AssureLease, LLC

09/02/2024

Have a Wonderful Labor Day Weekend!

07/01/2021

AssureLease "LATS" (Landlord Alternative To Security) is officially live! Please see the announcement below.

AssureLease LLC
Launches groundbreaking Landlords Alternative To Security (LATS)
For mid-sized landlords

New York, July 1, 2021 / - AssureLease LLC, a leading insurance program developer announced today that it has launched a new Reciprocal Insurance Company- Landlords Alternative To Security (LATS) to address the limitations of traditional security deposits for mid-sized real estate owners. Andrew D. Loughrane, President of AssureLease stated “Traditional tenant security is, at best, a program where Landlords earn zero dollars ($0) and has a negative effect on your NOI, when considering unpaid damages and administrative expenses. Furthermore, the new rent laws in NYC (as example) and many other jurisdictions require an extensive administrative process of prior occupancy inspection, post occupancy inspection, extensive documentation of damages, and return of security within a proscribed time frame.
The actions taken by government during COVID-19 caused considerable disruption to the Real Estate Industry, particularly in the multi-family sector. AssureLease LATS helps owners fortify their balance sheet by mitigating losses and creating a new revenue stream, all while removing a barrier of entry to the tenant.
AssureLease LLC provides real estate owners with a tailored insurance solution that replaces traditional security deposits. With the launch of LATS, mid-sized owners will now be able to access this risk management program. Some of the benefits to the landlord include;
• Turns a negative drain on NOI into a profit center
• Funds losses that would not have been covered
• Increases marketability
• Drastically reduces administration burdens
• Virtually eliminates legal collections and improves the marketability of the apartments.
• 100% of all unused funding is returned to property owner.
AssureLease has been in operation for some 10 years and is the only one offering this type of program in the marketplace. The program is available in all 50 states as well as Canada and is offered through one of the largest insurance wholesalers in the US.

“We are very excited to bring sophisticated risk management tools to mid-sized owners in the most cost-effective way. LATS will remove losses and create new revenue as well as take away the financial uncertainty that traditional security deposits bring. We know from many years of experience in underwriting very large portfolios that this program will make a big impact to the balance sheet. We are not one of the many new indemnity or surety startups offering alternatives all of which do not provide income and control for the Landlord. We provide a unique solution to the owner that allows them to fully fund losses AND to receive all unused funding as dividends, which is a singular approach in the marketplace” said Andrew D. Loughrane, President of AssureLease, LLC. To learn more about LATS and AssureLease, please visit: www.assurelease.com or contact : [email protected]

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07/02/2020

Please read click on the link below or read the article that recently came out in the PRNewsWire :

https://www.prnewswire.com/news-releases/assurelease-helps-property-owners-face-the-covid-19-pandemic-301086755.html?tc=eml_cleartime

AssureLease Helps Property Owners Face the COVID 19 Pandemic
NEWS PROVIDED BY

AssureLease LLC
Jul 01, 2020, 09:15 ET


NEW YORK, July 1, 2020 /PRNewswire/ -- How can AssureLease help property owners during the COVID 19 pandemic? Andrew Loughrane, President of AssureLease offered the following insights: "We are in difficult and challenging times in our personal lives and in our business environment. In the past three months the COVID 19 virus has caused considerable disruption to the Real Estate Industry through state government shut-down orders and subsequent civil authority actions. We are seeing industry challenges not faced before and in an unparalleled scale. The Fed and the Treasury have made remarkable efforts to help businesses survive, however the Real Estate Industry faces specific challenges that few others face. They include potential increases in taxes to make up for state and municipal budget shortfalls at a time when tenants simply cannot meet their obligations.

The potential for forbearance fatigue on the commercial side and then extended high unemployment rates hitting the multi-family side could signal a drop in rent receivables as we move into summer and early fall. As owners look to find improvements to make in their balance sheets moving forward, AssureLease can be a good option to look at to help increase NOI or to simply help stem losses. Our program has proven to largely offset or mitigate negative impact due to COVID 19, based on current statistics (rent receivables year over year, defaults, damages).

While we never predicted or modeled our program to offset a pandemic (what else may be next?), we are seeing that an owner that controls their own program through AssureLease would have the financial resources kept on their balance sheet and not allocated as a profit or expense to Insurance companies. AssureLease is not an indemnity or surety program, both of which are most profitable to the insurer and have large expense allocations built in.

AssureLease designs and underwrites our program on a case by case basis as each portfolio has slightly different characteristics which demands a more specialized approach than a pre-modeled or off-the-shelf product. The next two to three months will really be critical to see what becomes the new normal and how the Real Estate industry evolves to face this historic challenge. AssureLease can help owners protect their balance sheet moving forward."

About AssureLease
AssureLease provides a customized tenant default insurance program for property owners that covers lost rent, damages and eviction expenses which have historically been a negative impact to NOI. The company offers an individual program for larger multifamily owners as well as a group program for smaller multifamily owners with a minimum of 300 units and can also serve commercial and student housing portfolios.

For more information on AssureLease contact John DiSpaltro at [email protected].

SOURCE AssureLease LLC

Related Links
http://www.assurelease.com

/PRNewswire/ -- How can AssureLease help property owners during the COVID 19 pandemic? Andrew Loughrane, President of AssureLease offered the following...

04/15/2020

To Our Valued Clientele, Partners & Friends,

First and foremost, we pray that all of you and your families are safe and healthy through this uniquely challenging time. As a country, we have not seen this type of health threat and potential economic threat for more than 100 years.

As we monitor the impact to our Country, Region and to our Industry, we must acknowledge the disruption this pandemic is creating in the short and near term. We are all working remotely and safely at AssureLease and can interface/interact with anyone wishing to do so via phone, email or internet conferencing. We are fully capable of reviewing and underwriting for AssureLease and the AssureLease LATS Reciprocal Insurance Company. As of right now, we cannot bind any new risks until at least mid-May or roughly 45 days. This delay is based solely on the Insurance markets ability to understand what impact they might have as an industry due to COVID 19. We as a company do not anticipate any specific negative impact to our business other than a short-term delay.

The Fed has pledged an unlimited backstop that includes quantitative easing (QE) and liquidity to aggressively stimulate the economy as things "come back online" as well as specific measures passed by the Senate to support small businesses, individuals (including GIG workers) and expanded unemployment benefits. These measures are meant to allow our economy on a macro basis to simply tread water while it is essentially forced to shut down.

The majority of financial experts believe that as long as we can suppress and then handle within our healthcare system the number of COVID 19 cases we face in the next 60-90 days, the markets and ultimately the economy will come back quickly and strongly. There is no question that this crisis will also present perhaps a new paradigm as to how we interact, work and conduct business as a society going forward.

While it will get worse over the next 30 days for much of the Country, we are optimistic that the curve will start to come down and be manageable for our healthcare system. Once we are through the other side of this, we welcome the opportunity to meet/talk with you and to explain how even in this type of unforeseeable crisis, our programs can help landlord/owners protect their balance sheets. We also suggest taking the time to understand how both federal and state regulatory actions might affect you or your clients/insureds. These include Eviction Freezes, Forbearance, Deposits used as rent, Rent Strikes and “Forced Goodwill” again, we welcome conversations with you on all of these issues and how they can impact your enterprise.

In closing, we strongly urge everyone to meet the challenges of social distancing and to protect themselves, their families and the elderly.

Stay safe and God bless.


The AssureLease & AssureLease Reciprocal Insurance Company Team

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