Jeffrey Wade
Stern Risk Partners LLC is a Denver and Atlanta-based insurance brokerage and captive management firm. It was founded by Michael Stern and Mark Ouimette and has over five decades of combined experience in captives, property, and casualty insurance. The company provides captive insurance consulting, feasibility studies, company formation, and management, as well as insurance solutions for multifamily properties and resident liability coverage. Stern Risk Partners offers creative solutions that empower their clients to find new profit centres and lower their overall insurance costs.
| Characteristics | Values |
|---|---|
| Type of company | Boutique insurance brokerage and captive management firm |
| Services | Captive insurance consulting, feasibility studies, company formation, management, insurance solutions for multifamily properties, and resident liability coverage |
| Industries served | Construction, residential and commercial real estate, hospitality, technology, manufacturing, retail, higher education, healthcare, and energy |
| Office locations | Atlanta, GA and Denver, CO |
| Company headquarters | Lakewood, Colorado |
| Team recognition | Largest and most experienced team in the country for resident liability insurance programs |
| Company focus | Minimizing clients' premiums and total cost of risk through strategic pre-underwriting of every risk |
| Years of experience | Over 5 decades |
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What You'll Learn
Resident liability insurance
Stern Risk Partners LLC is a boutique insurance brokerage and captive management firm with offices in Atlanta, Georgia, and Denver, Colorado. The company has expertise in several industries, including residential real estate, and offers resident liability insurance.
Additionally, resident liability insurance can provide legal protection for landlords. It may cover legal costs if a tenant is sued for damage caused to another person or their property. This type of insurance can also create new sources of revenue for landlords.
Stern Risk Partners LLC offers customised resident insurance programs for owners and property managers in the multifamily housing industry. The company helps clients navigate the landscape of coverage options and select the appropriate program structure. They can also integrate resident programs with traditional property and casualty placements. With their experience in captive insurance, Stern Risk Partners LLC aims to provide creative solutions that lower overall insurance costs for their clients.
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Captive insurance
The insured in a captive insurance company has access to information on rates and pricing, giving them insight into how ongoing risk management techniques and practices are affecting premiums. This unbundling of premium components helps control costs.
Stern Risk Partners LLC is a captive and multifamily insurance provider based in Atlanta and Denver. They help clients integrate traditional insurance with captives, offering creative solutions to lower overall insurance costs and find new profit centres.
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Multifamily insurance
Stern Risk Partners LLC is a boutique insurance brokerage and captive management firm with offices in Atlanta, Georgia, and Denver, Colorado. The company has expertise in several industries, including construction, residential and commercial real estate, technology, manufacturing, and retail. Stern Risk offers both traditional insurance and captive insurance, which is a more customizable option that can help lower overall insurance costs.
There are two main types of multifamily insurance policies: per-building coverage and whole-property coverage. Per-building coverage is for residential complexes with more than one structure, and each property has its own deductible, coverage limits, and policies. Whole-property coverage, on the other hand, covers entire apartment complexes and can potentially save money on insurance costs. However, it provides less control over the specifics of the coverage.
Comprehensive property insurance is the foundation of multifamily insurance and covers the physical structure of the property, as well as any furnishings and equipment owned by the landlord. This type of insurance typically covers damage from fires, storms, vandalism, and other common threats. It's important to note that most policies do not cover damage to renters' belongings, so tenants need their own renters' insurance. Building policies usually cover furniture and fixtures in communal spaces.
In addition to comprehensive property insurance, liability insurance is another crucial component of multifamily insurance. This protects the property owner or investor if someone is injured on the property and decides to take legal action. Liability insurance covers legal fees and any damages that may be awarded by the court.
Other specialized insurance options may also be considered, depending on the location and specific features of the multifamily property. For example, properties in flood zones or areas prone to natural disasters may require separate flood insurance or earthquake insurance. Similarly, if the property has amenities like swimming pools or fitness centers, additional coverage for these features may be necessary.
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Property and casualty insurance
Stern Risk Partners LLC is a boutique insurance brokerage and captive management firm with offices in Atlanta, Georgia, and Denver, Colorado. The company has expertise in several areas, including construction, residential and commercial real estate, technology, manufacturing, and retail. Stern Risk Partners helps clients connect traditional insurance with captives. For instance, they offer customised resident insurance programs that integrate with traditional property and casualty placement.
Property insurance deals with property losses. It covers financial losses due to damage or destruction of property. For instance, theft of a valuable painting or damage to an automobile caused by an accident.
Casualty insurance, on the other hand, is more complex and deals with legal liabilities. It includes a wide variety of unrelated insurance products. One of the most important types of casualty insurance is liability insurance, which covers losses resulting from the insured's interactions with others or their property. For example, if a guest suffers an injury at an individual's home due to negligence, casualty insurance can cover their medical bills, pain and suffering, and loss of income. It can also cover legal fees if the guest sues the individual.
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Risk management
Stern Risk Partners is a specialty insurance brokerage and captive management firm that offers risk management and insurance brokerage services. The company was founded by Michael Stern and Mark Ouimette and is based in Lakewood, Colorado, with offices in Atlanta, Georgia, and Denver, Colorado. Stern Risk Partners has over five decades of combined experience in captives, property, and casualty insurance, and its senior leadership has expertise across various sectors, including construction, real estate, technology, manufacturing, and retail.
As a boutique insurance brokerage firm, Stern Risk Partners provides creative solutions tailored to each client's unique needs. They work with clients to integrate traditional insurance with captives, helping them find new profit centres and lower their overall insurance costs. In doing so, they offer a range of services, including captive insurance consulting, feasibility studies, company formation, and management.
One of Stern Risk Partners' key offerings is their expertise in resident liability insurance. They have pioneered the concept of structuring a mandatory resident liability insurance program through a captive insurance company. This type of insurance has gained popularity in the multifamily housing industry, protecting landlords from tenant negligence and providing a potential source of ancillary income. Stern Risk Partners helps clients navigate the varying degrees of coverage options and select the appropriate program structure, integrating it with their traditional property and casualty placement.
To ensure the success of their clients' programs, Stern Risk Partners provides dedicated service teams that offer unlimited access to top-tier resources. They focus on industry specialisation and seamlessly integrate large account expertise with captive insurance companies and traditional P&C brokerage. By not outsourcing any captive services, they maintain control over the design, implementation, and management of their captive programs, ensuring alignment with client goals.
Overall, Stern Risk Partners takes a solution-based approach to risk management, empowering clients with insightful recommendations and creative solutions. They aim to minimise clients' premiums and total cost of risk through strategic pre-underwriting of every risk, demonstrating their expertise in the field.
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Frequently asked questions
Stern Risk Insurance is a specialty, niche insurance brokerage and captive management firm. They work with large public and private companies on an international platform that covers the entire United States. Stern Risk Insurance was founded on the principle that all businesses should have the opportunity to benefit from the unique economics of programs that integrate traditional insurance with captives.
Stern Risk Insurance caters to a variety of industry verticals, including Construction, Residential and Commercial Real Estate, Hospitality, Technology, Manufacturing, Higher Education, Retail, Healthcare, and Energy.
Stern Risk Insurance offers captive insurance, multifamily insurance, resident liability insurance, and property and casualty insurance.
