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?
Perhaps a large majority of all businesses are subject to data breach liability whereby someone steals or makes unauthorized use of personal or confidential information, often of customers. Such data breaches have resulted in lawsuits and government sanctions. While most “ISO standard” policies do not cover most types of data breaches, ISO has introduced a…
What happens when you combine restaurant operations with an auto exposure beyond the mere delivery or catering operation? Join Mike Edwards as he combines his two favorite subjects – insurance and food – into one great article that will put you a step ahead of the competition in this rapidly growing market.
In 2013, ISO made some of the most significant revisions to its additional insured (AI) endorsements ever. Several of these revisions have given a number of industry experts pause as to how they may be interpreted by insurer claims personnel and the courts. This article attempts to enumerate those concerns.
An I&B claim was denied because the owner of the leased area had not made any betterments or improvements at his own expense since the lease began…all of the improvements were made just prior to assuming the lease. His policy covers I&Bs “acquired” by the tenant. What does “acquired” mean?
Building coverage includes personal property owned by you that is used to maintain or service the building or structure or premises, including: appliances used for refrigerating, ventilating, cooking, dishwashing or laundering. Does this apply to any laundry equipment (e.g., a public laundromat) or only if it is actually used to “service the building” (e.g., a…
As every self-respecting Insurance Geek knows, one word in an insurance policy (in fact, even a punctuation mark…but that’s another story) can make all the difference in coverage or lack thereof. So, with apologies to Bill Clinton for the title of this article, let’s take a look at an actual claim that boiled down to a…
If you insure the tenant of a building and they install improvements and betterments, you certainly want to make sure they’re adequately insured, particularly if the lease makes the tenant responsible for damages. However, if you insure the building owner, they must be just as vigilant in updating their coverage. Here’s why….
Much has been written about trees and homeowners policies but what about commercial lines forms? Do they cover trees differently than personal lines forms? And what about the business income exposure presented by the loss of trees and their removal? This article examines these issues and references related articles from the VU library.
In the event of partial losses, the limit of insurance is usually adequate to include the cost of debris removal. However, in some cases, the limit might not be adequate or the commercial property form’s debris removal sublimit might restrict coverage. That begs the question, “How much debris removal coverage do I need?” For this…
