VU Resources

You’d think after 100+ years of application that coinsurance questions would rarely arise. However, few commercial property provisions are debated more often than coinsurance. In this article, we’ll take a…

The building is currently insured for replacement cost. The insurer did a new valuation and said the policy limit is 70% of the RC value, which would result in a coinsurance penalty…

Under the valuation condition in a property policy, you can choose to settle a claim using ACV instead of RC (even if you have RC on the declarations page). In…

Your insured is a contractor. He wants to repair insured damage to his own building to ensure that the job is done right. Or, let’s say he negligently causes damage…

The carrier has denied payment for covered damage to our insured tentant’s improvements and betterments based on a clause in the lease that states that all additions, alterations, etc. become the property…

Your insured buys a building for $250,000. The ACV of the building is closer to $750,000, but the insured only wants to insure the amount of his financial investment. Since…

This article was referenced in our VUpoint newsletter, Vol. 1, No. 14, September 18, 2000 and is based on a question submitted to our “Ask an Expert” service. Newsletter readers…

A significant source of uncovered claims (many that result in E&O claims against insurers and agents) involves the failure to (properly) identify named insureds on an insurance policy. For many…

Below is a recent “Ask an Expert” question we received involving a Business Owners Policy. While we attempted to address the valuation issues raised from the standpoint of the BOP,…

At last count, we’ve had 15 questions concerning the difference, if any, between coverage afforded by inland marine installation floaters and riggers liability forms. For example: “I am working on…