Web Seminars
The New Edifice of Vacant Property: Protecting Asset Value as Commercial Real Estate Slowly Recovers
Original Broadcast Date: Tuesday, July 12, 2011
Time: 1:00 pm ET | 10:00 am PT
Cost: Free
Sponsored by:
A decade ago, the term “vacant properties” generally meant tumbledown buildings and polluted brownfields that pose a public hazard – or at best, underperforming “grayfields” properties with a few tenants hanging by a thread as vandals gain the upper hand. Today – thanks to recession and a battered commercial real estate (CRE) market – vacant property more often involves valuable, often prime real estate assets that need protection until new or replacement tenants are found.
This year, the CRE market is showing some life – sales rose 30% in Q1 2011 vs. Q1 2010. But the long road to full market recovery remains mostly in front of us. In the meantime, developers, property managers, and CRE risk managers must focus on protecting the full value of their assets through a lengthened real estate sales cycle. And that full value can be significant. Many of these vacant properties are newer, high-quality structures equipped with state-of-the-art fire control systems and supervised daily by security patrols. These maybe also be brand-new buildings built on spec whose developers find it difficult to attract buyers.
Join us as our panel discusses the ins and outs of managing and mitigating risk in today’s soft commercial property marketplace. Learn about:
- The challenges created when otherwise valuable, well-maintained properties are vacant or under-occupied
- The fine print that you must know about in your current real estate coverage – such as policy provisos that reduce or eliminate coverage when occupancy falls below a certain level
- What steps you can take to manage and mitigate risks associated with your vacant property
- What you should look for when choosing coverage to protect your real estate assets
Register for the on-demand version now!
Featured Speakers:
Christopher Zoidis, CPCU
Vice President, Special Risk Division
Burns & Wilcox
As Vice President of the Special Risk Division, Chris Zoidis oversees a specialty underwriting and brokerage division of Burns & Wilcox. The Special Risk Division underwrites commercial, personal and professional lines coverages for Lloyd’s of London and domestic carriers on a national basis. Additionally, Chris is responsible for the personal lines division and oversees Burns & Wilcox business with Lloyd’s of London. Prior to joining Burns & Wilcox, Chris worked for Deloitte Consulting, where he served as a Senior Manager in Deloitte’s insurance consulting practice. In his role at Deloitte, Chris provided strategic and operational consulting services to insurance clients in the areas of mergers & acquisitions and underwriting process and systems. Chris previously worked as a commercial property and casualty underwriter for St. Paul Fire & Marine and Crum & Forster Insurance.
Jeffrey L Shearman CSP, CFPS
Risk Engineering
Zurich Services Corporation
As a Senior Risk Engineering Consultant, Jeff has experience in dealing with both large and small accounts with minor and complex issues primarily in the hospitality and real estate areas. In his role as Real Estate Industry Practice Leader, Jeff serves as a point person for real estate issues for Zurich. He also serves as a point person for fire protection issues and staff property skills development for the USB group at Zurich. Currently Jeff also serves in a portfolio management role for the real estate segment of the Middle Market book of business.
John DeWitt
Contributing Editor
PropertyCasualty360
Principal, JW DeWitt Business Communications
Mr. DeWitt is founder, principal, and senior consultant for JW DeWitt Business Communications in New Salem, Mass. For more than 25 years, he has worked as a business strategist, marketing and communications consultant, and writer specializing in technology, finance and insurance, management, and related areas. A frequent meeting facilitator and event moderator, Mr. DeWitt is a contributing technology editor for Tech Decisions and National Underwriter Property & Casualty magazines.
