The habitational market struggles with a lack of capacity, increasing non-renewals, higher deductibles and restricted underwriting. How can the industry adapt to this hard market? This article covers current habitational risks in the multi-family market and offers tips for agents trying to place coverage.
According to the Environmental Protection Agency (EPA), geothermal energy technology “harnesses the Earth’s heat,” and at least three types of technology that take advantage of that natural resource. These include ground source heat pumps, direct use geothermal and deep geothermal systems. This article provides a brief overview of this technology and some of the property…
Work patterns since COVID-19 sent millions of workers home had a big impact on the commercial real estate market. And although JP Morgan predicts commercial real estate will come “bouncing back” in 2022, it’s a great time to remind your clients of the need to understand their commercial property policies’ vacancy clauses.
Within the wording of the commercial property policy’s replacement cost provision there is a 180 day “limitation.” How does this supposed limitation actually apply and to whom does it apply? For whatever reason, some insurance carriers routinely use this supposed limitation incorrectly.
An agent asks: We have a few clients with multiple retail locations throughout various states with various policies. If they have locations which receive damages from riots on multiples nights, how many claims would this be considered and therefore how many deductibles? Our VU volunteer faculty provides the answers.
As of this writing 38 states and countless cities and counties have enacted some form of stay-at-home order amid the pandemic panic arising from COVID-19. If the operation is not considered an “essential” business, its doors are shut – for now. How long such orders will or even can stay in place is anyone’s guess.
A concept as common as the application of a “property deductible” is rarely taught or even considered, it is simply “understood.” The problem is we tend towards the belief that everyone “understands” the application of a property deductible the same way. They don’t.
Carriers seem to believe that a property loss must be discovered within 180 days of the event causing the damage for the policy to respond on a replacement cost basis; even some agents believe this. Well, it just isn’t true. Find out why.
During COVID, many if not most employees were assigned to work from home. Office-based operations discovered that remote employees may be just as efficient as they were in the office. Additionally, many businesses calculated how much they could save by lessening or totally eliminating their real estate spend. One result of COVID’s work-from-home (WFH) mandate,…
The concept of actual cash value (ACV) is far more complicated than “replacement cost minus physical depreciation.” In fact, the meaning of replacement cost differs based on the state. To further complicate the “problem” with defining ACV is whether or not labor is depreciable. Again, the answer differs based on the state in which the…
