Wallach of Wallach Financial addresses LICN members - Oct. 20

Neil Wallach, Wallach Financial

Woodbury, NY The Long Island Commercial Network (LICN) held its general meeting on October 20^th at the On Parade Diner.  The meeting began with open networking providing everyone with an opportunity to catch up as well as meet and introduce guests and new members.

The meeting was opened by Ira Zucker, LICN president. Each committee was provided an opportunity to report on its progress during the month. Notably, the education Committee reminded members of the upcoming LIBOR Commercial Real Estate Certification class. The Commercial and Investment Real Estate Certified (CIREC) is an extensive program which teaches the foundations needed to provide commercial and investment real estate brokerage services. This program also helps agents conform to the NAR Code of Ethics which prohibits providing specialized services without proper training. This three-day program will provide 22.5 hours of NYS Continuing Education credit and includes the mandatory three hours of fair housing/discrimination training for license renewal. Graduates will receive a Certificate of Completion and be recognized as CIREC agents.

The technical committee reported on the progress of their new website.

They also welcomed several new members.

LICN then got into the education section, this time hosted by Neil Wallach of Wallach Financial Services, Inc. who discussed the many facets of commercial insurance.  The unmistakeable takeaway from the presentation was the insurance, while not a particularly popular or sexy subject, is a very complex set of moving parts that should be reviewed regularly with a professional well versed in the nuances of commercial property and casualty insurance.  Too many business owners, landlords and tenants have a “set once and forget it” view on insurance. Business is always changing either due to new regulations, changes or updates to tax law, expansion, contraction, changes in ownership, leases and other business life cycle events.  Often, a regular policy review by a second set of eyes will reveal gaps in coverage, over coverage, or opportunities to save substantial dollars. Areas touched on were CAM charges, policy limits and sub-contractor/maintenance activities. They concluded with a quick review of agent and broker E&O.

The meeting concluded with the “Haves and Wants” where all attendees have an opportunity to describe what properties they have for sale and what their customers are looking for. Everyone was reminded of our next meeting on November 24^th. All members and their guests are welcome. There will be a board of directors meeting to follow the general meeting. The LICN meets at the On Parade Diner, 7900 Jericho Tpke. on the 4^th Tuesday of every month. To find out more, visit their website www.licommercialnetwork.org and check their calendar for upcoming meeting dates and special events.