FIN $401$ Commercial Lines Insurance Needs Analysis and Recommendations Project $-$ Case$1$

Recommend proper Property$/$Casualty Insurance Commercial Coverage.

Subject

Client John Doe

Financial Objective

Purchase a small apartment complex for income in retirement.

Occupations

Currently works as an account manager for a Real Estate Investment Company

Plans to retire in $10$ years, current age $55$

Buildings

$ $2,000,000$ total value

$28-$plex building, one office$/$community room

Pool for residents fenced and controlled assess

Business Personal Property

$ $1,000,000$

Lawn tractor, push mower, trimmer, blower, mechanics tools, office equipment, pool equipment and limited furnishings in apartments.

Automobiles

One truck used for premises by maintenance person and office manager to run errands

Additional information

Security cameras monitor all entrances

Employees

One maintenance person and one office manager

In$-$home nanny for $4-$year$-$old

Funding

The client intends to finance the purchase and has saved initial investment amount and is not taking from retirement accounts.

Provide an Insurance Package Needs Analysis and Recommendation Document:

A$.$ Complete a Risk Management Statement in relation to Property$/$Casualty Insurance.

B$.$ List the loss exposures.

C$.$ Define risk management techniques will use and or techniques considered.

D$.$ Review coverage needs and exclusions that may apply.

E$.$ Choose insurance products and include any endorsement needs.