JMBI is dedicated to our clients’ success. Our expertise, insights and focused action are fundamental to delivering real results for your business.
Read our client success stories to see how we help clients reach their goals and maximize financial and operational performance.
Realizing Potential: Real Estate – Property and Casualty
Companies in the real estate industry face numerous challenges when acquiring new properties. Often in need of considerable upgrades and remodeling, existing properties can present considerable risk, but also have the potential for quick growth.
Our client purchased a hotel in a major city and discovered widespread mold during renovation. Because the date of origin of the mold couldn’t be established, we filed a claim under two policy terms; the insurance carriers denied coverage for the loss. All parties retained counsel, and it appeared the situation was headed for litigation.
We believed there was an opportunity to negotiate with the insurance carriers. We wanted to help our client avoid the expense of a lengthy litigation process and facilitate a successful settlement.
We negotiated with the insurance companies independently, beginning with the carrier that represented 60 percent of the coverage. After extensive mediation, we agreed to a significant confidential contribution by the carrier on the loss. After accomplishing this goal, we continued meeting with the remaining carriers.
We reached an amicable settlement with all carriers while avoiding litigation. Through our deep understanding of risk management in the real estate industry, we were able to advocate on behalf of our client and obtain a significant recovery on a disputed property loss.