Property policies written on a replacement cost (RC) basis, both personal and commercial lines, usually have a provision that the insured can collect on an ACV basis, then advise within 180 days that they intend to exercise their right to a RC recovery. But what happens when the insured doesn’t discover damage (e.g., from hail) until 180 days after the loss or damage (e.g., the hail storm)?
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Why do people fail to purchase insurance or cancel or suspend their coverage? Probably the motivation beyond the monetary is that they don’t believe a loss will ever happen to them. Here are a couple of real-life examples of why pennywise and pound foolish is a poor risk management tactic.
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This video podcast addresses many of the business income insurance issues presented by the COVID-19 pandemic. The panelists discuss the coverage issues, including pending litigation and government mandates from an insurance agency perspective.
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A NY court has ruled on a policyholder injunction claim regarding whether a business income loss was due to direct physical damage caused by the SARS-2 virus. Also included is a link to related COVID-19 coverage issues.
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Most commercial property policies largely limit coverage for business personal property to that located at a described location. Increasingly, though, business property is being dispersed to the locations of home workers, creating a need for more current and relevant coverages, not to mention revisiting business limitations and exclusions in personal lines forms.
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When renting a car, you can buy a loss damage waiver from the rental car company or you can often buy a “damage waiver” from a third party. Caveat emptor…not all “damage waivers” are created equal. Here are two examples.
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Do you advocate for customers at claim time? If not, you are likely missing out on a golden opportunity to improve retention and gain referrals of new business. Smart and competent agents advocate for their customers when a claim has been improperly denied and there is an inexpensive tool available to enhance their success.
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Too many consumers think that renters insurance is only needed in case they have a loss to their own property. Often overlooked is the value of the liability coverage. This was recently illustrated by an actual claim….
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