Property

Tenants I&B and Insurable Interest

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 of the landlord and, consequently, the insured has no insurable interest in that property. The adjuster who wrote the letter advised me that she is instructed…

ACV vs. Market Value vs. Functional Value vs. Agreed Amount

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 coverage is usually based on ACV or replacement cost, underinsurance could result in a huge coinsurance penalty. What can you do?

Mortgage calculation, buy and sell house or real estate or cost and expense for house owner concept, small wooden house on white calculator on wooden table.

Filters

Property

  1. Virtual University (100)
  2. E&O Guardian (2)

  1. Article (100)
  2. Checklist (2)

  1. VU Resources (100)
  2. Resources (2)

  1. Commercial Lines (4)
    1. Commercial General Liability (CGL) (14)
    2. Property (2)
      1. Conditions Property (36)
      2. Other Property (31)
      3. Coverages Property (14)
      4. Property Exclusions (13)
      5. Endorsements Property (9)
      6. Perils (2)
  2. Personal Lines (18)
    1. Homeowners (9)
      1. Exclusions Property (9)

  1. Commercial Lines (78)
  2. Personal Lines (22)
    1. Homeowners (22)

  1. Procedures (2)
    1. Coverage Checklists (2)
  2. EO Loss Control (2)