Here are a few key takeaways from the blogs we wrote in 2023.
ITEL: Part 2 – Click here to read
- If your property was just built, your building plans are a great source to show your insurance company the materials used in the course of construction.
- Have your restoration company set aside a portion of your flooring. Since it probably contains the brand name on the back of it, it can be saved to document the facts for the insurer should you have a loss.
ITEL: Part 3 – Click here to read
- When a fire broke out at a funeral home and damaged the rear siding, we claimed siding replacement for all 4 sides of the building for matching purposes. The carrier had ITEL analyze the building’s siding…and the results were less than acceptable.
- The product that ITEL had described as an exact match was absolutely nothing like the material the insured had lost. After we proved our case, the carrier agreed to pay for all 4 sides of the building’s siding (as we’d originally requested!). Mission accomplished.
Anti-Public Adjuster Provisions: Illegal & Harmful to Policyholders Across the Nation – Click here to read
- Anti-Public Adjuster endorsements negatively impact all insureds, not to mention public adjusters and their ability to perform their statutorily-authorized work.
- Anti-Public Adjuster endorsements harm insureds to inflate the profit of property insurers while crushing public adjusters’ ability to make a living.
Business Owners: How Do You Insure Your Leased Equipment? – Click here to read
- If you’ve taken out a loan to finance equipment, the loan-providing institution will also be listed in your policy, and on any claims settlement checks resulting from a loss.
- In the event of a loss, it’s usually easier to deal with your own insurance carrier rather than dealing with your vendor’s carrier as a third party.
Extra Expense Coverage: Part 1 – Click here to read
- If your policy contains a pure extra expense provision, you won’t have to show that the extra expenses reduced the business interruption loss.
- ‘Extra expense’ vs. ‘expense to reduce the loss’ coverage – it’s important to understand which coverage your policy contains.
Extra Expense Coverage: Part 2 – Click here to read
- TPAs (third-party administrators) are claims consultants, often managing transatlantic issues, who provide outsourced claims processing services.
- The TPA’s needless requests placed an undue burden on the insured, as well as on our own forensic accountant.
Condo Associations: Be Aware of Mold Exclusions in your Insurance Policy – Click here to read
- In one claim we handled, the insurance company’s investigation of the scene prevented the policyholder from protecting the property from further damage after the loss.
- Watch out for a mold exclusion endorsement in your insurance policy – it could potentially make a huge difference in your out-of-pocket costs after a property loss.
