Rockland County, NY—For any other insurance agency it would have been the stuff of nightmares.
It began with a frantic phone call on the morning of April 19th from a client, the head of a NYC group that purchases building in New York for Japanese investors. He needed insurance for a $10 million apartment building he was buying in Manhattan. Complicating the situation was the fact that this was a mixed-use building that hosts a high-end restaurant on its first floor. Insurers balk at covering buildings with restaurants, either significantly upping the cost of their coverage or refusing it outright.
But that wasn’t even his biggest problem.
Because it was a cash deal, the buyer had completely forgotten about taking out insurance on the building. And… he had already closed. Obtaining insurance on the building, normally a 2-3 week procedure, had to be completed NOW!
Unfazed, the underwriters at Evergreen Insurance and Risk Management got right to work. Before the day was out the client had a great coverage plan in place, and at an attractive price to boot. They even got the insurance company to agree to backdate coverage to the purchase date. It’s all in a day’s work for the insurance experts at Evergreen.
While at the closing table for a refinancing on 200 unit apartment complex, the attorney realized that the insurance was not in compliance with the banks requirements. After some back and forth between the client and his old insurance broker, he realized that his insurance broker will not be able to pull it off, and he won’t be able to deliver what the bank needs.
It seemed like the whole closing was about to fall apart due to the insurance. All parties involved were extremely disappointed, except one gentleman remained calm.
Mr. Friedman, the mortgage broker from Meridian Capital’s IL office, has been working with Evergreen Insurance numerous times on mutual clients, as well as on some of his own buildings. And he knew that one call to Evergreen will get everything resolved!
Mr. Friedman contacted Sol from Evergreen and explained the scenario. Sol told him right away “this is not something that can usually be approved in 3 hours, but I’ll jump as high and as fast possible over any obstacles that will come our way!”
Sol got in touch with all parties involved, got the information needed, and guess what, he approved and bound a policy that very same day, which satisfied the client and the bank.
Policy Type: Builders Risk – 17 Garden Style Apt. Buildings
Location: Memphis, TN
Date: May 30 2011
Incumbent Carrier & Price: LLoyd’s of London $51,250
New Carrier & Price: Zurich $6,810
Facts: Memphis was under water. No carrier wanted to write this risk.