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,…
Property
Understanding Commercial Property Underwriting – COPE in All its Glory
Gain a better understanding of the four key Property Underwriting factors – Construction, Occupancy, Protection, and Exposure (COPE).
ISO’s 2017 Commercial Property Changes
Insurance Services Office (ISO) filed several important commercial property changes effective September 1, 2017.
How Many Claims Would Be Considered for Riots Lasting Multiple Nights?
An agent asks: We have a few clients with multiple retail locations throughout various states with various policies. If they have locations which receive damages from riots on multiples nights,…
Does Invoking the ‘Insurrection Act of 1807’ Affect Property Coverage?
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…
Do the Acts of “Terrorists” Trigger the Terrorism Exclusion?
Protests, civil disobedience, riots, and looting followed the death of George Floyd under the knee of a Minneapolis police officer. Might the terrorism exclusion apply to any damage caused during…
COVID-19 and Commercial Property Vacancy Concerns
As of this writing 38 states and countless cities and counties have enacted some form of stay-at-home order amid the pandemic panic arising from COVID-19. If the operation is not…
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…
How Many Different ‘Values’ Can Property Have?
Property can be assigned many “values” depending on the purpose of the valuation and who is valuing it. But insurance is concerned with only four options: actual cash value, replacement…
Property Deductibles: Subtracted from the Limit or the Loss
A concept as common as the application of a “property deductible” is rarely taught or even considered, it is simply “understood.” The problem is we tend towards the belief that…
