Everyday agents are asked, well required, by banks to provide Coverage A limits in excess of the developed replacement cost. Why are such requests made? So that Coverage A limits match the loan requirements of course. Mortgagees tend to forget that the loan buys more than just the structure; it includes the land and location,…
From “host liquor” in a CGL policy to “vacant land” in an HO policy, we often relying on automatic coverages for certain exposures to cover an insured who has an exposure that sounds like it fits. However, when you examine the exact facts of the situation or the possibilities when a claim occurs, coverage may…
A claim was filed against a homeowner for a child injured at a facility being rented by the homeowner. The adjuster has denied the claim, but is the denial correct? This claim serves as an excellent reminder to all insurance practitioners (newbies and veterans alike) to read the entire provision in a coverage form or…
An agency insured has joint custody with his ex-wife of their 17-year-old daughter. The daughter lives with the insured during the school year but spends most of the summer and holidays with her mother on a small farm. Her mom has an old Ford F-350 pickup truck at the farm that she lets her daughter…
ISO has introduced two new HO endorsements and revised one HO endorsement. The revised endorsement seeks to clarify coverage for water back-up and sump discharge or overflow. The new endorsements provide a way to insure “green” upgrades following a loss and a means to cover certain equipment and appliances for mechanical breakdown short of effecting…
A Pew Research study showed that 42% of college grads age 18-29 were living with their parents. Many of them attempted to make it on their own but, given economic and job market conditions, were forced to move back home. Does this create HO and PAP coverage issues for anyone?
With summer upon us, now is the time that many families make the move from one home to another. Most likely, many of them are already looking or even negotiating for a new home. Serious coverage gaps can arise during the transition between two principal residences, involving both property and liability exposures. This article discusses these issues…
Recently we’ve seen an escalation of questions regarding the insurance coverage implications of chinese drywall. Everyone is familiar with the press being given to claims involving drywall shipped from China between 2004-2007, much of the demand following Hurricane Katrina. In this article, we’ll explore potential coverages under homeowners, commercial property, and CGL forms.
In most major insurance filings there are policy changes that broaden coverage, some that restrict coverage, and some that claim to make “no change” in coverage. In this article, we’ll take a look at the “worst” changes (from a policyholder’s perspective) in the new ISO HO2000 program. In another column, I’ll examine the “best” changes.
In most major insurance filings there are policy changes that broaden coverage, some that restrict coverage, and some that claim to make “no change” in coverage. In this article, we’ll take a look at the “best” changes (from a policyholder’s perspective) in the new ISO HO2000 program. In another column, I’ll examine the “worst” changes.
