Need insurance for my warehouse help.
Racer
01-08-2008, 01:46 PM
#12
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Insurance guy here. Today's replacement cost of your building ($200 per sq ft MINIMUM) is $1 mill based on 5000 sq ft. Based on the occupancy of the building I don't think a "standard" carrier like Travelers, CNA etc will write this. You'll likely wind up with an "excess and surplus lines" carrier like Lexington, Lloyds and hundreds of others. Pricing would be somewhere around $7k here in NY at $1 mill coverage. Contact your local larger independent insurance agent for this. They are your BEST resource for this stuff. Check out www.iiaa.com for a list.
01-08-2008, 02:35 PM
#13
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Dan,
Contact Scott McEwan @813-864-4428. He owns Gulf Coast Underwriters and it is located here in Tampa. I am sure you have met him before. He has "Silent Partner" the 45 Excalibur that always does the poker runs with the OPBA.
Keith
Contact Scott McEwan @813-864-4428. He owns Gulf Coast Underwriters and it is located here in Tampa. I am sure you have met him before. He has "Silent Partner" the 45 Excalibur that always does the poker runs with the OPBA.
Keith
01-08-2008, 05:06 PM
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Something to consider...
Set up a coprporation for building ownership, then insure it as a rental property. Rent it to yourself as an individual lessee. The corp can then depreciate the building. Insurers are often iffy on any sort of individual activity that looks commercial.
They're probably pretty nervous about all those expensive unattended vehicles full of fuel. Does the building have a to-code drain into a trap? Several hundred gallons of fuel into the muni sewer 9or the ground) is also a red flag. Your fire department might not like that either. An alarm is helpful and a sprinkler would likely make many of the problems disappear.
Is your agent telling you specifically what the underwriter doesn't like?
In my experience, a local independent agent that deals with vehicle-related business is going to be your best bet. If he's good and has these types situations already under coverage, he knows where to go. He doesn't have to educate an underwriter on the situation and probably has some sort of claims experience to show them.
Set up a coprporation for building ownership, then insure it as a rental property. Rent it to yourself as an individual lessee. The corp can then depreciate the building. Insurers are often iffy on any sort of individual activity that looks commercial.
They're probably pretty nervous about all those expensive unattended vehicles full of fuel. Does the building have a to-code drain into a trap? Several hundred gallons of fuel into the muni sewer 9or the ground) is also a red flag. Your fire department might not like that either. An alarm is helpful and a sprinkler would likely make many of the problems disappear.
Is your agent telling you specifically what the underwriter doesn't like?
In my experience, a local independent agent that deals with vehicle-related business is going to be your best bet. If he's good and has these types situations already under coverage, he knows where to go. He doesn't have to educate an underwriter on the situation and probably has some sort of claims experience to show them.
01-08-2008, 05:36 PM
#16
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Insurance guy here. Today's replacement cost of your building ($200 per sq ft MINIMUM) is $1 mill based on 5000 sq ft. Based on the occupancy of the building I don't think a "standard" carrier like Travelers, CNA etc will write this. You'll likely wind up with an "excess and surplus lines" carrier like Lexington, Lloyds and hundreds of others. Pricing would be somewhere around $7k here in NY at $1 mill coverage. Contact your local larger independent insurance agent for this. They are your BEST resource for this stuff. Check out www.iiaa.com for a list.
If I could get awy with charging $150.00+- ? SF for warehouse/office construction, I would own a few Apachees, couple OL's, 1/2 doz. MTI's, 5 Cigs. for every day in the week, a 2 or 3 Nortechs 50'ters for the weekends, a donzi XZ comp just for fun, and everyone I know would get a Waveruner for X-mas.
No wonder ins. prems. are in Pluto
Last edited by PARADOX; 01-08-2008 at 06:45 PM.
01-08-2008, 07:11 PM
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Contractor here.
If I could get awy with charging $150.00+- ? SF for warehouse/office construction, I would own a few Apachees, couple OL's, 1/2 doz. MTI's, 5 Cigs. for every day in the week, a 2 or 3 Nortechs 50'ters for the weekends, a donzi XZ comp just for fun, and everyone I know would get a Waveruner for X-mas.
No wonder ins. prems. are in Pluto
If I could get awy with charging $150.00+- ? SF for warehouse/office construction, I would own a few Apachees, couple OL's, 1/2 doz. MTI's, 5 Cigs. for every day in the week, a 2 or 3 Nortechs 50'ters for the weekends, a donzi XZ comp just for fun, and everyone I know would get a Waveruner for X-mas.
No wonder ins. prems. are in Pluto
Thank you!
Mark
01-11-2008, 09:28 AM
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Paradox, it cost a new client of mine close to $750,000 to build a new 2500 sq ft non-combustible warehouse building here on Long Island this past summer. That works out to about $280 sq ft. The high costs were as a result ofall the local building code requirements (sprinklers, various concrete inspections/tests, architect fees alone were $22,000, permits were $10K, environmental stuff). The cost of just the concrete slab floor alone was close to $90K and that was his lowest bid!
