| |  | | | Special Feature - Commercial Property * Business Income * Homeowners' Insurance * Crime * Miscellaneous & Professional Liability * Insurance Laws & Statutes/Coverage Resources |
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| | Within the wording of the commercial property policy’s replacement cost provision there is a 180 day “limitation.” How does this supposed limitation actually apply and to whom does it apply? For whatever reason, some insurance carriers routinely use this supposed limitation incorrectly. |
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| | Business income coverage is unique because the factors used in calculating the amount of protection the insured is required to purchase differ from the factors used when calculating the amount of compensation owed/paid following a business-closing loss. Because of the different calculation methods, there is a difference between “insurable” business income and “compensable” business income. |
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| | Your insured’s 21 year old daughter is moving from a dorm to an apartment at college. She has been covered on your family HO and PUP policies but the underwriter now says she needs to get her own policies since she’ll be living off campus? Is that correct? |
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| | An insured stores activated gift cards worth several million dollars in a warehouse. The commercial property insurer says they’re not covered because they’re “evidences of debt” and the same as currency. Is that true? What about Commercial Crime coverage? |
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| | I asked agents from all over the country to recount some of the strangest, most unusual, or simply irritating situations involving underwriters. Here are some of their responses. |
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| | Eliot Spitzer, former New York Attorney General, sued Marsh & McLennan Cos. on October 14, 2004, for supposed bid rigging and other misdeeds and misinformation. This suit led to laws requiring insurance agents and brokers to disclose who they represent (the carrier or the insured), the sources of income, and sometimes the amount of income. Fifteen states currently have commission disclosure laws on the books possibly as an indirect result of Spitzer’s suit. |
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