Motivated by the frequently observed link between commercial property price volatility and banking crises, this paper investigates at a macroeconomic level the determination of commercial property prices and the interaction between commercial property prices and bank lending. It develops a reduced-form theoretical model which suggests bank lending is closely related...
Commercial properties are a completely different animal from residential properties in regards to assessing value. In commercial properties, value is determined in an inverse proportion to the degree of risk inherent to the continuance and stability of the income stream from the property. And of all the commercial property types,...
Did the ISO commercial property program really change that much? The answer is an emphatic "Yes." Effective in many jurisdictions in early 1996, but using a June of 1995 edition date, ISO revised the existing commercial property program with over 70 changes.
Too often, even seemingly “clean” commercial properties have some environmental concerns. Moreover, because environmental laws have only been around for a few decades, the longer ago the property was being used for commercial purposes, the more likely it may be that it is contaminated. The question this article tries to...
The paper seeks to assess the effect of changes in commercial property prices on bank behavior and performance in a range of industrialized economies, extending the existing micro literature on bank performance. The results suggest that, consistent with macro-level studies, commercial property prices have a marked impact on the behavior...
New Insurance Services Office, Inc. ISO, commercial property forms and endorsements bearing an October 2000 edition date became available for use in a majority of jurisdictions in the first and second quarters of 2001. The 2000 revisions to the ISO commercial property portfolio affect 11 coverage forms, all 3 causes...
The commercial property insurance program of the Insurance Services Office is undergoing some additional changes that may materialize by year's end. These amendments affect 13 coverage forms and 26 endorsements, including the building and personal property coverage form BPP, the causes of loss basic, broad and special forms, and the...
The National Underwriter Company has published two new books--one on commercial property coverage and the other on insurance ethics. Now in its second edition, the "Commercial Property Coverage Guide" features the latest ISO commercial pr The National Underwriter Company has published two new books--one...
Last month's column discussed some of the commercial property insurance program changes of the Insurance Services Office ISO that will probably be implemented before year's end. It was mentioned that the amendments affect 13 coverage forms and 26 endorsements. The subject discussed last month dealt with the major changes of...
Classic business insurance that protects tangible assets cannot apply in the cyber realm. Several major insurers and brokerages agree that a whole new line of insurance is needed to cover the world of "e-commerce. To the architects of these policies, standard commercial property and inland marine forms created to address...
The purpose of this report is to review recent developments in residential and commercial property insurance markets in the U.S. There are numerous media accounts of rising prices and greater difficulty in obtaining homeowners insurance coverage. Commercial property insurance markets have experienced similar problems, with the added complication of coverage...
You need to have a good understanding about commercial real estate before venturing out into leasing of a commercial property. You should be able to understand and realize all the terms of the lease that are mentioned for you to know what responsibilities you will have to fulfill during the...
The rationale for not changing the commercial property/casualty insurance sector's Rating Outlook is based on its belief that while there are clear negative implications for the insurance brokers, the implications to the commercial insurance industry are less apparent at this point in time and are likely not as severe. Nonetheless,...
Fitch's Rating Outlook for the commercial property/casualty insurance sector remains Stable. This follows allegations of anticompetitive practices in the insurance industry contained in a civil action filed by the New York Attorney General's office NYAG against Marsh & McLennan Marsh, the world's largest insurance broker. To date, Fitch has not...
FAIRFIELD, Conn. -- Acme United Corporation (AMEX:ACU) (the "Company") is the owner of certain commercial property located in Bridgeport, Connecticut. Buildings, totaling approximately 150,000 square feet, are located on this property. The Company ceased using the property as a manufacturing facility in 1996. In October 1998, the Company leased the...
BELLEVUE, Wash. & GREAT NECK, N.Y. -- On November 9, 2004, a strategic alliance owned by GE Commercial Finance, Business Property and One Liberty Properties, Inc. acquired an approximately 112,260-square-foot retail store situated on approximately 11.32 acres located in Lincoln, Nebraska. The purchase price was $13.4 million. The property is...
When disputes arise between parties to commercial real estate sales or lease transactions and negotiation does not resolve the conflicts, the opposing parties often consider filing civil lawsuits to resolve the disputes. Unfortunately, lawsuits can be expensive and time-consuming, and generally are not effective at preserving working relationships. Parties to...
This paper provides an analysis of defaults and losses within the major property types. The property type sector analysis highlights how certain default resolution characteristics and outcomes differ by property type and addresses differences in disposition modes, as well as in the timing, frequency, and size of losses experienced within...
When it comes to profitable underwriting, commercial property/casualty insurers that outperformed their peers tend to have a one-track mind. When it comes to profitable underwriting, commercial property/casualty insurers that outperformed their peers tend to have a one-track mind.
By affecting many lines of coverage, the losses associated with September 11 aggregated to a sum previously unthinkable in risk management and insurance circles. As a result, insurers have reacted quickly and decisively over the past 10 months to address the catastrophic exposure to loss associated with terrorist attacks. Of...
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