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REBNY Explores Creation of Member-Owned Insurance Firm

NEW YORK CITY-A savings of 30% is being eyed by Real Estate Board members who are eager to reap the benefits of self-insuring. Terrorism coverage, however, is not on the agenda, according to board president Steven Spinola.

By John Salustri | Updated on April 10, 2002

NEW YORK CITY-Members of the Real Estate Board of New York are exploring their casualty and liability options, with the goal of self-insuring.

According to REBNY president Steven Spinola, Aon, a Chicago-based firm that tailors insurance packages to specific needs, is consulting to REBNY on the model, which is expected to save the member-owners up to 30% on insurance costs. But the savings won’t come from lowered premiums, he tells GlobeSt.com, but rather there would be “tax and profit potential that would reduce costs.” According to a Wall Street Journal report, some 15 members of the board are currently in the vanguard of the movement, including SL Green, Tishman Speyer and the Related Cos.

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CRE strategies and business decisions are only as strong as the data that powers them, and that data better be correct. This self-assessment will help you gauge your current data management capabilities.

Assessment

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