CMR works with real estate equity investors on a per project fee service basis to assure all involved parties carry insurance as required by project level documents including through the construction, lease up and stabilization phases.
Equity Investor Insurance Review
Our review process is full service in that we correspond directly with the general partner developers, property managers, contractors, etc. and/or their insurance representative collecting certificates, requesting amendments, etc. If a requirement cannot be met, we will explain the requirement, advise of current market conditions and the cost to meet the requirement, provide our recommendation and request guidance. When the review is complete we provide a Compliance Report that includes a note on any items that have been waived and copies of all compliant certificates.
We use a web-based project management platform as a checklist to make sure all insurance requirements are being met. We have the ability to share this with our clients. In addition, we use a web-based system to track renewal dates for all insurance certificates. This site includes current certificates of insurance for all projects with access provided to our clients.
As part of our review service we also provide:
- Review partnership agreements to make sure insurance language is up to date
- Review and comment on insurance language requirements in construction and property management contracts
- Comment on values for rehab projects
- Comment on values for hard costs and soft costs for new construction
- Provide insurance market intelligence based on assets geographic region
What sets our firm apart from most review servicers is that we are insurance brokers first. We have a real estate division that places insurance for real estate owners and developers throughout the country and a construction division that places insurance for those that construct real estate, thus we are always in tune with current market conditions and know how to communicate in insurance lingo with insurance providers.