In this episode of Commercial Connections, host René Nelson, a Commercial Real Estate Broker in Eugene, Oregon, sits down with Gary Kelley, a risk management consultant and partner at PCF Insurance, to discuss the rapidly changing dynamics of commercial property insurance. They delve into the reasons behind sudden insurance cancellations and inspect requirements, particularly in light of the increased frequency of extreme weather events and the financial impacts of COVID-19. Gary provides practical advice on how property owners can prepare for inspections, handle non-renewal notices, and manage claims to maintain and improve their insurance coverage. The discussion also touches on the importance of relationships in the insurance industry and how investors can navigate the current hard market to manage their risks effectively.

EPISODE THEMES 📝

00:00 The Impact of COVID-19 on Real Estate

00:31 Introduction to the Episode

00:36 Insurance Cancellations and Coverage Challenges

01:27 Understanding the Surge in Insurance Claims

10:05 The Role of Underwriters in Insurance

20:04 Proactive Measures for Property Owners

22:11 Handling Insurance Cancellations

25:04 The Importance of Relationships in Insurance

29:49 The Underwriting Process

31:33 The Changing Landscape of Insurance Requirements

33:20 Impact of Credit Scores on Commercial Insurance

35:08 The Importance of Long-Term Relationships with Insurance Agents

38:08 The Pitfalls of Shopping for Insurance Annually

44:02 When to Report a Claim and When to Pay Out of Pocket

47:26 The Significance of Water Claims in Underwriting

50:10 Subprime Insurance and State Fair Plans

52:36 Final Thoughts and Advice for Property Owners⁠⁠

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FREE GIVEAWAYS 💰

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CONNECT WITH GARY KELLEY 🔗

LinkedIn: https://www.linkedin.com/in/garyjkelley/

Email: Gary@riceinsurance.com

Phone: (360) 734-1161

CONNECT WITH RENÉ NELSON 🎙️

Website⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠: https://www.eugene-commercial.com/

Youtube: https://www.youtube.com/@renenelsonccim1031/videos

LinkedIn: https://www.linkedin.com/in/renenelsonpacwestcommercialrealestate/

Instagram: https://www.instagram.com/renenelsonrealestate

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