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Ordinance or Law - When (and Why) Partial Losses Become Total Losses

Author: Chris Boggs

R&R-icon-logo-2.pngWe do a bad job of explaining the concept of "replacement cost." We tend to tell clients they will get new stuff for old junk - which is partially true, but partial truths get you sued. One roadblock to replacement cost is building codes or what we insurance practitioners refer to as ordinances or laws.

Unendorsed policies offer only a VERY limited amount of coverage for the increased costs to rebuild due to these ordinances or laws. When your insured is forced to pay these additional costs out-of-pocket, they are going to be MAAADDD!

In this 42-page Big "I" Virtual University Risk & Reality Report, author Chris Boggs explains:

     - The coverage gaps in property policies making Ordinance or Law Endorsements necessary;
     - Who promulgates and who enforces local building codes;
     - What constitutes "major" damage;
     - The details of various ordinance or law endorsements; and
     - How to develop coverage limits for each coverage part.

Check out this Risk & Reality Report's Table of Contents​.

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What is a Big "I" Virtual University Risk & Reality Report?

Our Risk & Reality Reports​ are white papers adapted from various Big "I" Virtual University webinars and articles written by some of the industry's leading experts.​


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