Finding an insurer to handle a massive renovation project in New York would challenge most carriers. But Argo Group’s reputation helped it become the insurer for the $200 million renovation of a waterfront complex in Queens.
The New York brokerage handling the project said Argo was the clear winner because of its good history with the insurer, Argo’s understanding of New York’s unique labor laws and its quick response time.
The project was a 1,400-unit housing complex on the water in Queens undergoing extensive renovation after major damage and flooding from Hurricane Sandy in 2012. The first floor had been completely under water, elevators weren’t working, and other major mechanicals were out of service.
Cynthia O’Brien, the New York broker handling the project for a retail client in upstate New York, called on Argo.
“When I heard tough-to-place risk, I knew the first company I had to go to was Argo,” O’Brien said.
Jordan S. Marks, underwriting supervisor at Argo, said that besides the extensive damage, other factors came into play in the renovation.
“You not only have a massive renovation project, but you also have a huge exposure with the occupancy of these buildings,” he said. “Hundreds of workers were going through 24 buildings in a confined complex with thousands and thousands of tenants.”
“On this risk we were under a time crunch,” O’Brien said. “We worked with our team at Argo, and we were able to turn around a quote in a couple of days.
“That working relationship was the key that opened the door to this project,” O’Brien said.
“We understand each other’s needs, and we work toward the same goal.”
Visit Argo’s 2016 annual report and discover how the contract win was a testament to Argo’s values: argolimited.com/nyc-2016