Online Grocery Sales Could Increase Demand For Industrial Real Estate
Growth in online grocery sales could increase demand for industrial cold storage space, causing 35 million square feet of cold storage to shift from retail locations, according to a report by CBRE. Online purchases will make up 13% of all grocery sales by 2024, the report states. California would likely have the most industrial cold storage at nearly 400 million cubic feet.
Industrial building owners and investors take note!
-JK
Site Visit to Clients Burned Industrial Building
On Tuesday I visited clients burned commercial industrial warehouse building in Carson, CA which was severely damaged by a fire several months back. Things are currently going through the long slow process of city permits to re-build and our carrier hashing out the claims details with the tenant’s carrier to get the insurance claim adjusted. We’ll be writing a Builders Risk insurance policy to take care of this bad boy and get it back in shape and operational again. Here are pictures of the damage to this industrial warehouse building:
-JK
Accidental Fire Sprinkler Discharge – Video
oh boy…..
Do you have fire sprinklers in your commercial building, either as a tenant or building owner? How confident are you that you have the proper coverage on your property insurance policy to protect from an accidental fire sprinkler discharge like this one?
https://www.instagram.com/p/BeVqGP4g0Nz/
Think about physical loss or damage to your business’ equipment, stock, furniture, fixtures, and/or improvements caused by the water damage. If you are unsure, make sure to talk to your agent/broker for verification. Don’t just assume.
-JK
Commercial Building Fire In Gardena
A client of mine, a commercial building owner, suffered a fire on Saturday afternoon at their commercial industrial property in Gardena, CA.
Here are some pictures of the scene:
We reported and initiated the claim right away over the weekend with the carrier. Thanks to technology, we were able to get it done remotely while I was out of town.
-JK
High Five! Commercial Property Insurance Is Tax Deductible
In addition to protecting your commercial real estate property, there is even more more good news when it comes to your commercial property insurance policy……it is tax deductible. Yes, you read that correctly. By protecting yourself and your property, you can write this expense off to save on taxes.
No matter where you live or where your property is located, you can take advantage of many federal tax deductions available to commercial property owners across the U.S. For example, you can deduct the premiums you pay for nearly every insurance option for your commercial rental activity, including:
- Fire, theft and flood insurance
- Landlord liability insurance.
- The cost of health and workers’ compensation plans for any employees who work on premises.
A major benefit of commercial property insurance is that it allows you to combine the many types of insurance covered into a single, cost-effective package policy that can help you get far better deals than if you purchased your insurance coverage’s a la carte (Property, General Liability, Business Income, Umbrella, etc.).
Furthermore, in the event that your commercial real estate property is adversely affected by a rare weather event like a flood, you can obtain a tax deduction for all or part of your loss.
Source: The Hartford
-JK
Insurance For Taco Bell Building
I post pictures of commercial buildings that I insure often here on my site. Of all the various commercial insurance risks I write, my favorite are commercial buildings, whether it be apartment complexes, retail strip malls, warehouses, or office buildings. I’d definitely consider it my main niche. I know all the best carriers for these and the appropriate coverage needed for building owners.
This is a building I insure in Lynwood, CA.
The owner was referred to me by a local banker in Palos Verdes a few years ago. They were in a rush to get the building insured practically on the spot to close a loan. As you can see, Taco Bell is the tenant of the building. The building is in beautiful shape and totally renovated. This allowed me to get coverage in place the same day.
It’s not a big flashy skyscraper, but it’s nice when you drive around town and see various businesses and properties that you insure.
The owner of this building and the banker who referred me couldn’t have been happier when we wrote this several years ago. We just renewed the property & general liability package policy in March. And hopefully we’ll be renewing for years to come representing the building owner.
-JK
Commercial Building Insurance in Compton, CA
This morning I finalized the Property & Liability insurance for this fine 55,048 square foot commercial warehouse building in Compton. Escrow set to close by Friday.
Commercial buildings are a specialty for me whether office, apartment, or manufacturing/warehouse facilities. They’re definitely my favorite niche to write.
-JK
Commercial Building Insurance – 2401 N. Palm Ave.
Congratulations to a client who closed escrow on this fine 8,250 square foot commercial building in Signal Hill on Wednesday. We wrapped up the Property, General Liability, and Commercial Umbrella insurance for the building so it’s time to move in now.
-JK
SUV Crashes Into Client’s Business; Driver Suspected of DUI
Last night, just after 10pm, a driver suspected of DUI crashed into a client’s business. This is a physical therapy office. Video from the scene showed a black SUV completely inside the building after crashing through the building’s exterior wall (see attached pic). Luckily nobody was hurt and we have the insurance carrier handling the claim now. Property loss and Business Income/Interruption coverage in effect until business is up and running again. On the bright side, this all happened during off hours.
Credit: OnScene.TV
-JK
Insurance For Condo Homeowners Association in Harbor City
Effective 8/9, I finalized insurance for this Condo Homeowners Association in Harbor City. This is an 18-unit, 25,850 total square feet dual building property. Coverage’s include Commercial Property insurance for the structures, General Liability, and Director’s & Officer’s Liability to help protect the association board. The expiring policy didn’t include the D&O. I was able to add this coverage and still save premium dollars compared to the renewal terms the association received from the incumbent broker.
-JK
About Me
I grew up in Fullerton, CA and graduated from Servite High School in Anaheim. I have my Bachelors degree from Loyola Marymount University in Los Angeles. I currently live in Tustin, CA.
Please contact me if you need help with any of the following lines of insurance for your business:
-Businessowners
-Property
-Commercial General Liability
-Product Liability
-Workers Compensation
-Group Medical
-Commercial Auto
-Umbrella/Excess Liability
-Errors & Omissions/ Professional Liability
-Employment Practices Liability
-Directors & Officers
-Life & Disability Insurance
Jimmy Kinmartin, CPCU 