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A leading commercial real estate owner was able to reduce their total incurred losses stemming from property incidents by 1,267%
Core real estate operation activities that affect risk & liability are visitor access, incident tracking, certificate of insurance tracking, fire & life safety, and emergency communications. What Building Engines' clients know is that operations can enable all levels of management, finance, and risk personnel to work as a team and the end result can be a massive reduction in insurance premiums.
Per the accompanying chart, a leading commercial real estate owner was able to reduce their total incurred losses stemming from property incidents per 1,000 sq/ft from $30.65 to $2.42 for a total reduction of 1,267% over a five year period using Building Engines risk management tools - driven by expert advice provided by their risk and liability consultants . Additional costs savings directly realized by the building owner included a 17% drop in the premium for buildings higher than 25 stories, a 55% reduction for buildings above 25 stories, a 13% reduction in excess contingent, and TRIA costs so low that the insurer included this in the 2008-2009 premium.
The functionality delivered by Building Engines that this owner utilized included incident tracking, certificate of insurance tracking, fire and life safety, visitor access control, and broadcast communications. Their asset managers and risk management consultants are active users and contributors to our system and are immediately notified when an incident occurs, thus enabling them to audit fire & life safety performance, create records of all visitors who have accessed the building, and document all incidents for use in case of litigation. In addition, as an extra bonus, having already achieved a very strong 92% score, this owner was able to improve their score to 96% – earning them the prestigious Gold Award from their insurance carrier. In 2008, they will be vying for Safety Act Certification.
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