Shopping centers face many risks, including property damage from natural disasters, vandalism, vacancies, business interruption due to equipment failure, the shift from traditional retail to a larger proportion of non-food, non-retail tenants, and difficult-to-insure tenants. Because of this, there is a growing need for owners and operators to go to multiple carriers to find adequate coverage – potentially driving up costs and opening coverage gaps, Hub said.
“Shopping center owners and operators face multiple, unique and challenging risks where they may struggle to find adequate insurance or need to go to multiple carriers to secure coverage,” said James “Chip” Stuart, Hub real estate specialty practice leader. “Hub Shopping Center Insurance will help fulfill the need for specially tailored insurance coverage, risk services and the ability to build a package of coverage to meet their individual property and situational needs.”
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The program offers owners and operators – especially retail shopping centers with sound risk management practices – a variety of coverages through Swiss Re Corporate Solutions.
To qualify, shopping centers must have been in operation a minimum of three years, with insured values up to $150 million.
The program launch comes as Hub continues to expand. Last month, the company announced the acquisition of Michigan-based Grace & Porta Benefits. In December, it acquired Georgia-based Chatham Insurance Partners.
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