In Any Relationship, Know Your Assets

Lori Seidenberg’s renewal advice for risk managers?

“Make sure your construction occupancy protection exposure (COPE) is always up to date and that your replacement-cost values are valid as well,” says the vice president of enterprise risk management for Centerline Capital Group in New York.

She adds in the advice department: “I’m very pro-broker. They are your advocate, talking to the carriers and underwriters.”

Also, “we have annual meetings with all of our markets, so we can talk about where we have been and where we’re going. You still can’t substitute face-to-face interaction. I have my broker and incumbents, and then maybe a separate meeting with my potential markets.”

She explains that it’s a good idea to know what the markets are offering, “and it’s also important for the broker to negotiate the manuscript forms. They need to make sure you are getting the best coverage because not all policies are created equal.”