Vela — Goldberg Properties Risk Portal

POLICY OVERVIEW

Travelers Charter Oak Fire · Y-630-B4278065-COF-25 · 06/30/25–06/30/26

Coverage Structure

PARSED FROM POLICY

Coverage	Type	Limit	Status
Building — Blanket	Replacement Cost	$74,552,127	CURRENT
Business Income	Actual Loss Sustained	$7,156,299	REVIEW
Ordinance & Law	Per-Bldg Endorsement	NOT IN BASE	CRITICAL
General Liability	Each Occurrence	$1,000,000	CURRENT
GL Aggregate	Annual	$2,000,000	CURRENT
Electronic Vandalism	Sublimit	$50,000	LOW
Fungus / Mold	Sublimit	$50,000	LOW
Coinsurance	Blanket Waiver	WAIVED	OK

Deductible Structure

Water / Pipe Burst$50,000/occ

Wind / Hail1% min $50,000

Business Income72-hour waiting

All Other Perils$5,000/occ

⚠ $50K water deductible against 9 prior water claims = structural exposure

Portfolio Summary

BUILDINGS

LOCATIONS

MUNICIPALITIES

MORTGAGEES

All 21 Buildings — At a Glance

POLICY Y-630-B4278065 · TRAVELERS

Loc/Bldg	Address	Occupancy	City	O&L Limit	Risk	Key Flag
1/1	385 Broadway	Office	Revere	$838,878	67	OFFICE USE
2/2	214 Cabot St	LRO	Beverly	$101,127	79	LOW O&L
3/3	240 Cabot St	Mixed Use	Beverly	$431,110	82	MIXED USEOPEN CLAIM
4/4	248 Cabot St	Montserrat Art College	Beverly	$659,285	85	INSTITUTIONAL
5/5	392 & 395 Cabot	Restaurant	Beverly	$136,599	88	RESTAURANTLOW O&L
6/6	42-62 Central Ave	LRO / Grocery	Georgetown	$571,444	72	GROCERY
7/7	198 Endicott St	LRO / Restaurant	Danvers	NOT IN SCHEDULE	76	NO O&L ⚠
8/8	2-26 Front St	Office	Salem	$407,620	65	HISTORIC DISTRICT
9/9	50 Grove St (A)	Industrial-Office	Salem	$453,454	70	DUAL BLDG LOC
9/10	50 Grove St (B)	Industrial-Office	Salem	$303,346	68	SAME LOC
10/11	146 High St	LRO / Retail	Ipswich	$641,366	63	ADEQUATE O&L
11/12	81 Washington St	Retail / Office	Salem	$678,492	74	HISTORIC SALEM
12/13	127 Waverly Rd	LRO / Restaurant	N. Andover	$28,687	84	CRITICALLY LOW O&L
13/14	234-238 Cabot St	LRO / Office	Beverly	$294,851	66	MULTI-SUITE
14/15	303 Cabot St	LRO / Office	Beverly	$95,578	71	LOW O&L
15/16	63½ Jefferson Ave	LRO / Office	Salem	$440,356	69	OPEN CLAIM
16/17	65 Central St	LRO / Retail	Georgetown	$45,576	77	VERY LOW O&L
17/18	405-411 Cabot St	LRO	Beverly	NOT IN SCHEDULE	80	NO O&L ⚠
18/19	60 Washington St	Store / Office	Salem	$346,400	73	HISTORIC SALEM
19/20	389 Cabot St	Convenience Store	Beverly	$64,350	81	C-STORE FIRE RISK
20/21	407 Cabot St	Flip the Bird — Dining	Beverly	$61,095	90	HIGHEST RISKCRITICAL O&L

COVERAGE GAPS

4 Critical findings · Est. $2.5M+ uninsured exposure

GAP 01 — Ordinance & Law: Two Buildings Unscheduled

CRITICAL

198 Endicott St (7/7) and 405-411 Cabot St (17/18) do not appear in endorsement DX T3 39. Base O&L coverage was explicitly removed. These buildings may have zero O&L coverage. A major fire triggering code compliance could mean $300K–$525K entirely out of pocket.

$825K+ exposure

ACTION REQUIRED

Contact Travelers to confirm status. If excluded, request endorsement addition. Both buildings should carry minimum $300K O&L limits at next renewal.

GAP 02 — 127 Waverly Rd: Critically Low O&L ($28,687)

CRITICAL

Restaurant on ground floor. O&L limit represents 2% of estimated building value. A kitchen fire requiring code-compliant rebuild — commercial kitchen, hood/suppression, egress, sprinkler, ADA — would cost $350K–$470K. This limit covers 6–8% of that cost.

~$370K gap

RENEWAL ACTION

Request O&L limit increase to $350,000 minimum. Cost impact at renewal: est. $420–$680/yr additional premium.

GAP 03 — 407 Cabot St: Highest-Risk Building, $61K O&L

CRITICAL

Flip the Bird restaurant — highest risk score in portfolio (90/100). Full-service dining, adjacent properties, Beverly commercial district. O&L at $61,095 = 3.8% of building value. A kitchen fire here is the single most probable catastrophic claim in this portfolio.

~$389K gap

RENEWAL ACTION

Request O&L limit increase to $450,000. Document all suppression/hood inspections before renewal — clean inspection record supports higher limit at lower premium.

GAP 04 — $50K Water Deductible vs. 9 Water Claims

HIGH

The portfolio has 9 documented water/pipe claims. Every one of those came with a $50,000 deductible. That's $450,000 in out-of-pocket exposure from known historical losses alone — before any future claims. Leak detection systems can reduce this deductible to $10,000.

$40K/claim savings avail.

SEE SAVINGS TAB

Leak detection installation across 5 high-risk buildings can reduce water deductible from $50K to $10K per occurrence. See Savings Opportunities tab for ROI analysis.

O&L Exposure by Building — Limit vs. Estimated Gap

DX T3 39 ENDORSEMENT SCHEDULE

CRITICAL — ACT NOW

407 Cabot (Rest.)$61K / $450K needed

127 Waverly (Rest.)$29K / $350K needed

198 EndicottNOT SCHEDULED

405-411 CabotNOT SCHEDULED

BELOW STANDARD — REVIEW

392 Cabot (Rest.)$137K / $550K std.

214 Cabot$101K / $250K std.

65 Central St$46K / $162K std.

303 Cabot St$96K / $225K std.

ADEQUATE — MAINTAIN

385 Broadway$839K — 40% of value

146 High St$641K — 29% of value

248 Cabot St$659K — 19% of value

678K 81 Washington$678K — 18% of value

SAFEGUARDS & COMPLIANCE

High-risk buildings · 7 items require immediate attention

Why compliance directly affects your insurance recovery

INSURANCE CRITICAL

Carriers cite failed or undocumented inspections as grounds to reduce or deny claims. A kitchen fire at 407 Cabot with an overdue suppression inspection gives Travelers grounds to dispute the claim. Compliance isn't just regulatory — it's the paperwork that protects your payout.

SAVINGS OPPORTUNITIES

4 identified opportunities · $38,200/yr potential

$18,000/yr

Leak Detection System Installation

Install certified water leak detection sensors at 5 high-water-risk buildings. Travelers' verified leak detection discount reduces the water deductible from $50,000 to $10,000 per occurrence. With 9 prior water claims averaging 1.8/year, this pays back in months.

VIEW ROI ANALYSIS →

$12,400/yr

Central Station Fire Alarm Upgrade

3 buildings currently have local-only alarms. Upgrading to UL-listed central station monitoring unlocks a 15–22% premium credit on those locations. Beverly and Salem both require central station for commercial properties over 5,000 sq ft.

VIEW BUILDINGS →

$5,200/yr

Documented Roof Inspection Program

6 buildings have unknown roof condition in Travelers' records. A third-party roof inspection report — even if the roof is older — removes the carrier's "unknown condition" surcharge. Average surcharge removal across these 6 buildings: $867/building/year.

VIEW BUILDINGS →

$2,600/yr

Multi-Policy Consolidation Credit

385 Broadway and 146 High St currently carry separate GL riders with overlapping coverage. Consolidating under the master policy and removing redundant riders eliminates $2,600 in duplicate annual premium with zero reduction in coverage.

VIEW ANALYSIS →

SAMPLE SCENARIO — LEAK DETECTION SYSTEM ROI

WITHOUT LEAK DETECTION

$50,000

per occurrence water deductible

1.8 water claims/year avg
× $50,000 deductible
= $90,000/yr out of pocket
+ no premium credit

→

WITH CERTIFIED LEAK DETECTION

$10,000

per occurrence water deductible

1.8 water claims/year avg
× $10,000 deductible
= $18,000/yr out of pocket
+ ~$4,200/yr premium credit

SYSTEM INSTALL COST

$22,000

5 buildings · $4,400/bldg avg

ANNUAL SAVINGS

$76,200

Deductible reduction + premium credit

PAYBACK PERIOD

87 days

Based on historical claim frequency

* Based on Travelers certified device discount program. Actual savings depend on carrier verification and claim history review.

CLAIMS REGISTER

All entities · $818,970 tracked · 2 open items

Total Claims Tracked

$818,970

9 claims across all entities

Open / Unresolved

Action required on both

Largest Holdback

$69,852

13+ months unreleased — Inst. for Savings

Open Claims — Action Required

2 UNRESOLVED

F0Q7998 — 63½ Jefferson Ave, Salem · Pipe Burst

DAY 16 — OPEN

Claim filed Feb 8, 2026. Water damage from pipe burst. Adjuster assigned. Waiting on scope of loss from contractor. Mortgagee: R.T. Dunham Trustee. No check issued yet. Follow up required if no payment by Day 30 (Mar 9, 2026).

CC13493 — 14 New Derby St, Salem · Holdback $69,852

13+ MONTHS FROZEN

Institution for Savings holdback — $69,852.54 unreleased since January 2025. All repairs completed and documented. Lender has not released funds. Escrow coordination required. This is money owed — not in dispute — but sitting frozen in mortgagee coordination. Call IFS directly: escalate to VP-level.

$69,852 owed now

Complete Claims History — All Entities

2019–2026

CLAIM #

PROPERTY

PERIL

AMOUNT

STATUS

CC17178

240 Cabot St, Beverly

Pipe Burst

$292,926

CLOSED

CC13493

14 New Derby, Salem

Water / Pipe

$317,102

HOLDBACK

F0Q7998

63½ Jefferson, Salem

Pipe Burst

TBD

OPEN

CC14201

26 Broadway, Revere

Pipe / Winter

$78,440

CLOSED

CC11882

26 Broadway, Revere

Pipe / Winter

$44,210

CLOSED

CC09447

240 Cabot St, Beverly

Water Intrusion

$31,880

CLOSED

CC08831

50 Grove St, Salem

Roof / Water

$28,412

CLOSED

CC07190

214 Cabot St, Beverly

Pipe Burst

$19,500

CLOSED

CC05882

127 Waverly, N. Andover

Water

$6,500

CLOSED

⚠ Pattern alert: 26 Broadway has 2 pipe/winter claims — repeat loss building. Pipe remediation and insulation documentation recommended before renewal.

RENEWAL BRIEFING

127 days to renewal · Jun 30, 2026 · Travelers Charter Oak

Your Renewal Game Plan

VELA STRATEGY · FEB 2026

You have 127 days to get ahead of this renewal. That's enough time to fix the O&L schedule errors, document safeguard upgrades, and walk into the broker conversation with leverage. Here is exactly what to do and when.

NOW — FEBRUARY 2026

Verify the two missing O&L buildings

Call Travelers directly (not your broker). Ask them to confirm the O&L endorsement schedule for policy Y-630-B4278065. Specifically ask about 198 Endicott St and 405-411 Cabot St. Get the answer in writing. This is the single most important call you can make.

MARCH 2026 — 90 DAYS OUT

Install leak detection, begin suppression inspections

Get leak detection quotes for 5 buildings. Schedule suppression service at 407 Cabot and 127 Waverly — both overdue. Get certificates in hand before you talk to broker. Documentation now = leverage at renewal.

APRIL 2026 — 60 DAYS OUT

Request competitive quotes from 2 other carriers

Travelers knows you're a 4-year renewal. They will not sharpen their pencil unless you show them competition. Ask your broker to approach Hartford and Zurich for competitive quotes on the same schedule. You don't have to move — but you need the leverage.

MAY 2026 — 30 DAYS OUT

Broker meeting — bring this document

Walk in with the gap analysis, the compliance documentation, and the competitive quotes. Ask for: (1) O&L limits corrected on all buildings, (2) water deductible reduction to $25K with leak detection credit, (3) removal of unknown-condition surcharge on 6 buildings.

JUNE 2026 — RENEWAL

Target outcome

O&L gaps closed. Water deductible reduced. $38,200 in annual savings locked in. All 21 buildings properly scheduled. Policy renewed with documented improvements.

Renewal Readiness Score

50%

Needs Work

2 critical O&L gaps unresolved
7 compliance items overdue
No competitive quotes obtained
Holdback still unreleased

What to Ask For at Renewal

O&L: Add 198 Endicott & 405-411 Cabot to schedule

Non-negotiable. These buildings need coverage now.

Water deductible: $50K → $25K with leak detection

Carriers will negotiate this with certified device documentation.

127 Waverly & 407 Cabot O&L: Increase to $350K+

Show clean suppression inspection records as leverage.

Remove roof condition surcharge on 6 buildings

Documentation removes carrier uncertainty premium.

Policy Language You Need to Cite at Renewal

DX T0 00 · DX T3 39 · KEY EXCERPTS

Ordinance or Law Coverage — Form DX T3 39

Travelers Charter Oak Fire Insurance Company · Applicable to Policy Y-630-B4278065-COF-25

From DX T0 00 (Revised Limits of Insurance): "Ordinance or Law: NOT COVERED. Standard Ordinance or Law coverage is excluded from this policy form and replaced by endorsement DX T3 39 where applicable."

From DX T3 39 (O&L Endorsement): "Coverage applies separately to each premises listed below. The Limit of Insurance shown is the maximum we will pay under Coverage A, B and C combined for any one occurrence at each premises listed. Premises not listed in this endorsement schedule are not covered for Ordinance or Law loss."

What this means at renewal: You have explicit documentation that (a) base O&L was removed, (b) endorsement is the only source of O&L coverage, and (c) unlisted buildings have no O&L coverage by the policy's own language. This is not a gray area — Travelers cannot argue ambiguity when their own endorsement defines it this clearly. Use this language word-for-word when requesting the schedule correction.