Question: I had a commercial lender with a bank where we do quite a bit of partnership events with reach out to me about the difference between Loss Payee & Lender’s Loss Payable regarding insurance. I tried to do some research on my own about this, but I’m not fully understanding the difference between the…
The Foundation for Community Association Research Factbook reported that 52.9% of U.S. housing was built prior to 1979, leading to aging roofs, failing plumbing, and more. “The habitational market has long been claim-ridden,” O’Connor Corrigan says. “High frequency, high severity—you know, the insurance covers accidents that are typically confined to one home, but now imagine…
Test your knowledge of Commercial Property with this 10-question quiz.
Replacement cost isn’t what the insured thinks it is, and it’s the industry’s fault. When we say “replacement cost,” insureds hear, “I’m getting new stuff for old.” Depending on the situation, that is not true. We have to build the property policy to get to what the insured thinks replacement cost is; we have to…
Property underwriters analyze essentially the same information today as was reviewed 400 years ago. Although technology has changed, the basics of property underwriting has not changed. The four primary factors in property underwriting are Construction, Occupancy, Protection and Exposures (COPE). This article provides a brief overview of one piece of this puzzle – Protection.
Christmas Day 2020 saw Nashville, TN rocked by an explosion. Were these the acts of a terrorist? Might these acts trigger the terrorism exclusions?
How can a policy generating about $75 in revenue cost you $5,000, $10,000, or more? Believing that writing an HO-6 is quick and easy is the beginning of an E&O storm that can cost you thousands (your E&O deductible).
Gain a better understanding of the four key Property Underwriting factors – Construction, Occupancy, Protection, and Exposure (COPE).
Insurance Services Office (ISO) filed several important commercial property changes effective September 1, 2017.
Rocks being thrown by President Trump are causing major ripples in the insurance pond. His declaration that ANTIFA would be labeled a terrorist organization raised questions regarding whether coverage would be excluded, limited or provided by the various terrorism endorsements. Now his threat to invoke the Insurrection Act of 1807 has raised question of coverage…
