy’s stipulated waiting period eliminated the reimbursement at significant cost to the property owner.

Now their broker of record, SterlingRisk, not only obtained the additional business income coverage but was able to negotiate with the incumbent underwriter at renewal to obtain this coverage with no change in premium.”