He managed to secure an extremely competitive program, reducing the projected premium spend by more than $1.5 million, while leveraging analytics to negotiate insurance requirements with the lender and optimizing the builder’s risk program.įor another developer working on a condo project of similar size, he structured a unique surety program that saved millions and significantly reduced overall exposure. When real estate development company BH3 Management decided to build a $200 million-plus ultra-luxury condominium project on Miami’s last private island, they turned to Fred Zutel. In another case, he recommended that his client could take greater control of its general liability losses if it had a larger retention, while also providing cost savings. He was able to achieve this by looking at every building on a case-by-case basis and then utilized his contacts to find the best carriers. Last year, his client asked him to develop a new methodology that would significantly increase the number of properties included without a rise in premium. This allowed the client to maximize the amount of coverage it could purchase at the best value. Leveraging the use of earthquake models and analytics as well as his knowledge of the market, he quickly identified specific criteria where the client didn’t need to buy cover on all of its properties, on a program the client admits is difficult to insure. When one of Tony Lorber’s clients told him it wanted to purchase earthquake insurance on its large portfolio of properties, it was time to put his thinking cap on.
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