NEW YORK—When thinking of risk management, there are several areas to which property owners must pay attention. Luckily for them, there are specialists whose job it is to help navigate through the sea of policies and liabilities.
Among them is Christopher J. McKeon, division president of US Casualty’s Primary Corporate Accounts Practice of AIG, a GlobeSt.com Thought Leader. He manages the primary casualty insurance programs for upper middle market corporations, providing a broad range of program structures and tailoring industry-specific coverage and service.
McKeon recently visited with GlobeSt.com to discuss the specifics of his work, the types of risks and liabilities that are unique to commercial real estate and to provide insight on what property owners must do to avoid those pitfalls. CRE is actually one of the biggest industry segments for McKeon’s group, covering a wide variety of owners and property types.
Among some of the key takeaways:
- Liability claims range from workers’ compensation and slip-and-falls to onsite violence and shootings. AIG provides coverage limits of up to $5 million, but the bulk of the claim loss and costs actually go into defense.
- Building owners, managers and tenants are bound by contractual obligations and liabilities between them. It’s especially important for property owners to have a handle on their risk exposures.
- Certificates of insurance are one of the most important factors on which to focus. Property owners must ensure that their tenants sticking to their contract in terms of maintenance, and because much of that is still done on a manual basis, it can lead to oversight.
- The most sophisticated property owners are those that have a robust risk management program. That means having written policies and procedures—and they’re followed.
For more information on AIG and their products and services, visit their Thought Leader page on GlobeSt.com.