I realize you posted this as a joke. That said there’s a really interesting video on this where the guy heats up steel to some crazy temperature but less than the jet fuel from 9/11 and then he bends the steel and it looks like a hanger being bent with how easy it was to do.

TheLaughingWolf

WR Officer

Business Development Manager

I'm going to have to check this out. Is it on YouTube?

Justatitle

Big Shot

Account Executive

Yes. https://youtu.be/FzF1KySHmUA

TheLaughingWolf

WR Officer

Business Development Manager

I am such an idiot. Lol I work with metals as a hobbies and never thought about this when it comes to the Jet Fuel can't melt steel.

CuriousFox

WR Officer

🦊

Tragic for sure.

I'm guessing sinkhole?

TheLaughingWolf

WR Officer

Business Development Manager

I was thinking of poor concrete mixture or low quality rebars. Since it was made in the 80's, but I never thought about a sinkhole.

Just hoping they can find some of the missing people alive.

NoSuperhero

Politicker

BDR LEAD

Yeah it was watered down concrete, it was given a warning back in 2018.

https://www.bbc.com/news/world-us-canada-57621774

Tribal24

Good Citizen

SDR

Nope, building wasn't being properly maintained and inspections weren't being taken seriously. Miami is known for crooked business so I'm not surprised it happened.

I'm down here in SoFlo and have friends that work real estate in that area. So they filled me in.

Justatitle

Big Shot

Account Executive

They have to test the concrete and steel but the early thought is rotting concrete where the rebar is eroded due to the salt air over the 40 years the building was there. Very sad and tragic.

Incognito

WR Officer

Master of Disaster

Annndddd that’s why faulty workmanship claims are expensive as all fuck to insure.

Justatitle

Big Shot

Account Executive

Yeah it’s going to be a really interesting investigation because if the building was certified and not faulty worksmanship the property owner and management is going to have quite the pill to deal with

Incognito

WR Officer

Master of Disaster

Yep. To be clear - my RE insurance knowledge is kinda average still.

However, the timeline on this would make it a property loss rather than any completed ops. We need @Coverageconnoisseur ! He knows these things!

TheLaughingWolf

WR Officer

Business Development Manager

You know, I was thinking more about this last night. With the building being built in the 80's with all the money laundering going on because of cocain smuggling, I'm wondering if that could have layed a part in this.

Less quality of materials because of possible money laundering. But then again, I do like to think of crazy explanations for things and tend to go a little overboard at times.

Justatitle

Big Shot

Account Executive

Yes, could be a factor but likely it’s a tragic story of not knowing there was a problem and the building failing. Wanna know what’s even worse nyc infrastructure is rated at a D for how outdated so many buildings are.

TheLaughingWolf

WR Officer

Business Development Manager

What do you mean the timeline would make it a property loss? Because it was built in the 80's?

TheLaughingWolf

WR Officer

Business Development Manager

Man. That is kind of terrifying.

Incognito

WR Officer

Master of Disaster

Yes. Even with extended completed operations coverage, the most you will get is 10 years after construction is complete.

Incognito

WR Officer

Master of Disaster

Doesn’t mean that they can’t go after the contractor for faulty workmanship or if they used defective materials (difficult to prove, though, after that much time has elapsed), but the contractor would have to pay out of pocket because the policy isn’t obligated to respond.

TheLaughingWolf

WR Officer

Business Development Manager

Interesting. Thanks for the knowledge @Incognito

Incognito

WR Officer

Master of Disaster

Construction insurance in nyc is the most expensive in the world (the labor laws here make it that way). To do any project, it costs 17x as much.

For example, that bridge painter I closed? They’re paying almost $2M in premium on $5M in sales rn. My demo contractor? $1.5M in premium on $15M in sales. That’s not even including the surety costs to bid jobs.

also why the broker market is saturated with scumbags because the commish on a small GC is tasty.

poweredbycaffeine

WR Lieutenant

☕️

Liability, E&O, D&O and Cyber are white hot.

Incognito

WR Officer

Master of Disaster

Still not as big a premium when compared to revenue. But yes, they’re seeing huge increases up to 100% in some cases. Plus greater underwriting scrutiny, new policy terms and exclusions. As I mentioned in another post, AIG is flat out excluding sexual misconduct coverage.

The cyber market is gonna be a ride from now on. To even get coverage you’re going to have to prove that you have protections in place (pssssst - great time to be selling that kind of SaaS).

Incognito

WR Officer

Master of Disaster

Omg. I smell a delicious cross sell with some of you savages.

you pitch the protection, I pitch the coverage. Can’t have one without the other! 🔥

Justatitle

Big Shot

Account Executive

Cyber is insane right now. After solarwinds, colonial and others nobody wants to be next.

Justatitle

Big Shot

Account Executive

That would be awesome. Attack it from 2 angles well protect you up front but here’s someone who will watch your back in case we fuck up.

Incognito

WR Officer

Master of Disaster

Fuck I love the WR It gets better. Part of my job is to sweet talk the underwriters who approve the policies. You want cheap rates? You HAVE to have this particular SaaS…… 👀👀👀

poweredbycaffeine

WR Lieutenant

☕️

My last spot was an insurtech MGA…in cyber. The market is ripe for a SaaS service that acts as a protections attestation platform that accelerates bind cycles and reduces hard to satisfy subjectivists.

Incognito

WR Officer

Master of Disaster

See? You only really need to sell a couple people on the UW side. Then they will literally send people to you ready to sign immediately.

I smell a lot of money

TheLaughingWolf

WR Officer

Business Development Manager

Jesus. That is utterly insane. I might have to leave the Fintech space. Lol

TheLaughingWolf

WR Officer

Business Development Manager

Has a new company been formed because of the War Room? Lol

I wish I had more knowledge of this and could contribute more to the conversation. I'm getting excited for you all just from reading your comments.

Incognito

WR Officer

Master of Disaster

Let me do some digging later today - I know that Microsoft does something and charges like $200,000. Our brokerage is trying to build a similar service internally - but everything we do internally is flawed in execution. However, the national head of cyber is actually the greatest asset our company has.

but for sure it’s a different angle to play that would make your call list a hell of a lot shorter haha

TheLaughingWolf

WR Officer

Business Development Manager

I never thought that steel inside of concrete could erode because of the salt air.

But I guess if there was anyway for the air to penetrate the concrete, it would do damage to the rebar.

If that was the case, there are going to be a lot of worried people in apartment buildings.

I wonder how they would be able to fix a problem like that if they caught it early enough.

Justatitle

Big Shot

Account Executive

It can’t be fixed. Only option is to demolish the building and rebuild it as well as seal it better against the elements.

CuriousFox

WR Officer

🦊

This is what I was thinking. How many more buildings are this way? Do they not do annual inspections? I really don't know these things.

Justatitle

Big Shot

Account Executive

They do annual inspections but think about it the rebar is in the concrete and there’s no way to get to it to test it. You could cut out a piece and test it but that doesn’t mean it’s uniform and there’s areas that could be impacted and others that are fine.

Justatitle

Big Shot

Account Executive

@CuriousFox update from what I have been reading on this. A structural engineer inspected the building years ago and identified major structural damages. They were in the process of making renovations to the building when it collapsed and likely the added weight of construction materials along with crumbling infrastructure caused the collapse. So the problems were known, the severity wasn’t taken seriously enough to not have people live there I guess. Really scary.

TheLaughingWolf

WR Officer

Business Development Manager

That is brutal. There are going to be so many worried people in Florida.

TheLaughingWolf

WR Officer

Business Development Manager

So true. If anyone is a genius in the War Room and can come up with a way to test rebar in concrete, now is the time to do it.

CuriousFox

WR Officer

🦊

Holy. Shit. Those poor people. My heart aches for them and their families.

TheLaughingWolf

WR Officer

Business Development Manager

That is heartbreaking. Someone really needs to be going to jail over this.

Incognito

WR Officer

Master of Disaster

ICYMI

https://www.constructiondive.com/news/engineers-report-warned-of-structural-damage-prior-to-condos-collapse/602467/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202021-06-28%20Construction%20Dive%20Newsletter%20%5Bissue:35122%5D&utm_term=Construction%20Dive

Construction Dive always puts out clear, concise articles which are easy to understand.

CuriousFox

WR Officer

🦊

Thanks for the link 🥂

TheLaughingWolf

WR Officer

Business Development Manager

Thanks for sharing this. It makes what happened even more heart breaking.

hurtscuzimold

Opinionated

Dude abiding

So sad

NoSuperhero

Politicker

BDR LEAD

Something similar happened in Medellin Colombia and both happened because of corruption, watering down materials.

FarmingU

Politicker

-8

Account Manager

what does this have to do with sales?

I hope everybody missing is ok but please let's keep Bravado mainly focus on sales, business or personal growth.... this is more a FB post...

poweredbycaffeine

WR Lieutenant

☕️

Gatekeeping is for Reddit. Edit: this post had the proper tags, and was not intended to farm commission. Nothing wrong with it.

TheLaughingWolf

WR Officer

Business Development Manager

Thanks. I had no idea this happened till a co-worker told me. So I wanted to let others like me (who live under a rock) know this happened. And to show my support to our sales fam in Florida.

But I have learned lots from the conversations this post has created.

TheLaughingWolf

WR Officer

Business Development Manager

Sorry if this has offended you.

I posted here because it has more of a reach to the sales community than Facebook would.

Wanted to show my support for any of our sales fam that this has personally affected.

On a side note, there are some learnings regarding insurance sales from some of the comments.

Incognito

WR Officer

Master of Disaster

And it led to our discussions on coverages, which is what I actually sell.

If someone posted about SaaS products, do you think you would get the same response? No.

My inbox exploded with this news btw - so it’s very relevant to my job.

Plus you clearly labeled it off topic. So if that label exists, you can technically post about whatever you damned well please.

TheLaughingWolf

WR Officer

Business Development Manager

Honestly, this is probably in the top 5 posts that I have learned from.

It's funny how a post that I didn't intend to learn much from, has been one of the posts I have learned a lot from.

Bravado is a community of trusted sales professionals endorsed by their customers.

Products

The War Room Jobs Salary Guide Tech Sales U

Company

About Us How It Works Blog Bug Bounty

Contact

Press Careers

If you are hired as a contract sales rep by a Bravado customer, we may ask you to prove access to the employee email account provided to you by that customer. This data will be shared with customers to track your sales productivity; customers can use this data to confirm you meet the minimum activity requirements to pay out your ramp stipend and commission.

TheLaughingWolf

Florida Building Collapse

52 comments

Related posts

Would you move to Florida?

I’m building the commercial area in my startup from scratch…

Best states to snag for your territory and why? (Besides CA, WA, NY)