ACE releases advisory on managing real estate liability risks
ACE Group has announced the release of a new advisory entitled, “Managing Real Estate Liability Risks in a Changed Market,” examining core risk management concerns for commercial real estate property owners and managers.
The advisory provides a guide to some of the most volatile exposures occurring in today’s market, and also discusses the importance of evaluating these risks, reinforcing risk management strategies and assessing insurance programs to ensure the appropriate primary and excess coverages are in place to mitigate potential exposures.
“As the US commercial real estate market improves, risk management considerations that once had been put aside are now coming to the forefront and should be re-examined,” says Carol Laufer, executive vice president of ACE excess casualty. “ACE’s excess casualty practice has developed this advisory to provide the industry with practical and timely information on these immediate and developing risks. In addition to providing industry insight and solutions on current trends, our practice is committed to offering a complete suite of products and expertise to help manage and prepare for possible risks and exposures.”
The new ACE advisory was authored by Joseph Fobert, senior vice president of ACE excess casualty, and is part of a larger series of papers that ACE produces which are designed to provide useful information on current industry topics faced by risk managers.
The advisory highlights a number of key exposure areas and discusses how the risks in some cases have become greater, while others continue to evolve.
According to Fobert, “In light of the state of today’s market and heightened exposures, real estate companies should strengthen their risk management efforts and also assess their insurance program to make sure that they have the right primary and excess coverages. Working with an insurance carrier that understands both the potential risks and the industry should be a key component of the overall risk management strategy.”
To access the full report, please visit ACE’s website, here.
