In this episode, we sit down with Tom Panos, an experienced insurance agent, to dive into the critical aspects of commercial property insurance.
We'll explore a range of important topics, including common policy missteps, such as underestimating building values or falling into coinsurance traps, and how to spot and fill coverage gaps. From the benefits of ordinance or law coverage and the necessity for equipment breakdown insurance to the advantages of having a public adjuster by your side during significant claims, we cover it all.
Tom also explains the impact of construction types on premiums and the essentials of hiring contractors with the right insurance coverages. Plus, we'll discuss how to avoid potential liabilities with uninsured subcontractors, and Drew will break down an insurance contract exhibit he has developed for use with contractors/vendors. Join us for a comprehensive guide to the complexities of commercial property insurance.
Highlights:
00:53 Introduction to Tom Panos, insurance agent
03:25 Common insurance coverage mistakes
11:03 Making claims for smaller amounts
13:33 What is an insurance adjuster?
21:30 Construction types in insurance rates
27:58 Getting a loss run from a current owner
30:00 Basics of ordinance or law coverage
32:27 Insurance payout for a non-conforming building
36:29 Stab-Lok panels and uninsurable buildings
41:33 The proper way to get an insurance certificate
49:00 The importance of having a workers’ comp
Get in touch with Tom Panos
Email: tom.panos@bks-partners.com
Direct line: 847-940-4228
What is Breneman Blueprint: Real Estate and Entrepreneurship Podcast?
Real estate is the most proven way to build wealth. But learning how to invest in real estate is not easy. You need a blueprint from other successful investors. That is what this podcast is all about.
In each episode, join Drew Breneman, a real estate investor who owns more than $200M in property, as he and his guests teach you what you actually need to know to be a successful investor. Whether you are a full-time active investor, a passive investor, close to retiring, just starting out, or simply looking for an alternative to the stock market, this podcast is for you.