Replacement Cost and the 180-Day Limitation Myth
Carriers seem to believe that a property loss must be discovered within 180 days of the event causing the damage for the policy to respond on a replacement cost basis;…
Property
Post-COVID World Requires Agents to Learn Leasehold Interest Coverage
During COVID, many if not most employees were assigned to work from home. Office-based operations discovered that remote employees may be just as efficient as they were in the office.…
Meth Labs, Explosions, and Homeowners’ Insurance
A house exploded in Charlotte, NC. Rumors of a meth lab began to swirl leading to an analysis of the HO policy to answer the question, does the insurance carrier…
Are You Overlooking a $25,000 to $500,000+ Property Exposure?
A mural is a very real insurance exposure, and a very popular addition to many both public and private commercial buildings and residences. One underwriter reported writing $500,000 coverage on…
Improper COPE Information Costs Billions – for More Than Just the Insurance Carrier!
Commercial property underwriters have utilized essentially the same information for nearly 400 years: Construction, Occupancy, Protection and Exposure. Known to us mortals as “COPE.” When the correct COPE information is…
Why Defining Actual Cash Value is Amazingly Difficult
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…
Seven Important Considerations Required to Properly Insure “Fixtures”
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…
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…
DOPE Excludes Stupidity
Departments of Insurance across the country are bracing for the introduction of new commercial property policy language promised by the newly-formed property insurance bureau the Dominion of Organized Property Exchanges…
Murals Revisited
If your client has a mural on the inside or outside of the building, how do you cover it? Is it covered by the property policy? Is there any special…
