| |  | | | Special Feature * Contractual Risk Transfer/Additional Insured/Certificates of Insurance * Commercial Property * Personal Auto Issues * Insurance Laws & Statutes/Coverage Resources |
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| | 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 build to reconstruction cost. Throw in COVID, and this whole issue becomes even more important. |
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| | Contractual risk transfer is often confused with insurance coverage; and certificates of insurance are ALWAYS confused for a document with any real meaning or power. This article focuses on one key fact – the insurance policy rules regardless what the contract says. |
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| | Lower tier contractors seem to be fighting back on some contractual insurance requirements – even to the point of making improper claims. One in particular is that making another party an additional insured negates the need to waive recovery rights against that party (often referred to as a waiver of subrogation). Well, these risk management mechanisms have different outcomes and only slightly overlap. |
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| | Do agents owe any duty to a certificate holder? Opinions differ. Given the reality of the COI, its intended purpose and the parties to the various contracts related to a construction site, agents have very little duty to the certificate holder beyond honesty. |
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| | 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 unendorsed property policy. There are four you may have never heard of or seen used, but they are incredibly useful in the right situation. |
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| | 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 personal property, on either an actual cash value (ACV) or replacement cost (RC) basis. However, many agents are not aware of how this option must be used very carefully. |
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| | Bad decisions cause commercial property clients to pay higher property premiums. Sadly, the insured may not even recognize their poor choices. Worse still, agents can help clients identify their bad decisions with the right information. |
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| | Most people, including your clients, are insurance illiterates. Their limited understanding of insurance comes from the commercials they see on TV and the misinformation they “hear on the streets.” Insurance professionals should invest in their client’s kids. Why? Let us count the ways. |
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| | Now through May 14, you can view this three part series dedicated to the PAP free of charge. |
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| | Regardless what the commercials tell us, personal auto coverage is not one-size-fits-all. Every insured has unique arrangements and exposures. These lead to uneasiness and questions – hopefully. This article attempts to answer three personal auto questions every agent needs to know how to answer. |
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| | You can download this ACV Rules and Depreciation of Labor State List for easy reference. Note that not every state has common law, statutory law, or DOI reaction regarding depreciation of labor. Only those states that have addressed the issue are indicated in this reference list. |
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