Gil Garden Avetrani Insurance Group

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MiamiEmpresarial www.miamiempresarial.net

The Business Pulse of South Florida

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gil garden avetrani: industry-specific insurance Rebeca Trujillo

South Florida’s construction industry is another sector that never ceases to amaze for its resilience.

Companies big and small need business insurance. More than an inane marketing phrase, this statement carries great weight because it reflects a harsh reality: Being in business exposes a commercial entity to a wide variety of risks. Comprehensive insurance coverage helps cover the costs associated with confronting those risks and the expensive damages and liabilities they may cause.

Depending on the nature and magnitude of the incident, the crisis could deal a financially devastating blow to the company, its management or ownership, employees, and even its clients.

“This is something that company

Frank Gil

executives must take seriously,” says Joseph Garden, founding principal and partner at Gil Garden Avetrani Insurance Group (GGAIG).

“Underestimating the risks and the costs of recovering from a crisis is one of the major difficulties we deal with every day. People believe that having minimal coverage is enough because of the ‘it-won’t-happen-to-me’ syndrome when in reality, being under insured can be as bad as conducting business without any insurance at all.”

Comprehensive insurance coverage, customized to meet the requirements of a specific industry, business activity and corporate environment, is precisely GGAIG’s forte.

Joseph Garden

Joe Avetrani

“Our agency provides a substantial array of general insurance products, from commercial and business policies, personal and professional liability, and property and vehicle insurance to workers compensation,” comments Frank Gil, also a principal and partner at GGAIG, who is then joined

by Joe Avetrani, the firm’s third principal and name partner.

“Yet we go a step further and counsel companies within South Florida’s most important trades, like • Construction • Marine and Maritime • International Trade and Tourism, • Hospitality • Shipping and Transportation • Aircraft and Aviation, and others on industry-specific insurance products.”

“Our team members understand these trades thoroughly,” continues Mr. Garden. “They are dedicated, consummate professionals who work closely with clients to first appraise their distinctive risks and needs, and then apply this knowledge and experience to develop a policy or policies with the right level of protection.”

international trade and construction For decades, South Florida —with Miami at its core— has positioned itself as one of the nation’s top four international trade centers, with an obvious hemispheric emphasis on Latin America and the Caribbean.

With world-class facilities like Miami International Airport and PortMiami, a diverse workforce, a well-established and ever-growing entrepreneurial class, a steady business environment, and a multimodal transportation network that is always expanding and improving, the area has continued to flourish despite the COVID-19 res-

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is a must trictions and their effect on the local, state, and national economies.

Joseph Garden adds that GGAIG manages the insurance needs for a myriad international accounts, many in shipping, import-export, and other related commercial endeavors, including clients throughout the Caribbean, Central and South America via corresponding relationships with local brokers.

“This sector has been one of our agency’s strongest markets,” explains Joe Avetrani. “It presents unique challenges and requirements that our specialized team members are closely acquainted with and can therefore guide clients into selecting the level of coverage and protection their business activities require.”

“The South Florida construction industry, which has survived several economic downturns,” Joseph Garden affirms, “is another sector that

People believe that having minimal coverage is enough because of the ‘it-won’t-happen-to-me’ syndrome never ceases to amaze for its resilience, its ability to bounce back with a vengeance after being struck down.

After an exceedingly difficult 2020, this year residential construction starts, for example, have surged 36 percent in April, for example, in their year-over-year performance due to the increasing demand for housing in the area.”

Once again, GGAIG principals Avetrani and Garden and their team members are vastly experienced in this market, leading the agency to ex-

Award Winning Solutions To All Your Insurance Needs

•Construction •Marine and Maritime •International Trade •Shipping and Transportation •Aircraft and Aviation •Cyber / Hacking •Drones and Robotics.

Named Insurance Agency Of The Year by Latin Builders Association and Latin American Business Association

Frank Gil

Joe Garden

Joe Avetrani

GIL GARDEN AVETRANI INSURANCE AGENCY 10689 N Kendall Drive, Suite 208, Miami, FL 33173 USA

305-630-4777 • ggaig.com

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With the recent influx of foreign nationals relocating to establish their operations in Miami, GGAIG is uniquely qualified to assist with complex insurance regulations.

cel in its service to local builders and developers, contractors and suppliers, each of whom have very distinct insurance needs

hacking: the “other” storm Technology is a very efficacious ally for today’s businesses… until it is not.

Because as much as modern electronic devices —smartphones, computers and “the cloud”— increase productivity and make work faster, more efficient and thorough, they also open up a Pandora’s box and expose entire companies to cybercrime.

Cybercrime, specifically the use of electronic equipment connected to the worldwide web as a means —and a target— in the execution of unlawful acts, has increased exponentially in the past decades as computers and mobile/portable digital devices have become essential business and personal communications tools.

If it is so prevalent and inexorable, what can a company do to protect itself from cybercrime?

“In addition to applying basic security measures, providing regular, upto-date cybersecurity training for employees, and developing an emergency response plan,” says Joseph Garden, “a comprehensive cyberrisk insurance policy will make recovery easier, faster and less painful.”

So which entities should get cyber-

crime insurance coverage? The answer is simple: any company that • Uses computers, mobile devices, and cloud-based or remote data storage • Works with and stores personal/commercial/financial, or medical data • Accepts electronic payments and/or credit/debit cards.

With the recent national ransomware attack to the Colonial Pipeline earlier this year, that netted $4.4 million in extortion fees for the hackers, as the company’s CEO Joseph Blount acknowledged in an interview with the Wall Street Journal, cybersecurity procedures and cyberrisk insurance policies have become the subjects of serious discussion and decisive action.

Joe Avetrani explains that a comprehensive cyber risk insurance policy

The specialists at GGAIG recommend coverage for these major cybercrime loss generators: •Breach Costs •Cyber Extortion •Cyber Crime •Business Interruption •Data Recovery

should cover crimes like hacks and network intrusion, data theft, extortionware, and BEC (business email compromise) scams, a type of phishing in which the attacker impersonates or compromises an executive’s email account to manipulate the target into turning over confidential information or transferring funds to the attacker’s account.

With the hackers’ increasing level of sophistication and complexity and the escalating losses inflicted by cybercrime, both executives advise that it is wise to review and update coverage regularly.

expert guidance and specialized coverage “Our cybercrime coverage is only the latest in an extensive list of services that GGAIG offers,” says Joe Avetrani.

The agency represents all the major insurance underwriters and companies, often through the respected Lloyds of London, the world’s leading insurance marketplace, for its local, domestic, and international customers.

For the past 23 years Gil Garden Avetrani Insurance Group has been a leading provider of specialized coverage and services. The agency’s more than 30 employees surpass the specific levels of proficiency required by the State of Florida and continue updating their competence with further training and specialized courses.

“It is important to emphasize,” Joseph Garden comments, “that we, the principals at GGAIG, also hone our qualifications constantly because we supervise every case. Clients can rest assured that our recommendations and their policies are the product of expert, capable collaboration.”

“We take every necessary step to assist our clients with their insurance needs,” concludes Joseph Garden.

“This process is crucial as the worldwide insurance market evolves and our clients engage in new markets, technologies, commercial endeavors, and territories.”