Baseball-Mound A new approach is emerging called “alternative risk financing.” It’s designed for good performers in the market who have sizeable, well-run portfolios that make few claims each year. (Credit:

It’s fair to say that until just recently, insurance was something the real estate industry didn’t spend a great deal of time thinking about. Property owners and developers simply viewed it as a necessary evil. A box on the list to be ticked. But insurance is now ranked as high as number two or number three on the expense line items list, and a clear sense of strategy needs to be brought into play. Much like a baseball pitcher considers which type of ball to deploy.

It’s all in the timing

Our clients have said things like, “This is a sunk cost. We need it. We know we need it. The banks require it. There’s no way around it. Give us a ballpark number.” So I’m speaking from experience here. And the biggest impact I believe anyone looking at taking care of their P&C insurance coverage could make is improving their timing. Not leaving it to the last minute to get a broker involved.

To leave it less than two weeks before a policy renews is leaving it too late. It doesn’t give your broker enough time to properly advocate for you, to fully analyze the property/project and secure you the best coverage and pricing.

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