The commercial property insurance industry is undergoing a dramatic shift. Gone are the days when property owners and operators could simply provide a building appraisal or portfolio valuation to an insurance broker, who would then reach out to a handful of insurance companies to obtain quotes. In the past, the process was relatively straightforward—there was a clear, well-defined formula for insuring property assets.
Today, however, insurance companies have adopted a much more holistic approach to underwriting. No longer are properties assessed purely based on tangible factors like age, valuation or size. Insurers are expanding their scope to consider the “intangibles” such as the risk management practices of the property owner or operator, the quality of the property management team, and even the way in which the owner or operator runs the business. In fact, in some cases, owners and operators may find themselves having to meet with insurance companies face-to-face, engaging in relationship-building conversations (and perhaps even a bit of wining and dining) to ensure their assets are properly insured.
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