Albert Risk Management has enjoyed a strong working partnership with our real estate clients since our firm's founding in 1967. Our recognition of the unique risk management needs of the real estate industry, and our ability to favorably respond to internal and external conditions that impact the real estate market, has fueled its growth into what is now Albert's largest client segment.
The insurance marketplace has consolidated considerably in recent years leaving less competition in its wake. Dramatically underpriced insurance rates driven by the buyer's market that ended abruptly in 2000 ultimately exposed the unprofitability of the real estate class of business to insurers. Residential real estate, as a sub-class, was particularly hard hit as premiums and insurer investment income no longer supported the losses incurred within that industry group. While these trends coalesced, the combination of an increase in natural catastrophes and heightened litigation with multi-family risks in the past ten to fifteen years has shaped one of the most challenging commercial insurance markets in history for owners and managers of residential real estate.
The expansion of construction defect litigation has inspired most insurers to limit or outright exclude construction risk from their policyholder policies. Learning that your general contractor has no liability insurance for injuries arising out of their work at your apartment property can be a financial nightmare.
These factors make it more essential than ever to identify and approach the best-suited insurance companies, risk purchasing groups, and insurance agents and brokers who will understand your exposures and provide responsible coverage at favorable pricing.
Our research and resources provide our clients with up to date information on emerging trends in insurance coverages and exclusions, regulatory compliance issues, risk financing alternatives as well as underwriting positions that impact the availability and pricing of coverage for the real estate industry. With our large representation of real estate clients we have the broadest collection of data available from any objective source from which to benchmark insurance costs and trends for our clients' benefit.
Whether you are approaching a tough insurance renewal, involved in merger and acquisition activities, refinancing a key property, or simply wondering if your insurance program is responsive to your risks, or competitively priced, we can provide expert and objective advice dedicated to your interests.