Does a Tenant Have Insurable Interest in a Leased Building?
A restaurant owner rents a building and has a tenant’s policy for contents and liability. A furnace caught fire and the owner says the tenant is responsible or the damage.
Virtual University
Underwriting and Liability Considerations for Multi-Dwelling Properties
An elderly couple built a one-story dwelling on their property for themselves and sold the property’s primary dwelling to their child.
Negligence vs. Faulty Workmanship: Subcontractor Cut Electrical Line
Is the accidental damaging of the electrical line faulty workmanship or ordinary negligence? Who is liable?
One Loss, Two Deductibles: Equipment Breakdown or Homeowners Loss?
A homeowner had a loss where the HVAC system’s condensate pump failed due to a mechanical breakdown. The HO3 policy with an equipment breakdown endorsement—form 16016—with a separate $500 deductible appears to indicate the condensate pump and the resulting water damage should be covered under the equipment breakdown endorsement. The insurance carrier says otherwise.
Is Personal Property Stolen From a Storage Facility Subject to a 10% Limit?
An insured wants to downsize. They sell their house, move in with in-laws and buy a tenant homeowners policy with a Coverage C limit of $105,400. However, thieves break into the storage facility and steal everything.
The Pros and Cons of an Agency Setting Up a Premium Financing Company
An agency has a book of medium and large-sized commercial accounts with stable cash flow. Currently, they work with two premium finance companies and are considering handling it inside the agency in a designated department with an accounting team. What are the pros and cons of an insurance agency setting up and running its own…
Combine Damage: Is a Claim Reported If Only the Agent Is Notified?
An insured had a foreign object go through his combine when harvesting. He called and reported the damage to the agent but didn’t know whether the damage would be over his $5,000 deductible. The agency submitted the claim around 50 days after the original date of loss. The company says they are only paying $2,500…
Comprehensive vs. Collision: Shopping Cart Blown by Wind into Car
After a shopping cart was blown 30 yards across a parking lot into a client’s car, the agent believes the windstorm damage is a comprehensive loss. The adjustor says the object is a collision loss because the object must be falling to be caused by a windstorm.
Magic in a Bottle: Challenges and Opportunities with Certificates of Insurance
Providing timely, accurate certificates of insurance is essential to keep clients’ projects and contracts moving. Yet, for many agencies, handling these requests has become a significant bottleneck.
COI and Blanket Additional Insured: Should an Agency Provide Notice of Cancellation?
If a certificate of insurance (COI) holder is shown as an automatic additional insured when required by contract through a blanket additional insured endorsement and the coverage is cancelled, does the agent need to notify the certificate holder of the cancellation?
