Civil authority coverage and ingress/egress coverage are not identical, although very similar. They both provide business interruption coverage where an insured is unable to access a location due to a covered cause of loss; however, civil authority coverage refers to a civil authority preventing access to a location after a loss whereas ingress/egress refers to […]
Property Insurance
Sinkhole Coverage & Catastrophic Ground Cover Collapse
Those who handle property policies in Florida may be more familiar with this, but good to be aware of nonetheless. There is a distinction between sinkhole coverage and catastrophic ground cover collapse. The latter must be included in admitted policies per Florida statute, while the former must be offered to policyholders on admitted policies for […]
Storm Terminology, How they are Defined, and Application of Deductible can all Impact Coverage
Given the impending storm set to hit land in Florida shortly, here is a relevant tip. Coverage for storms can be worded differently i.e. hurricane, named storm, windstorm, etc., which can make a difference how coverage applies. Moreover, the percentage deductible applying to such coverage can vary as well from applying to the total values […]
Ordinance or Law II
As someone who has seen a client suffer a $2.5m ordinance or law claim and get paid on it, I am sensitive to the coverage and limits selected. Don’t overlook this coverage and don’t be shy when requesting limits for this coverage. For more on it, see this article I penned a year ago: https://lnkd.in/ef97Pwg […]
Ordinance or Law I
Ordinance or law coverage is a commonly overlooked coverage on a property policy (and even more so on an equipment breakdown policy) and it would behoove an insured to not only ensure the limits of coverage are adequate, but that business interruption coverage applies to an ordinance or law scenario as it is often excluded. […]
Joint Loss Clause
If you have separate property and equipment breakdown policies, make sure both policies contain a joint loss clause in order to get paid quickly on a claim and to avoid carriers fighting over who is responsible when the claim may involve both policies. https://www.linkedin.com/posts/jack-schwartz-5235968_insurance-riskmanagement-insurancetips-activity-6563041430363783168–E7U
Master Policies
Unless there is a compelling reason not to, a company responsible for insuring multiple locations should explore placing them all under a master policy to gain the benefit of economy of scale, greater negotiation leverage for broader language and an overall better insurance product. https://www.linkedin.com/posts/jack-schwartz-5235968_insurance-riskmanagment-insurancetips-activity-6560167207005941761–7BE