Sompo GRS Launches Replacement Value Protection Coverage for Real Estate Firms

March 6, 2020

Sompo Global Risk Solutions (GRS), a subsidiary of Sompo International Holdings Ltd., has entered into a partnership with independent risk management and insurance consulting firm Fisher Harris Shapiro, Inc. (FHS) to offer specialized protection against covered property perils to U.S. commercial real estate and financial institutions.

Sompo GRS Replacement Value Protection offers coverage to lenders/owners in commercial real estate financings to protect from a loss resulting from property damage greater than the replacement cost value of a property. The new product covers the “shortfall” between the outstanding loan balances and the combined value of the underlying property insurance proceeds and the land that collateralizes the loan in the event of a covered cause of loss.

Sompo GRS Replacement Value Protection is available to retail U.S. insurance brokers and agents through FHS, with Sompo GRS individually underwriting each transaction.

Sompo GRS offers multi-line capabilities targeted to accounts in select industry verticals including real estate, hospitality, financial institutions, life sciences and professional services, in addition to Asian companies with operations in the U.S. and Mexico. Offering global weather parametric products along with property, general liability, package, workers’ compensation, auto, umbrella and environmental coverage, Sompo GRS services small, middle market and large accounts.

For more than 25 years, FHS has worked as an outsourced risk manager for real estate owners and developers with assets that shape skylines in the U.S. and around the world. As risk management consultants, the firm helps clients assess potential challenges and align insurance coverage accordingly, while also identifying opportunities to reduce cost and maximize coverage.

Sompo Global Risk Solutions is part of Sompo International Holdings Ltd. (Sompo International), a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc.

Topics USA Property New Markets

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