COPE underwriting is the basis for commercial property underwriting and has been for nearly 400 years. Understanding Construction, Occupancy, Protection and Exposures is imperative to properly present and underwrite property coverage.
The Agreed Value Option (AVO) is an alternative to coinsurance in the ISO Building and Personal Property Coverage Form (CP 00 10). Agreed Value can be used with buildings or personal property, on either an actual cash value (ACV) or replacement cost (RC) basis. However, many agents are not aware of how this option must…
A dock is damaged by a covered peril but the carrier denies the claim, citing the “piers, wharves, docks” exclusion. You argue that his language applies to permanent docks, not portable docks like the one damaged. Who’s right and, if the insurer is correct, is there a solution for this coverage gap?
A surveyor’s equipment was stolen while on a job site. The adjuster denied the claim under the CP 00 10 Property Off-premises coverage, citing the exclusion for such property while on a premises you “own, lease or operate,” and claiming the insured was “operating” on the premises. Is this a correct interpretation?
A prospect’s lease requires that the tenant (him) be responsible for only the heating and air conditioning system (HVAC) under a provision that the tenant “maintain, repair and replace” the system. So I need to be certain that my insured’s policy has coverage for the HVAC system. Would the tenant’s improvements and betterments coverage in…
Your insured leases (all or a part of) a building and the lease makes him responsible for damage to the HVAC equipment. The lease might also make him responsible for other real property beyond just the space he occupies. He has a BOP policy for his business personal property…does the FDLL coverage take care of…
A toilet overflows in a 4-story frame condo building and causes damage to structural components on all floors. Does the ISO CP 10 30 Special Causes of Loss cover this? What about their BOP policy? Would an ISO HO-3 cover a similar loss in a home?
A home is located on a lake that is covered in ice during the winter. In the spring, when the ice breaks up, a strong wind “pushes” ice across the lake and the backyard and into the dwelling. Is this damage covered by an HO policy? If it’s a commercial building, is it covered? What…
Sometimes we come across policy exclusions that shouldn’t be there but, due to human error, they’re there. If such inappropriate exclusions are used to deny a claim, what should be done? One view is to sue, sue, sue those greedy insurance companies. Another view is resolve the problem without litigation and work to change the…
A homeowner has his vinyl siding painted a darker color. Direct or reflected sunlight then causes the siding to warp. Does his HO policy cover this damage? If liable, does a neighbor’s HO policy cover a liability claim that the damage was due to reflected light from the neighbor’s windows? To answer the question of…
