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.