November 23 General Meeting (Virtual)

October 28 2020

Bailey Place's vice president Jeremy Boylan- Insurance pitfalls and coverages that all landlords should be aware of but are often overlooked, He will discuss how the insurance industry is responding to Covid-19 and what landlords can expect in the coming years.

 

Sprague and Jackson- Tax season is right around the corner David and Angie will present tax planning insight.

 

Please find the talking points from the Bailey Place presentation, any questions can be answered by emailing Jeremy JBoylan@Baileyplace.com or call 607-319-0094

BAILEY PLACE INSURANCE
• Serving Cortland and Tompkins County for 163 years
• Offices in Ithaca, Dryden, Cortland, and Rochester
• Locally owned, independent agent
• 100% Licensed agents, focused on professional development and client service
• Online, interactive client portal, chat feature
• Annual comprehensive coverage reviews and risk management strategies

 

INSURANCE MIND SET
• While pricing does fluctuate based on a variety of market factors
– insurance is not a commodity. It is not a simple transaction like
your water or electric bill. A comprehensive, yet affordable risk
management program is an important part of protecting your
real estate portfolio.

 

INSURANCE
NOT A QUESTION OF
IF, BUT A QUESTION
OF WHEN
MAKE INSURANCE EASY
• One policy, one agent – or at least one effective date
• Easy annual review with your agent
• Easy umbrella coverage
• Easy budgeting
• Easier claims and coverage questions
INSURANCE PITFALLS
• Multiple policies, effective dates, agents
• Choosing price over coverage
• Actual Cash Value vs. Replacement Cost vs. Assessed Value
• Don’t hide exposures from your agent/carrier to save costs
• Do: Require Renter’s Insurance
• Don’t: Use uninsured contractors
LET’S TALK
ABOUT 2020!
• Property rates for larger exposures, with national carriers, may increase 15% to 25%
next year.
• General liability rates will increase 7.5% to 15%.
• Umbrella/excess rates will increase from 30% for low/moderate hazard umbrella to
150% for high hazard excess.
• Workers compensation rate decreases are flattening.
• Auto rates will increase 8% to 15%.
• D&O rates will increase up to 70%.
• Cyber insurance rates will increase 10% to 30%.
OPPORTUNITIES
• Exclusive product with Bailey
Place Insurance, provides:
• Vandalism coverage during
semester breaks
• Discounts for effective lease
agreements
• No cost to add property
manager as additional
insured
• 10% renewal credit for
claim free first year!
Student Select Insurance Program
2020 OPPORTUNITIES
• Discrimination – typically excluded on
standard liability policies.
• Payment on behalf of landlord, not
reimbursement
• Lawsuit alleging discrimination for race,
gender, familial status, criminal background or
disability, or reasonable accommodations
(service animals)
• Work with a property manager who leases
and/or evicts on your behalf?
Tenant Discrimination,
Professional Liability
2020 OPPORTUNITIES:
RISK MANAGEMENT IDEAS –WE CAN HELP
• New Tenant Checklists – Lease, keys, utility schedule, maintenance
• Property Checklists – Smoke/CO2 detectors, railings, roofs, gutters, dryer vents
• Risk Management 

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