Situation & Issue
A NY-based organization (acting as tax syndicator) with over 350 properties engaged us to review and modify the lender requirements and to ensure insurance compliance with the requirements from the various parties involved in a deal – General Partner, Property Manager and General Contractor, together referred to as “vendors” in this section, as well as lenders and investors.
The ALS Solution
We reviewed each of the lender requirements and updated them to align with the risk exposures and coverage that each vendor is required to provide, given its risk profile. The team also built and modified the technology platforms within the ALS infrastructure to cater to the customized service we provided to this client – Certificate of Insurance (“COI”) compliance. The following results were achieved:
- Our guidance on insurance, compliance, and claims management resulted in collection of several claims (including one claim in excess of $3.5M).
- Our advice during the claims settlement process resulted in the client obtaining an advance payment of $3.1M.
- We maintain current and compliant certificates for over 2700 lines of coverages pertaining to various vendors and properties for the client.
- Thoughtful and meaningful compliance reports guide the client through each property closing.
- Using insurance compliance as one of its unique selling propositions, the client was able to enlist additional lenders and expand its property portfolio as these lenders could rely on the compliance reports produced by ALS.
Want to learn more about how our custom Certificate of Insurance compliance services can help your business? Talk to one of our experts with absolutely no obligation.