BKS Partners Secures New Coverage Within 2 Weeks for Non-Renewed Property Policy
A community association manager expressed concern about the boat dock association she oversees after receiving word from their current top 10 agent that the property portion of their package was not being renewed and no other options were available. The incumbent agent advised them to consider self-insurance.
Background and Context
This client oversaw 73 Slip Boat Dock associations. Their property coverage was not being renewed with less than two weeks until policy expiration. Despite reaching out to their current agent, no alternatives were available.
Solutions and Tactics
BKS began by collecting all the current policy data. After reviewing the information, the Community Association experts at BKS recommended an updated appraisal. Following this, they contacted the CRC broker (Purdy/Houston) for assistance. Less than one week before the renewal, they were able to locate a Lloyd’s option.
Value and Lessons
The significance of strong broker relationships was demonstrated by this situation. Merely being with a top 10 broker does not automatically guarantee that all markets will be approached. It is crucial to maintain positive relationships with certificate of insurance (COI) representatives.
