Despite rising concerns, 26% of commercial property owners admit to knowingly carrying inadequate insurance coverage to account for severe weather events, an 8-point increase from 2023.
A contractor with an ISO commercial general liability policy experienced a property damage claim. The carrier says it owes the actual cash value (ACV) for repairs but the agent believes the carrier owes the full cost to repair.
A client’s commercial property suffered wind damage. Repair estimates were approved, but weather delayed the repair and the costs increased. The adjustor is denying the additional repair costs.
An insured has hired a company to demolish an old building, on which they have liability coverage, that has a common wall with the property next door.
How do you explain how a wind or hail buyback policy works? And is a deductible applied to these types of policies?
If a contractor receives payment before delivering the materials to the final installation point, are the materials still business personal property or have they become the personal property of others?
Two experts discuss the multifamily housing market and the impact of the hard market on property & casualty insurance.
