Bruce Gendelman wanted a mountainside retreat when he bought 12 acres in Aspen, ...
NEW YORK - Bruce Gendelman wanted a mountainside retreat when he bought 12 acres in Aspen, Colorado. But forest fires that have torched nearby land in recent years left him concerned.
“It’s a very high-end home and we’re dealing with very good contractors,” Gendelman said. “But brought them systems they never used and resources they never heard of.” Insurers and industry groups said they do not track data on the service, which is still a tiny part of the property-casualty insurance industry. But executives, real-estate developers and brokers, builders and analysts who spoke to Reuters said they believe it will only expand.
The trend is not entirely new: PURE Insurance has offered the service since its founding in 2007, and others have quietly made risk specialists available to customers who are designing a home and know to ask for the service. But it is now picking up steam as a stand-alone business at some major property-casualty insurers, as more clients worry about extreme weather.
Cincinnati Insurance Companies joined the fray more recently, as did Vault, a high net-worth insurer launched in 2017 by a group of former AIG executives. W.R. Berkley Corp is also looking to offer the service as it ramps up business with wealthy clientele.The home design process typically begins with an insurance risk specialist scoping out a site to assess possible dangers.
Risk specialists’ suggestions generally represent 10 to 15% of total building costs, insurance experts said.
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