Quote from @Henry Clark:
Start with the highest policy increase and please provide for discussion the detail. Just do one policy for now, for discussion. This will further the discussion.
Example:
Coverage prior New Deductible prior Deductible new Prem Old Prem New
Property $1mm $1.5mm $20,000 $10,000 $10,000 $20,000
Liability
Business income
etc.
etc.
Claims history is minimal or nonexistent, correct.
Most of the snippets above are them keeping their offerings to their exposure models. So the only way they would insure you, is to have extremely high premiums.
These properties are preexisting properties for your firm correct and not new. These are preexisting increases from your existing insurers and not new?
If these are new properties to you and new insurers, then the premiums would generally go up since you have no history.
@Henry Clark
Example:
• 5 single tenant warehouse buildings in Portland, OR.
• All but one are NNN tenants.
• No claims
• All have been owned by us for many years and have always been on one policy along with some other multi-tenant warehouse buildings in Vancouver. However, this year, NO standard carriers would cover the Portland properties, but would cover the Vancouver properties. The brokers are required by law to give us the standard carriers for the Vancouver properties. For the Portland properties, they had to go with a non-standard carrier, which is much more expensive.
I can't break out last year's coverage because it was all bundled with other properties, but here's the new coverage info.
Current (New) Coverage:
• Property Building Total: $6,460,000. Rents: $531,827
• Deductible: $10,000 except for $25,000 for property with woodworking tenant.
• General Liability: $1M per occurrence.
Excess Liability: $5M aggregate/per occurrence.
Additional Excess Liability: $1M aggregate / per occurance.
Prior Year Premiums: $14,651
Current Year Premiums: $48,262
