Commercial Insurance Bauld Launches New Program for Apartment Owners.
Bedford, NS. Bauld Insurance is a leading Commercial Insurance Broker with a wide range of business clients located throughout HRM. Today, it launched an innovative program designed to help best-in-class multi-unit real estate owners gain access to the insurance they want and need.
Over the last several years, multi-unit residential property owners have faced challenges gaining access to insurance for their buildings. Residential income property owner insurance costs have been escalating for a variety of reasons including increasing claims from weather, water damage, tenant negligence, and more. Unfortunately, those property owners that work hard to manage these risks are not always rewarded for their proactive behaviour.
“Obviously, regardless of the type of business, there are those who manage their risks well while others are less diligent. The challenge for multi-residential property owners, is that many insurance providers have lacked a system to determine who are these best-in-class property owners,” said Steve Earle, President of Bauld Insurance. “Look, commercial insurance continues to grow in terms of complexities and insurance providers are grappling with all kinds of risk factors. Multi-unit property owners have felt the brunt of this.”
The NEW Premium Property Owners Insurance Program from Bauld Insurance features solutions for several top issues facing multi-unit residential property owners.
- Growth in the “sharing economy” such as Airbnb has exposed building owners to new risks if not managed.
- Unique tax exposures and penalties are constantly evolving, as are fluctuated building market values.
- Enforcing tenant’s insurance is a big job leaving property owners exposed if not well managed.
- Best-in-class property owners often pay for the deficiencies of those owners less proactive.
“Combining proprietary analytics through the application process with our unique policy coverages, the best building owners are identified and benefit with reduce premiums,” said Mr. Earle. “Owners that qualify for our Program receive exclusive coverages developed by us to tackle key industry issues and problems. And it does not stop there, our Program includes a package of resources owners use to ensure they stay on top of the key risk factors owners must proactively manage.”
The Premium Property Owners Insurance Program was initially piloted and introduced to a selection of Bauld Insurance clients who own multi-unit residential buildings. Now, the Program is being extended and offered to building owners in the Nova Scotia market.