Property

Sometimes you hear about a claim denial and you just can’t believe it. In this article, we’ll present two recent commercial property claims that were denied. And, no, we didn’t make these up…honest.

Triple net leases make the tenant responsible for insuring the building or parts thereof. In another article, we discussed how dangerous these provisions can be to both the owner and tenant. Recently, an agent asked, “In the event the tenant commits arson and destroys the building, how do you protect the building owner’s interest in the…

The position of many of the VU faculty on triple net leases is well known…many of us abhor them. However, they are an unfortunate fact of life. If your tenant must sign a lease making him or her responsible for insuring only portions of a building such as glass or HVAC units, what is the…

Following a brief history of the Terrorism Risk Insurance Act (TRIA), this article provides a complete listing to date of all the ISO terrorism endorsements, along with links to other useful sources of TRIA information and/or updates. Included are samples of the actual forms and descriptions of the original 2002 editions.

A 10-year-old condo association building suffered hail damage during a storm. The adjuster claims that there is minimal damage from the hail and that most of the damage is due to “defective shingles.” According to the shingle manufacturer, it is possible that the shingles are from a “bad” batch. The adjuster is citing the CP…

One of the worst scourges of the drug scene involves methamphetamines. Because the drugs are so inexpensive, increasing numbers of teens and others are becoming addicted. Because the drugs are so easy to make from over-the-counter pharmacy products, meth labs are springing up all over the country, from urban to rural areas. The labs can…

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…

Blanket insurance is often the most effective and safest way to write property insurance on risks with multiple locations. Since the limit can be applied to any location, it lessens the likelihood of inadequate insurance due to fluctuating values. However, there appears to be an increasing use of margin clauses that limit coverage at a…

Sometimes a third party wants to be added as a named insured on a property policy, but the insurer refuses. As an alternative, the party elects to be named as a loss payee. ISO and carriers may have options for naming such parties as loss payees or covering them under a lenders loss payable clause.…

An agent asks, “I’m quoting a tank fabrication operation. They manufacture large metal tanks at their facility, transport the tanks to the customer’s location, and install them. The current agent includes business income coverage, but I think there is still a gap if these very expensive completed tanks are destroyed while still at the insured’s…