Throughout construction phases, real estate professionals require various insurance, such as COC, Wrap-Up Policies, & Commercial Property & Liability Coverages.
Online PR News – 23-December-2014 – Los Angeles, CA – Small & Large real estate professionals often expand business and require all-encompassing insurance to protect growing investments against what could fail.
Business or building owners starting new construction projects purchase Course of Construction Insurance, also known as COC, and wrap-up policies (for condominium projects) through building phases. Often times, owners will hire a general contractor to arrange the liability coverage needed for the length of the job while the contractor monitors and sub-contracts the project.
Course of Construction is a policy type that protects the property from inception through construction up to occupancy – this may include issues such FIRE & THEFT as WELL AS natural disasters or extreme weather that affects the integrity of the structure or materials surrounding the structure. In some cases, builder’s risk policies, such as COC, protect against a building’s collapse as well. Simultaneously, condominium builders purchase wrap-up insurance which covers the parties involved against litigation for building & construction defects and damages incurred by future unit owners.
After construction, for projects not involving Condominium or Town Homes, owners require a completely new spectrum of insurance coverages. Commercial insurance coverage can be unique based on many factors including status of occupancy and type of occupancy, but will and should always include liability and property coverage. Business policies may cover against theft, general damages, equipment failure and more; but bundling services may be beneficial for more specialized insurance policies.
Meslee Insurance Services recognizes the need for all-encompassing and specific types of business property and commercial insurances. Owner, Benjamin Meskin, CPCU offers his perspective on providing these services to a variety of clients statewide, "Real Estate Professionals need to make sure that they work with insurance brokers that are familiar with the industry. A poorly reviewed policy may have gaps of coverage that can cause financial devastation to building owners. Often times with insurance, owners are looking at the bottom line and ways to increase their ROI and tend to look over major policy conditions and coverage features only to realize that they have no coverage once a claim materializes and it is too late. Owners must be sure to do a full analysis & ask the right questions about endorsements like Building Ordinance, Co Insurance, Environmental risks and other key differences from carrier to carrier.”
About Meslee Insurance Services
Originally founded in 1990, Meslee Insurance Services (Meslee), incorporated in 1997 and began offering specialty and hard to place risks to clients, but quickly expanded the repertoire of insurance services to accommodate individuals and businesses alike. Meslee Insurance Services is a full service brokerage located in the heart of the financial District of Downtown Los Angeles.
In order to provide comprehensive services, Meslee’s insurance agents offer advice on risk management and financial Insurance consultations. Through personalized life insurance, homeowners insurance, rentals insurance, auto insurance, natural disaster insurance, and other types of personal insurance policies, Meslee ensures high-quality customer service. For corporations, large and small, Meslee works to provide specific policies depending on industry and location, including different types of Business Property Insurance, Business Liability Insurance, and Business Crime Insurance for a variety of retailers, wholesalers, distributors, and manufacturers. Meslee Insurance Services has experienced rapid growth and an impeccable reputation since its inception, and continues to offer prompt services and reliability.