Networking and collaboration can lead to years of cost savings

The second webinar of our 2021 NRTA Webinar Series, “In the Trenches a Guide to Insurance” is posted and available to view in the Professional Library of the NRTA Members section.

In this information-packed hour, presenters Teresa Fettig, Senior Lease Analyst, and Debby Johnson, Insurance Manager for The Talbots Inc. upscale women’s multi-channel apparel retailer, tackle the important topic of insurance. Listen in as they explain the various types of insurance and offer real life examples of cost savings that were achieved. Liability, Property, All Risk, Wind Deductible Buy Back, Flood, Earthquake, Blanket, Terrorism Insurance Coverage—all of these crucial topics are covered and the tips, tools and knowledge you will hear will enable you to achieve savings, perhaps years of savings, for your company!

Also covered in this webinar, and equally important, explain Fettig and Johnson, is the critical importance of networking with peers, and collaboration in groups such as National Retail Tenants Association. Without the ability to successfully network with peers, Fettig explained, both within her organization and outside of her organization, “I would never have gained the knowledge I have today, and the success of all the savings for our company.”

Start by learning.

Knowledge is power, so taking time to understand your companies’ lease obligations around insurance is time well spent. Johnson suggests creating a comprehensive spreadsheet of all critical store information such as:

• Location
• Risks with regard to Earthquakes or Flood zones
• Improvement value
• Coverage

“We did find situations where we were insuring buildings on behalf of the landlords when we shouldn’t have been,” says Johnson, “and we were not insuring buildings in cases where we should have been.” It was these conversations, notes Johnson, that led Fettig and her team to realize that, “the knowledge that I had, and the knowledge that they had—together— could really help, exponentially on the landlord insurance pass through costs.”

Making the right moves now, especially in a pandemic economy, can lead to years of cost savings. Watch the full webinar now.

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