Agents learn early that there are two types of property, real property and personal property. Real property is generally defined as land and everything attached to the land such as…
The concept of actual cash value (ACV) is far more complicated than “replacement cost minus physical depreciation.” In fact, the meaning of replacement cost differs based on the state. To…
The Agreed Value Option (AVO) is an alternative to coinsurance in the ISO Building and Personal Property Coverage Form (CP 00 10). Agreed Value can be used with buildings or…
A surveyor’s equipment was stolen while on a job site. The adjuster denied the claim under the CP 00 10 Property Off-premises coverage, citing the exclusion for such property while…
A prospect’s lease requires that the tenant (him) be responsible for only the heating and air conditioning system (HVAC) under a provision that the tenant “maintain, repair and replace” the…
Building coverage includes personal property owned by you that is used to maintain or service the building or structure or premises, including: appliances used for refrigerating, ventilating, cooking, dishwashing or…
If you insure the tenant of a building and they install improvements and betterments, you certainly want to make sure they’re adequately insured, particularly if the lease makes the tenant…
As every self-respecting Insurance Geek knows, one word in an insurance policy (in fact, even a punctuation mark…but that’s another story) can make all the difference in coverage or lack thereof.…
An I&B claim was denied because the owner of the leased area had not made any betterments or improvements at his own expense since the lease began…all of the improvements…
Question: I have always understood Agreed Value to do away with the coinsurance clause. I have also understood it to stand alone, meaning no ACV or RC noted on the…
