Totaled Condo Building: What Happens If HOA Doesn’t Rebuild?
How does the unit owner recoup their investment? Does the association pay the market value of the unit to each unit owner?
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Is a Falsified Car Title Covered Under the False Pretense Endorsement?
A used car dealer purchased a pickup truck with a falsified title. The truck had been previously totaled. The customer is being prosecuted, but the car dealer wants to file a claim.
ACORD 25: Including Additional Insured Status and Waiver of Subrogation
What wording should an agency use in the Description of Operations field? Should an agency include additional insured status and waiver of subrogation by default, or only when the insured asks?
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 for the damage.
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.
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.
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.
