Property Compass Helps Florida Client Save 70% on Insurance Renewal Premium
Our Property Compass Report helped a broker partner’s client in Florida whose property was built in 1975 with a Total Insured Value (TIV) exceeding $14 million and a
substantial area of over 143,000 square feet. They were facing insurance premiums doubling upon renewal due to an aging roof that needed replacement and lacked impact-resistant windows and doors.
At Navigator Risk Management, we were able to work with the client to do a comprehensive evaluation of the building in its current state.
Through our Property Compass Report, we identified the challenges posed by the state of the building and recognized the key issues that needed to be addressed with the carrier.
Our Property Compass Report assesses the structural engineering, mechanics, roof, and exterior conditions of the building. This report uncovered areas that needed attention before renewal. We facilitated the necessary repairs and ensured the report addressed the carrier’s concerns.
The client achieved a net savings of $366,354 on their premium as a result of the efforts to improve the building’s conditions, leading to a 29% increase instead of the originally proposed 100% increase in the renewal.
A drone video analysis with infrared imaging was performed to detect moisture on the building’s exterior. Additionally, we coordinated with a reputable window company contracted by the client to replace the old windows with new impact-resistant ones bringing them up to current building codes.
At Navigator Risk Management, our programs are designed to identify and address potential challenge areas that may lead to significant increases on your insurance
premiums. Moreover, our comprehensive reports empower underwriters to implement applicable discounts by leveraging our highlighted solutions for mitigating high-risk
components within your program