I’ve stayed in touch with Abby from Licata Risk Advisors since posting our Business Interruption Insurance piece earlier this week and she just forwarded me a memo her firm released to clients.
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We have had dozens of conversations over the past serval days with both small business owners and landlords and one specific topic seems to be on everyones mind of late: Business Interruption Insurance (“BII”).
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What if there was a state program that pumped money into restaurants by buying back their liquor licenses at a fixed rate and replacing all such licenses with original issue, no-value, non-transferable licenses?
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With Governor Baker’s order last night for MA (and other similar orders across the country) we have more clarity re: the days ahead as related to regulations surrounding places of public accommodation & public gatherings.
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This just in earlier this morning from East Cambridge Business Association. At around the same time the Mayor of Cambridge called for closing of all restaurants, bars and non-essential business in Cambridge.
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We believe it is necessary that we, as a real estate community, immediately grasp the gravity of the threat to the retail and service businesses in our projects and neighborhoods and act swiftly to accommodate as best we can, understand, and respond to inevitable requests of relief from tenants.
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We will do our best to be clear and honest, which means, at times, sharing the news we are getting in real-time that is not yet apparent to most of you.
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We are going to do better work in 2020 than ever before. I know this. And I know this largely because of the three hires we made at the end of 2019.
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While our hiring will be more precise now than ever, we will still prioritize individuals that are sincerely motivated by our work and aren’t intimidated by our entrepreneurial environment.
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Reading this blog and the pages that follow may suggest that all we do at Graffito is travel.
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