; FCIA News: Small Commercial Team Overcomes Hurdles to Secure a Successful Outcome: A Partnership Story | First Commonwealth Bank Skip To Content

Small Commercial Team Overcomes Hurdles to Secure a Successful Outcome: A Partnership Story

Published May 23, 2024 

Partner, Todd Conocchia, introduced his client to Kristen Sanders and our team, to assist with a new property acquisition the client was financing. The property was set to serve as the warehouse for the client’s online building materials auction business. However, securing the necessary insurance to obtain financing proved to be a significant challenge.

The client had experienced negative encounters with insurance agencies in the past, making them hesitant to move forward, especially since they required not only property and liability coverage but also a flood policy. The process faced numerous delays and hurdles, leading to the business owner reconsidering the property purchase.

Recognizing the urgency, Kristen began working closely with the client. Over the next few months, they had several conversations where she explained the coverage requirements, made necessary adjustments, and provided multiple quote options. Their relationship grew stronger as they navigated the complexities together.

By April, they were ready to bind the coverage, and Todd was prepared to close the loan. However, another challenge arose. The named insured on the policy needed to match the loan documents, requiring our team to add an additional named insured. We quickly resolved this issue by revising the evidence of coverage and having a conversation with the loan underwriter to explain the need for both named insureds.

While significant time and effort invested, we achieved a positive outcome. The client’s loan closed successfully, securing the necessary insurance and fostering a strengthened relationship. This collaboration not only resulted in a successful closing but also gave our client the ability to grow their business.