Hub International Limited (HUB), a global insurance brokerage and financial services firm, has launched a proprietary insurance solution for shopping centres.
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services
The new solution, HUB Shopping Center Insurance, is for multi-tenant shopping centers in the US. Owners and operators can secure property insurance, general liability and workers’ compensation tailored to their needs.
According to HUB, shopping centre facilities encounter many risks, including property damage from natural disasters, vandalism, vacancies, business interruption due to equipment failures, and the growing shift from traditional retail to a larger share of non-retail, non-food tenants and even difficult-to-insure tenants.
As a result, there is a growing need to go to multiple carriers to find suitable and adequate coverage potentially driving insurance costs and gaps.
HUB Shopping Center Insurance offers owners and operators, especially retail shopping centres with sound risk management practices, multiple types of coverage through Swiss RE Corporate Solutions, reinsurance and risk transfer and is rated A+ by A.M. Best.
To qualify, shopping centres must be operating for a minimum of three years, with insured values up to $150m.
With HUB Shopping Center Insurance, HUB said it provides a comprehensive solution that combines tailored insurance solutions with proactive risk management advice and claims expertise designed to best manage its real estate clients’ risks and needs.
James “Chip” Stuart, HUB’s real estate specialty practice leader, said, “Shopping centre owners and operators face multiple, unique and challenging risks where they may struggle to find adequate insurance or need to go to multiple carriers to secure coverage.
“HUB Shopping Center Insurance will help fulfill the need for specially tailored insurance coverage, risk services and the ability to build a package of coverage to meet their individual property and situational needs.”
Last year, HUB launched VIU, a digital platform for transactional personal insurance needs.
Copyright © 2023 FinTech Global
