Taking Control and Managing Costs with Rising Industrial Real Estate Insurance Rates
Hard hit by costly catastrophic claims, the property insurance market will continue to “harden” in the coming year. Fewer insurance carriers are willing to underwrite risks, and the ones that have the appetite to do so are likely to increase their premiums. What are the causes for these massive increases and is this a global problem? As a commercial real estate professional, there are immediate steps and best practices you can enact, from an insurance perspective, to reduce risk and manage your insurance costs, such as higher deductibles, self-insuring and increased security measures. Learn which coverage lines (general liability, property, pollution, flood, etc.) are seeing premium increases and whether COVID will have an even further impact on rates increases.
At the end of this session, participants will:
- Discuss strategies to decrease insurance costs
- Compare geographic areas or types of buildings that are seeing higher increases than other areas
- Describe the insurance market outlook on future rates and whether they will stabilize or continue to increase
Partner, Real Estate Practice
Steve is responsible for providing risk management and insurance brokerage services to the firm’s real estate owner, developer, investment adviser/manager and professional services firm clients. Throughout his career, Steve has been involved in the creation and ongoing operation of the real estate industry group practice at several international insurance brokers. He has been a risk management and insurance instructor for various real estate industry trade associations and serves regularly as a panelist and presenter on issues of insurance and risk management in the real estate industry.
Steve was awarded his MBA from San Francisco State University and his bachelor’s degree from the University of Michigan. He also has his Chartered Property & Casualty Underwriters (CPCU) designation.
M. Shane Sumrall
Executive Vice President
Shane Sumrall is a leader of the P&C Claims for McGriff Insurance and is a licensed attorney and member of the Alabama State Bar. Prior to joining McGriff, Mr. Sumrall worked in private practice as an Environmental Litigation attorney with a large corporate defense firm in Birmingham. Mr. Sumrall's practice has encompassed a wide range of environmental, land-use, real property, and governmental relations matters, which has included issues involving water quality and quantity, endangered species, solid and hazardous wastes, cleanup and remediation, permitting, and zoning.
Mr. Sumrall has represented both policyholders and insurers in insurance coverage litigation involving commercial general liability, professional liability, employer’s liability, errors and omissions, directors and officer’s liability, commercial property and other insurance policies and products. He has significant experience in coverage matters involving additional insured, construction defect, abstention, late notice and cooperation issues frequently litigated in state and federal courts.
Hunter Findley is an account engineer providing engineering resources and risk assessment on existing and new business accounts.
Hunter joined FM Global in 2016 and served as a Consultant Engineer for Facility & Natural Hazards. He has worked with a broad range of industries including mining, metals, plastic manufacturing, textiles, carpet/flooring manufacturing, battery manufacturing, healthcare, warehousing, and data centers. He was appointed to Account Engineer in 2019.
As an Account Engineer, Hunter manages the loss prevention engineering efforts of Atlanta Operations largest accounts in various occupancies. He currently specializes molten metal and automotive manufacturing.
Prior to joining the organization, Hunter graduated from Auburn University with a Bachelor of Science degree in Chemical Engineering. He currently resides in Social Circle, GA with his wife, Brittany and son, Bennett.
Lindy Schrik, LEEP AP (Moderator)
Director of ESG
Lindy leads CenterPoint Properties’ Environmental, Social and Governance (ESG) strategic initiatives and sustainability efforts. Lindy has served the real estate industry for over 20 years as a Real Estate Tax Associate, Design Coordinator, and Property Manager. She has managed a variety of team members, teaching them the processes and programs that will make them and their company successful. Lindy continually strives to make herself, her team, and her properties perform at optimal levels. Additionally, she participates on various committees to improve processes locally and nationally. Lindy has held her IL Managing Broker’s License since 2004, she acquired her LEED AP in 2010, and her efforts have resulted in several buildings throughout the U.S. being LEED-certified. Lindy is an accounting graduate of the University of IL-Champaign/Urbana and has served on the BOMA Suburban Chicago board since 2020 and the BOMA International Industrial Committee since 2018.