Chris Scheffler | Woodruff Sawyer Replacement value is the main factor to consider when determining property program limits. The Construction, Occupancy, Protection, and Exposure (COPE) features of the building also impact the cost, availability, and terms of property insurance. In this article, we examine five site conditions that have the biggest impact on the risk… Continue reading Five Property Insurance Warning Signs and What to Do About Them
Tag: Property Insurance
Insurers May Rethink Property Risk After Unprecedented Losses From Riots
Jim Sams | Claims Journal The civil disturbance that started in Minneapolis after the killing by police of George Floyd spread to 20 other states — an unprecedented property insurance catastrophe that will likely impact policy renewals and could even persuade some insurers to exclude coverage for damage caused by riots, executives for Verisk’s Property… Continue reading Insurers May Rethink Property Risk After Unprecedented Losses From Riots
Collapse Coverage: Second Circuit Holds That Cracking Walls Do Not Constitute “Collapse”
Dina R. Richman | Property Insurance Law Observer | May 6, 2019 Most homeowners’ policies – and property insurance policies in general – contain a limited coverage extension for “collapse.” The interpretation of that collapse coverage has been litigated around the country for decades, with different jurisdictions reaching considerably different results. The latest of these… Continue reading Collapse Coverage: Second Circuit Holds That Cracking Walls Do Not Constitute “Collapse”
Summary of California Property Insurance Legislation Enacted in 2018
Victor Jacobellis | Property Insurance Coverage Law Blog | February 20, 2019 California residents were not spared from disaster in 2018. Instead, devastating wildfires continued, which included the biggest and most devastating wildfires to ever ravage California. The continued disasters were more frequent and begun much earlier during California’s prolonged dry period. The number and… Continue reading Summary of California Property Insurance Legislation Enacted in 2018
A Short Fable About Property Insurance
Joshua Stein | Joshua Stein PLLC | November 20, 2018 A man in Monsey named Moshe bought a townhouse. He bought homeowner’s insurance for the townhouse. The man’s daughter moved into the townhouse. The man never lived there. For 10 years, premiums were paid on the homeowner’s policy. Then a pipe broke in a wall,… Continue reading A Short Fable About Property Insurance