AmWINS is one of the largest wholesale brokers of insurance for commercial and residential real estate risks.Contact Us
Placing more than $908,000,000 of real estate-related premium annually has made AmWINS one of the largest wholesale real estate insurance brokers in the U.S. We’ve accomplished this by forming strategic partnerships with leading wholesaler insurers who specialize in placing coverage that’s not always available in the standard lines market, helping our retail agents and brokers better serve the needs of their residential and commercial real estate clients.
These include property owners, managers and developers, real estate investment trusts (REITs), financial institutions, private equity firms, asset managers/fund managers, condominium and homeowners associations, contractors and builders. We offer key coverages and products related to real estate risks that include property, crime, and management and professional liability.
As a company, we have built specialized solutions for unique problems, and our real estate practice uses the expertise of our London-based colleagues at THB Group to market on behalf of our U.S. retail clients. This gives our retail partners the assurance that we are using the full resources within the AmWINS organization to solve their clients’ problems.
After Superstorm Sandy hit the Mid-Atlantic states in 2012, thousands of businesses were forced to close and remained shut down for weeks or even months. While the claim payments that follow a catastrophic event like Sandy certainly help repair property damage, business owners also continue to face monetary obligations and financial hardships further amplified by an interrupted business income stream.
Regardless of the size or scope of a business, a loss can have a devastating impact on a business owner beyond direct damage to the property or contents – a loss can leave an organization with bills and payroll but no revenue stream. Business interruption (BI) coverage is a well-known coverage that allows businesses to recover revenue lost as a result of a direct physical loss or property damage. While general property insurance provides protection for physical loss or damage to the property, business interruption insurance covers financial damages that result from an interrupted income flow.
Example: The devastation from the earthquake and resulting tsunami that swept across parts of Japan in March 2011 triggered a substantial number of BI and CBI claims from American manufacturers. Supply and distribution chains stalled or shut down entirely because the Japanese companies they relied on for parts, products or services were no longer operational, and were not operational for an extended period of time.
Example: After Hurricane Katrina, much of the Gulf Coast was left devastated as millions lost their homes – entire communities and many businesses were wiped out. People left the area completely and thousands of small businesses were unable to reopen after the loss due to the absence of clientele, which in turn also caused their previous suppliers a loss as well. Additionally, for many businesses that were rebuilt and re-opened, their loss of income stretched far beyond the standard period of indemnity due to a diminishing customer base or new competition. This type of loss can be mitigated with an extended period of indemnity clause, which allows the business a longer duration of time to regain their position in the market.