Insurable Interest in Personal Property
A critical element in the principle of indemnity is that an insured can only collect for a loss in an amount equal to his or her insurable interest in the…
VU Resources
The HO Undervaluation Problem
According to the experts, a majority of homes are undervalued by at least 25% on average. Magazines and newspapers are replete with articles about insureds who suffered major losses only…
Weather and Off-Premises Power Failure
A 17-store chain of restaurants were shut down recently by Hurricane Charley. Direct property damage was actually minor at all locations; however, an area-wide power outage resulted in several of…
The “Wear & Tear” Exclusion
If the volume of “Ask an Expert” questions we get is any indication, the “wear and tear” exclusion in auto and property policies–both personal and commercial lines–is one of the…
Roof Hail Damage and Defective Materials
A 10-year-old condo association building suffered hail damage during a storm. The adjuster claims that there is minimal damage from the hail and that most of the damage is due…
Insurance and Meth Labs
One of the worst scourges of the drug scene involves methamphetamines. Because the drugs are so inexpensive, increasing numbers of teens and others are becoming addicted. Because the drugs are…
