Partnership with Zurich Insurance

  

Zurich and CORE Announce Partnership to Help Real Estate Customers Free Up Capital and Reduce Tax Liability

Zurich offers help to real estate customers looking to free up capital and reduce tax liability Complimentary access to a cost segregation consulting firm, CORE Solutions Group, can create savings options.


On September 27, 2011 Zurich Insurance of Schaumburg, IL announced its partnership with CORE Solutions Group [Service Provider for Monarch Cost Consultants] to help its Real Estate customers free up capital and reduce their Tax Liabilities.

Commercial real estate owners looking to improve their cash flow can take advantage of a tax strategy called cost segregation, which allows owners and investors to accelerate the depreciation rate of their properties and take large tax deductions over a short time frame.

 
Zurich, a leading provider of property and casualty insurance in North America and globally, is offering policyholders access to CORE Solutions Group, a cost segregation consulting firm, through its real estate practice group. Through this complimentary service, policyholders will be able to identify opportunities for significant tax savings for property and asset managers.

 
Cost segregation is an IRS approved tax strategy, modified in 1997, that allows reclassification of real property to personal property. Cost segregation is used to accelerate depreciation expenses and reduce tax liability.

“Cost segregation is often overlooked because it is a niche strategy – but it shouldn’t be ignored because of its complexity,” said Don Gardner, vice president of National Sales at CORE Solutions Group in Birmingham, Mich. “Owners and investors typically experience substantial benefits from this strategy.”

Providing policyholders and brokers access to a specialized vendor like CORE Solutions Group is one way that Zurich is looking to further support its real estate clients within North America, said Dan Kleiman, head of Zurich’s real estate practice.

“We are continually looking for ways to add value to our customers and brokers beyond real estate insurance coverage,” Mr. Kleiman said. “By providing access to specialized strategic alliances like CORE Solutions Group, we provide the customer with options to help free up cash flow and lower their total cost of risk.”

Properties that undergo cost segregation studies can usually see significant increases in deductions within the first five years of doing an analysis due to accelerated depreciation, Mr. Gardner said, adding that each property is different with some being reclassified and accelerated at a faster rate.

Zurich’s real estate practice offers a team of dedicated underwriting specialists across the U.S. along with bundled protection solutions for property & casualty to help real estate owners and managers reduce their risk of coverage gaps.  With a dedicated real estate underwriting staff of 22 underwriters and 2 practice leaders geographical spread across nine locations in the U.S., Zurich understands regional real estate issues and risks.

For more information about cost segregation, download the whitepaper, “Cost segregation strategies for Commercial Properties”

http://www.zurichrealtalk.com/whitepapers/cost-segregation-strategies-commercial-property


For more information about Zurich’s real estate practice, visit

http://www.zurichna.com/zna/realestate



About Zurich

Zurich Financial Services Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. For more information about Zurich’s business in North America, go to

http://www.zurichna.com/zna/media/news-releases/archive/boilerplate.htm

 

 

About CORE

CORE offers a unique staff made up of tax and legal professionals as well as a team of engineers that have intimate understanding and experience with this somewhat complex and often misunderstood tax strategy. CORE has performed thousands of engineering studies with zero disallowances. All of CORE’s work is backed by their Service and Audit Guarantee.

 
Media contact:

Jeff Casale

Zurich, North America

 


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Government Stimulus Programs, Energy Savings and

Operating Cost Efficiencies