A single frozen pipe in an Atlantic City casino mechanical room caused $5 million in damage. The insurance paid out. Then came the renewal notice: another $5 million in projected premium increases, with multiple carriers needed just to provide sufficient coverage capacity. This is the reality of water damage in hotel operations. The immediate crisis ...
While New York City’s Local Law 157 deadline has been extended to January 1, 2027, the conversation shouldn’t be about buying more time, it should be about making the right technical choices that will protect buildings for the next decade and beyond. Having worked with hundreds of buildings across New York City, I’ve seen firsthand ...
A scenario that all short term rental operators dread is entering one of their units to discover water pooling across the floor or mold climbing the walls. Unlike hotels with round-the-clock staff or long-term rentals with steady occupancy, STRs frequently sit empty, from a few days to perhaps weeks at a time in seasonal markets ...
The water dripping through your ceiling at 1 AM is the beginning of a cascade of problems that most co-op shareholders don’t anticipate until they’re living through them: insurance disputes, neighbor conflicts, rising maintenance fees, and in some cases, diminished property values that affect every shareholder in the building. In our work deploying monitoring systems ...
The property insurance market is reshaping itself, and the most interesting changes aren’t happening in boardrooms or actuarial departments. They’re happening at the intersection of building operations and risk assessment, where forward-thinking carriers are discovering that the best way to reduce losses is to prevent them from happening in the first place. The Water Damage ...
The property insurance industry stands at an inflection point. As traditional carriers tighten underwriting criteria and with some retreating from high-risk properties, innovative insurers are pioneering prevention-based risk assessment models. At the center of this transformation: partnerships with smart building monitoring companies that turn properties from passive risk exposures into active risk mitigation partners. Placing ...
Water leak incidents create immediate operational challenges for hotel operators, from guest complaints to costly remedial work. However, the long-term impact of a serious water leak incident may not be fully realized until the hotel’s property insurance policy is due for renewal. Hotels with a history of water damage claims may face a reassessment of ...
While the deadline for enforcement of New York City’s Local Law 157 natural gas detector requirement has been pushed back to January 1, 2027, buildings continue towards compliance. This extended implementation phase presents an opportunity to make informed technical decisions that will impact building operations and emergency response capabilities for years to come. Local Law ...
