Ordinance or Law – When (and Why) Partial Losses Become Total Losses
We do a bad job of explaining the concept of “replacement cost” and tend to tell clients they will get new stuff for old junk. This may be partially true,…
Commercial Lines
ISO’s Business Income Response to COVID-19
Insurance Services Office (ISO) continually monitors emerging issues and trends that may affect the insurance industry, and the unknown ultimate result of the Coronavirus (COVID-19) certainly qualifies as an emerging…
4 Commercial Property Endorsements You’ve Never Heard Of But Should Know How to Use
ISO offers over 200 commercial property endorsements. Some of them are not good for the insured, but many allow the insured to provide coverage and protection not found in the…
Building Codes Turn Partial Property Losses into Total Losses
Few commercial structures fully meet the applicable jurisdictional building codes and regulations of the county, city, town, borough, village or township in which they are located. Building codes are routinely…
Margin Clauses and Blanket Insurance
Commercial insurers have increasingly incorporated provisions into their coverage forms and/or endorsements that can create significant coverage gaps when property is insured on a blanket basis. The use of a…
TRIA and the ISO Terrorism Exclusion Endorsements
Following a brief history of the Terrorism Risk Insurance Act (TRIA), this article provides a complete listing to date of all the ISO terrorism endorsements, along with links to other…
Business Income vs. Manufacturer’s Selling Price
An agent asks, “I’m quoting a tank fabrication operation. They manufacture large metal tanks at their facility, transport the tanks to the customer’s location, and install them. The current agent…
Loss Payee vs. Lenders Loss Payable
Sometimes a third party wants to be added as a named insured on a property policy, but the insurer refuses. As an alternative, the party elects to be named as…
Margin Clauses
Blanket insurance is often the most effective and safest way to write property insurance on risks with multiple locations. Since the limit can be applied to any location, it lessens…
