Special Assets Insurance: Our Specialty
"Special Assets" refers to non or under-performing assets which are in a "workout" phase, assets which may be in or facing foreclosure or dissolution. Eric Janssen, co-founder of 235 Insurance, is an appointed Illinois receiver on cases involving numerous reputable banks. At 235 Insurance, we understand insurance for special assets better than other insurance brokers, because we work on insuring special assets nearly every day. This experience gives us deep market knowledge and a competitive edge, unlike other brokers.
We are targeting bank managers, receivers, bankruptcy attorneys, and lender's disposition specialists in the Midwest to provide managed portfolio services for all of your special assets insurance needs. Please contact email@example.com and firstname.lastname@example.org to learn more about our services for your special assets portfolio.
Through our affiliation with Chicago Real Estate Resources, a real estate and property management firm who excels with receivership and special assets management, turnaround, and sales, we can be your one-stop shop for special assets insurance and management.
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We recently placed a 100,000+ sqft. risk listed for sale on a direct billed policy. The structure was more than 100 years old. After five months, the property sold, and any paid ahead premiums were fully refunded to our customer. Our customer's total insurance expense for the vacancy period was less than $6,000.
We write vacant property large and small, whether residential, commercial, or industrial. We are currently offering highly competitive A++ rated markets for these risks.
We were recently retained by a hard money lender after an investor lost possession of 11 occupied and vacant dwellings to deed in lieu of foreclosure. We placed REO insurance with an A+ company, including coverage for tenant damages, theft of building materials such as copper, and vandalism.
In 2014 alone, we placed 50 package policies for a receiver seeking replacement cost insurance and liability for a series of commercial risks, predominantly class BC properties.
We placed insurance for a receiver managing a 17 story, 383000 sqft. masonry office BLDG in downtown Chicago. The building had strong occupancy rates and was equipped with centralized fire alarm and sprinkler systems. We wrote at a highly competiive rate less than $.20 for the package.
When a longstanding appliances retailer was facing going out of business, they opted for voluntary dissolution and assigned their business property to a trustee or "assignee" charged with liquidating the property to refund their creditors, including the secured lender's interests.
Facing uncertain liquidation plans for their multiple locations, we applied for insurance on basis of "vacant buildings with public liquidations" and were able to offer a package insuring five locations and several million dollars worth of business property, including theft and vandalism, for less than $50,000 annually. We ended up writing this package as offered through an A++ company.
Special Assets: Case Examples
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