Hub introduces new umbrella product for commercial real estate

Hub introduces new umbrella product for commercial real estate

Hub introduces new umbrella product for commercial real estate

Hub International Limited has announced the launch of a new umbrella/excess risk purchasing group insurance program for commercial real estate businesses. The program, SHIELD, is exclusive to Hub clients and prospects. It was created in collaboration with Sompo Global Risk Solutions

“Umbrella/excess liability insurance is important for any company looking to protect itself from catastrophic and unforeseen events,” said Chip Stuart, practice leader and chief sales officer for Hub’s national real estate practice. “However, our clients are now better served with Hub coordinating their insurance-buying decisions directly with carriers as we offer frontline client service, negotiated renewals and predetermined premiums. Additionally, they can benefit from our risk-services resources and team to improve their risk profile to lower costs.”

SHIELD, part of Hub’s recently announced specialty practices, is one of the first examples of the company’s tailored insurance products designed to manage commercial real estate risks. The program will provide broad umbrella coverage, per location aggregates and limits up to $100,000,000, with no shared limits for commercial real estate businesses such as offices, warehouses, light industrial and retail properties, and mixed-use space, Hub said. SHIELD also features additional risk services for commercial real estate clients, including:

  • Fire protection impairment, hot work programs design, and monitoring
  • Water damage prevention and mitigation
  • Security and protection systems evaluations
  • Slip-and-fall preventions
  • Life safety evaluations
  • Safety program review and development
  • Audit and inspection processes
  • Claim reporting and advocacy
  • Real property replacement cost valuations

“Given the problems of growing loss severity, less insurance availability, and increasing premiums, Hub recognized an opportunity to better serve our clients by offering this proprietary product nationwide through multiple carriers rated ‘A+, XV’ or better by AM Best,” said Tom Delark, chief marketing officer for Hub’s national real estate practice.

 

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