Yesterday, a 7-year-old girl drowned in a pool that a homeowner reportedly rented, through Swimply, to a group that allegedly included about 15 children. I blogged about Swimply a couple of years ago when they appeared to not offer any liability coverage for renters. They apparently currently include $1,000,000 of coverage…but how much is the life of a 7-year-old child worth?
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This week I’m presenting, as part of a conference panel, a session on underinsurance of residential and commercial properties, with a focus on pre-loss valuation as it impacts underwriting and policy limits. What has been your experience in this area? Is underinsurance as widespread as it appears to be? Are there many instances of OVERinsurance? Inquiring minds want to know.
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Homeowners policies generally provide very broad worldwide liability coverage. However, among the exclusions are those pertaining to occurrences that take place on certain premises. These exclusions often have exceptions that grant coverage if the premises is an “insured location.” One common type of “insured location” is often vacant non-farm land. The question is, what is (or isn’t) “vacant” land?
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Is it time to re-visit the methodology used by agents to determine replacement costs and/or re-construction costs? How confident are you that the real property replacement values that you develop are sufficient to either replace or rebuild? If a natural catastrophe hit your community, would you have the same confidence in your replacement or rebuild figures?
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A home destroyed in the recent Colorado wildfires was allegedly grossly underinsured by over 50%. How can something like this happen?
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Some insurers are apparently introducing homeowners policy provisions requiring the reporting of hail damage claims within 6 months of their occurrence, even though the damage may not be discovered for a year or more after the hail storm. One insurer limits lawsuits by policyholders on the same basis? Is this legal? Is it reasonable?
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The condo collapse in Surfside, Florida raises a number of insurance coverage issues. However, little has been said about how this tragedy is likely going to change what agents and underwriters are expected to do with regard to verifying condo coverages. This became apparent when I recently received the following email….
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ISO has filed a new Homeowners program revision effective in most states in March 2022. Here is a link to an article detailing the changes and the filing designations if you want to access them on NAIC’s SERFF system.
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