We’ve heard from a number of commercial lenders that there’s a need for broader review of their books of business, particularly to analyze insurance policies, potential hazards, and property risks. Verisk Commercial Real Estate offers professional consulting services from experts whose sole responsibility is to conduct insurance reviews. They can provide an analysis at either the portfolio or individual risk level for both existing policies and new business.
For existing policies, we can assess the risk through a survey, existing commercial property report, or a review of existing or proposed insurance coverage. Our experts will tell you the adequacy of limits, deductibles, retentions, protective clauses, and more. They’ll also determine the need for specialty coverages or extensions and identify concentration issues. They can do the same assessment for new business, too, giving you an analysis before you close on a loan.
For individual risks, you can get an assessment that measures current property risks, primary liability, and excess/umbrella coverage against recommended levels. For portfolios, we can analyze your risks for natural disasters and weather perils.
We offer many additional services, too. They include:
- annual insurance evaluation services
- monitoring of insurance renewals and tracking of all insurance exposures or renewal changes
- submission of notice of required letters to borrowers with missing insurance
- ongoing program administration services
- annual policy and endorsement reviews
Our expert consulting services for lenders can help you manage risk and improve your book of business. For more information on our consulting services, please contact Anthony Recanatini at ARecanatini@verisk.com.