Asking the important questions

With regard to Surfside, some questions for policyholders to answer include:

What is the date of the last building appraisal, and what are comparable buildings in the area currently valued at on total value basis or perhaps value per square foot?
Have there been any engineering studies done on the building?
Have there been any warnings or citations issued related to building maintenance, including but not limited to local building code officials, or any privately hired construction professionals or engineers?
Are the major mechanical/electrical/plumbing/roof/structural systems part of an on-going maintenance agreement, or are these elements simply repaired at time of failure?
Does the building have any "early warning systems," including but not limited to an Internet of Things (IoT) device to monitor for potential water leaks, voltage irregularities and/or out-of-specification performance of any mechanical/electrical/plumbing (MEP) systems or structural components?
Can you provide benchmark data related to your MEP systems that confirms that no leaks/abnormal performance issues exist or have existed in the last 12 months?
Are there any regulatory requirements, such as the 40 Year Certification in Miami or Dade counties that applies to your building?
What is the current status of those certification proceedings?
Has a property condition assessment ever been conducted on the building?
What significant maintenance/renovation/construction work has been done to the building in the last year?
What is the 3-, 5- and 10-year plan for major renovation/capital expenses for the building?
Can you please provide a bank statement showing evidence of financial liquidity/solvency/stability related to both ongoing maintenance and the future capital expenses detailed earlier?

It has been well-publicized that competition amongst brokers is fierce. If the broker is forced by the carriers to attempt to gather the above information, it might be an opportunity for another broker to step in and take the business if they can achieve getting a policy placed with less "friction."

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