Key Takeaways
- Insurance compliance monitoring prevents lender defaults, claims denials, and coverage lapses.
- Annual policy auditing with replacement cost updates is the most effective way to prevent coverage gaps.
- Risk control programs reduce claims frequency by 20-40% and lower premiums by 5-15%.
- Specialized insurance (PLL, builder's risk, EPLI, cyber) addresses risks excluded from standard property and liability policies.
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Test Your Knowledge
1.What happens when a property owner fails to maintain insurance as required by the mortgage lender?
2.What is the primary purpose of a risk control program for a multifamily property?
3.Why is ordinance or law coverage essential for older buildings?