Case Studies

AKAM Insurance & Risk Management Services

522-unit Co-op in Queens

Before: Customer was paying a $653,000 renewal premium with $140 million in umbrella coverage.

After: After a competitive bid process, AKAM was able to save $155,000 per year for the customer with a revised $100 million umbrella coverage, still ample for the building’s needs.

94-unit Co-op on the Upper West Side

Before: The customer was paying $20,000 for a $5 million umbrella policy.

After: AKAM was able to reduce the customer’s umbrella premium to $12,531 (saving the customer roughly $8,000 per year) for the same coverage. The customer utilized the savings to purchase an additional $5 million in coverage, enhancing their total umbrella liability coverage effectively.

20-unit condo in Long Island City (Built in 2021)

Before: The customer was under the sponsor’s broker with no umbrella, D&O or crime coverage.

After: Transitioned to board control, AKAM facilitated the addition of essential coverages, ensuring comprehensive protection and better service responsiveness.

106-unit Co-op on the Upper West Side

Before: The customer encountered limitations in their umbrella policy, including exclusions for labor law claims and assault and battery, which diminished their liability limit.

After: AKAM identified and rectified coverage gaps, securing a more inclusive and cost-effective policy that enhanced the customer’s coverage significantly, without increasing costs.