Risks Of Vacant Properties
Vacant properties bring an array of risks to the table that a skilled underwriter is well aware of. Vandalism and theft are two of the most common which can easily be problematic if appropriate measures are not taken. The risk of fire and water damage are other sources of large claims that need to be evaluated and addressed for profitable underwriting. Each one of the aforementioned issues are best handled by a commercial inspection team who will take the time to detail the extent of the problem. Additionally, an in-person commercial inspection provides the opportunity to educate the insured on steps to take to reduce the risks associated with their vacant property and any coverage issues they may encounter.
Property Care Standards
Determining the standards of care and maintenance that a commercial property receives is an important factor in the underwriting process. Regardless of the current condition of the building, evidence that it is not or will not be sustained over time is a risk factor. Policies rarely cover negligence for obvious reasons, but the risk of paying out claims as the result of lackadaisical upkeep still exists. This is another area where a routine commercial inspection reveals one of its many benefits. The deteriorating state of any property, no matter how slight, due to the lack of maintenance is something that any inspector worth his or her title will detect and relay.
Experienced Team On The Field
A commercial inspection is often the only reliable and guaranteed up-to-date window underwriters have into the state of commercial property. For any survey on property inspection, inspector experience matters. Every property is unique and a farm has different risks and features that require assessment than a hotel does. Insurers want to avoid partnering with inspectors who do the bare minimum and seek out those who analyze for real risk and provide reliable data. The ability to customize inspections to your needs and to inspect each property with the discernment of a skilled underwriter can make all the difference.
Underwriters already have a complex workload, so not having to second guess or chase confirmations from field team partners only makes performing their task easier. If maintaining profitability is your goal, then accurate and complete inspection reports are necessary.
Insurance Risk Services has been providing high-quality underwriting support and commercial property inspection services to our partners for over 35 years. We provide the information you need, when you need it so your underwriters can function at full efficiency. Contact us at Insurance Risk Services today and see the benefit of allowing us to be the eyes of your underwriting team.