Case Studies: Real Estate Owner

The Client	An owner of a large portfolio of real estate across the state of California, with an emphasis in Southern California.
The Problem	The client had multiple policies with different insurance brokers and different insurance carriers. Inconsistent renewal dates made extra work for the property management staff. Further, by using different insurance companies, the property owner had inconsistent coverages. In some cases, the coverages were substantially inadequate.
The Solution	The first step was a face to face meeting with the real estate owner to evaluate their current program. After a review of all the files, Elkins Jones performed a valuation of each of the buildings in the portfolios in order to come up with more appropriate building limits. Elkins Jones created a master property spreadsheet making the property manager's job easier. Elkins approached several different carriers with the risk and later narrowed down the carriers to those who would be most competitive.
The Result	Elkins Jones developed a comprehensive insurance program that listed all properties on a single policy. Even though the buildings were owned by different LLCs (same property manager), the premium was apportioned across the portfolio. Not only were coverages significantly enhanced, but Elkins Jones added umbrella coverage which the client previously did not have. With better coverage and more coverage, Elkins Jones saved the client 20% versus what they were previously paying.

Like to read more? Find out about other Elkins Jones success stories in the following case studies: