2017 was the costliest year on record for losses insured and uninsured, but the insurance industry is well positioned to handle the high volume or claims payouts. Most buyers of property insurance are well positioned, but preparation is still needed.
Aluminum wiring is a hazard that the insurance companies simply won’t overlook, given the safety/claims threat they pose. Thus, aluminum wiring remediation is always prescribed in mitigating the risks to both insureds and insurers alike.
If the title examination for a piece of property reveals a tax taking of record, it is always necessary to obtain a redemption from the municipality and file or record it at the registry of deeds. A clean municipal lien certificate is not sufficient to clear a title of a tax taking.
The buzzword for the real estate industry is “location, location, location.” But if you want to prevent or mitigate a potential errors and omissions insurance claim, your refrain should be “document, document, document.”
Catastrophe modeling (also known as CAT modeling) is the process of using computer-assisted calculations to estimate losses that could be sustained due to a catastrophic event such as a flood, hurricane, windstorm or earthquake.
Over the past few years, real estate owners have experienced softer insurance market conditions with favorable rates and coverage terms.
New England commercial real estate activity continued to be a strong performer in 2017 with office vacancies at a pre great recession low, new development continuing throughout the region from the continued transformation of the Seaport area of Boston to the waterfront developments in Portland, ME.
At this time last year the industry looked out at 2017 with a high level of uncertainty. What would be the impact of the new administration? What would tax reforms look like and how quickly could they be implemented? Had property valuations reached their peak?
Here we are in the dead of winter with snow and cold all around us. The smart ones have left for warmer climates but what about the real estate market?
The Greater Portland office market finally surpassed a total market size of 12 million s/f in 2017 in 341 Class A and Class B buildings — due to the addition of several new buildings. Vacancy rates continued to fall for the 8th consecutive year.