PAGE 6 PROTECTING YOUR PROPERTY ® 877.482.1234 | aiblc.com Sheila E. Salvatore, Editor | Editor@AdjustersInternational.com Copyright © 2020 Adjusters International, Ltd. All Rights Reserved. E06-1021 Insights for Your Industry® is published as a public service by Adjusters International, Ltd. It is provided for general information and is not intended to replace professional insurance, legal and/or financial advice for specific cases. Navigating a Hardening Property Market Continued Strengthen relationships It is essential to build strong working relationships with your broker(s) and underwriters. The goal is that all parties know the risk associated with your business property and the best methods to insure against possible loss or preventative measures to put in place. You are on the same team — and efforts and goals should be transparent. A strong line of communication will help build a better understanding of what lies ahead in the market, which will allow for better planning. Conclusion Markets are cyclical and while a hard market is always looming, it matters how decision makers respond and prepare for it. A proactive approach and investing ahead of time in risk measures such as forecasting, etc., can be more cost effective then reactively reducing limits and changing coverage forms to quickly reduce premiums. About the Author Kyle Gibbs, Risk Manager for the Philadelphia Regional Port Authority, has spent the past decade building his career in the fields of insurance and risk management along with disaster recovery. Working through catastrophic disasters and complex insurance programs, Mr. Gibbs brings unique perspective to the table. As explained earlier, the latter can result in reduced recovery should a loss occur. While it might seem easier to look the other way, the most effective way to deal with a looming hard market is to forecast and properly prepare for it. The effort and resources invested will provide for a stronger and more risk-adverse future for your organization. Special Note: In wake of the COVID-19 pandemic, it should be understood that the principles and theories referenced here apply in normal times. In this unprecedented time, however, policies and coverages will be looked at with many new eyes and from many new angles. While no one knows yet what the ultimate outcomes will be, government will become involved and policies and their associated coverages will likely undergo change.
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