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Property Insurance

Responding to the Current Underinsurance Problem

2022-07-15 | Linda G Robinson

Have you overlooked the effect of recent economic problems on your insurable values and property insurance limits? IRMI offers guidance.

Time Element

Quantum of Loss: Understanding Bias in Business Interruption Claims

2021-08-18 | Daniel Torpey

All parties in the claims process may be subject to potential bias. Dan Torpey examines how to deal with that bias to effectively settle the claim.

Property Insurance

Commercial Property Policies Generally Cover Loss Due to Riots

2020-07-03 | Linda G Robinson

First pandemic, now riots! Is your business covered under its commercial property policy? How is the loss calculated? IRMI provides insight.

Property Insurance

COVID-19—When Civil Authorities Take over, Are You Covered?

2020-03-27 | Douglas Berry

When civil authorities take over, does your insurance apply? Doug Berry looks at this crucial question.

Time Element Commercial Property Topics

Coronavirus (COVID-19) Business Income Losses—Are They Covered?

2020-03-20 | Linda G Robinson

Are business income losses related to COVID-19 covered by a commercial property policy? The direct physical loss or damage requirement and virus exclusion argue against coverage.

Time Element

Contingent Business Interruption: Getting All the Facts

2019-04-19 | Daniel Torpey

Today's risk managers look to contingent business interruption (CBI) insurance to soften the financial impact of events outside their control. Daniel Torpey explains what it is and what it does.

Property Insurance Time Element

Property Insurance: Coinsurance

2018-11-16 | William K Austin

Coinsurance provisions, prevalent in many policy forms, are often misunderstood. William Austin clears up the misconceptions.

Time Element

The Essential Equation: A Formula for Determining Business Interruption Loss

2018-09-28 | Daniel Torpey

Daniel Torpey explains that the most fundamental elements in resolving claims are a correct application of the BI formula and the integrity of the calculations behind it. Examples are provided.

Property Insurance

Know What Property You're Insuring

2017-03-03 | Jay M Levin

Be careful when deciding what to insure, and not to insure, as mistakes can cost you real money.

Property Insurance

Other Insurance Clauses: Too Much Insurance Can Hurt You

2016-09-02 | Jay M Levin

Relates a recent other insurance case where the policyholder got caught up in a dispute between insurers to its own detriment.

Property Insurance

Named Insureds on Property Policies

2016-05-13 | Jay M Levin

Failing to name an insured is not always fatal if there is a clear intent to insure a risk.

Property Insurance

Appraisal and Suit Limitations

2015-10-23 | Jay M Levin

Jay Levin relates a recent ruling where a request for reference for arbitration did not toll the relevant statute of limitations.

Property Insurance

"Decay" Includes Gradual Deterioration

2015-07-17 | Jay M Levin

Jay Levin relates a case holding that the term "decay" in a property insurance policy's coverage extension for "collapse" should be construed broadly.

Property Insurance

Potential Insurance Company Fraud in Superstorm Sandy Litigation

2014-12-01 | Jay M Levin

In the wake of Superstorm Sandy, highly questionable practices within the insurance industry have been revealed. Jay Levin relates several cases.

Property Insurance

Analyzing Nonstandard Cyber and Privacy Insurance Policies

2014-10-01 | William K Austin

A thoughtful and careful approach to understanding cyber/privacy exposures and coverage is key. William Austin provides a tool.

Property Insurance

Builders Risk Policies: Are You Really Covered?

2014-08-01 | Jay M Levin

A recent court decision serves as a reminder to contractors of the potentially limited scope of such policies. Jay Levin explains.

Property Insurance

Insurable Interest and Having Enough Skin in the Game

2014-03-01 | Jay M Levin

Jay Levin relates a case showing the importance of insurable interest when purchasing insurance and at the time of ownership transfer.

Time Element

Calculating Makeup in Business Interruption Claims

2013-12-01 | Michael Speer

It is a mistake to jump to the conclusion that the occurrence of increased production or revenues following the restoration of operations is makeup. Each situation must be carefully examined to determine the nature of the increased production and revenue and how it relates to the losses claimed.

Property Insurance

Contingent Business Interruption Coverage: Is Your Supply Chain Covered?

2013-08-01 | Jay M Levin

To insure supply chain risks, Jay Levin says to carefully review and analyze the policyholder's risk profile and the proposed policy language.

Property Insurance

Utility Service Interruption: Another Aspect of Supply Chain Exposures

2013-04-01 | William K Austin

William Austin explains why supply chain risk management must include exposure analysis for interruption of all utilities.

Property Insurance

Builders Risk Insurance: Is It Always Necessary?

2012-11-01 | William K Austin

William Austin looks at the need for builders risk insurance.

Time Element

Measuring Business Interruption Exposure: "Business Interruption Values" and "Maximum Probable Loss"

2012-10-01 | Christopher M Brophy

Determining business interruption values and maximum probably loss, while tedious, is crucial, explains Christopher Brophy.

Time Element

Burden of Proof in Business Interruption Claims

2012-07-01 | Michael Speer

Michael Speer points out the importance of objective, verifiable, and evidentiary support of the claim.( article)

Property Insurance

Does Mold Constitute a Direct Physical Loss under a Property Policy?

2012-06-01 | Jay M Levin

Under a property policy, mold has to cause tangible damage to be covered. Jay Levin warns that courts may interpret this narrowly.

Property Insurance

Additions and Extensions of Property Coverage: Not an Alternative to Exposure Identification

2012-03-01 | William K Austin

William Austin warns against relying on standard policy sections instead of identifying exposures.

Property Insurance

Equipment Breakdown—More Than Just Boiler and Machinery

2011-09-01 | William K Austin

Risk management professionals can overlook electric arcing and mechanical breakdown risks. William Austin explains the insurance coverage basics.

Time Element

Business Interruption Losses in Economic Downturn

2011-08-01 | Michael Speer

Develop a methodology and business interruption claim that is both reasonable and supportable ( article)

Time Element

Supply Chain Exposures—What It Means to a Risk Manager

2011-05-01 | William K Austin

Risk managers don't have to experience an earthquake half a world away to suffer a business interruption loss William Austin explains.

Property Insurance

Insurance Fraud: Something Old and Something New on a Frequently Litigated Issue

2011-03-01 | Jay M Levin

There are limits to the situations in which fraud should be used as a defense, as shown in three recent cases discussed by Jay Levin.

Time Element

Nonprofits: A Guide to Recovering from Catastrophic Losses

2011-03-01 | Michael Speer

Learn how to maximize insurance and FEMA recovery with this article by Michael Speer.

Property Insurance

Requiring Repair before Insurer Pays Replacement Cost

2010-10-01 | Jay M Levin

Can the insurer refuse to pay ACV, prevent the insured from repairing, and avoid paying full replacement cost? Jay Levin looks at the caselaw.

Time Element

Limiting the Interruption in Business Interruption

2010-10-01 | William K Austin

Good risk management involves looking at time element exposures and available coverage prior to loss. William Austin details the process.

Time Element

Business Interruption Claims for the Hospitality Industry—Is Your Hotel Protected?

2010-09-01 | Michael Speer

Michael Speer outlines critical aspects of hotel business interruption coverage, claims nuances, and items to consider before a loss occurs.

Property Insurance

Crime—Getting More Out of the Policy

2010-04-01 | William K Austin

Crime exposures, forms, triggers, and limits are tricky. William Austin explains how to enhance coverage.

Time Element

Property and Business Interruption Claims: What If We Don't Rebuild "As Was"?

2010-02-01 | Michael Speer

After a significant property loss, Michael Speer says all options regarding repair or replacement need to be considered.

Property Insurance

Property Insurance Resolutions for 2010

2010-01-01 | William K Austin

William Austin recommends taking the time to understand the organization's exposure, need for property insurance, and a timely plan to implement cost-effective coverage.

Property Insurance

Claim Preparation and Adjustment Expense: Courts Might Not Get It

2009-11-01 | Jay M Levin

Courts may not grant claims expenses. Jay Levin says to review the policy, understand the coverage, and maximize recovery.

Property Insurance

First-Party Insurance for Cyber Risks

2009-10-01 | William K Austin

Risk controls should be used in conjunction with first-party insurance to cover unique and evolving cyber exposures, per William Austin

Time Element

Property and Casualty Insurance—To Repair or Replace

2009-09-01 | Paul Haynes

Claims for real or business personal property can raise many valuation issues, as related by Paul D. Haynes.

Property Insurance

Cyber Risk—Data Damage and Destruction beyond the Naked Eye

2009-07-01 | William K Austin

William Austin asks, how prepared is your organization for electronic data damaged or destroyed from a cyber peril?

Time Element

Business Income Losses—A Three Column Approach

2009-05-01 | Paul Haynes

Paul Haynes explains that, when assessing business interruption claims, consider net losses incurred prior to the loss.

Property Insurance

Property Insurance Suit Limitations Provisions: Pitfalls for the Unwary

2009-04-01 | Jay M Levin

Jay Levin illustrates the importance of paying close attention to claim progress and how courts enforce suit filing limits.

Property Insurance

Crime Insurance—The Other Property Policy

2009-03-01 | William K Austin

William Austin examines how ISO crime policies provide theft coverage to replace that excluded in commercial property policies.

Time Element

Challenges in Assessing a Business Interruption Claim

2009-02-01 | Paul Haynes

Paul Haynes provides operational definitions of business interruption and examples of problems due to external conditions and coverage confusion.

Property Insurance

Concerns and Resolutions for Property Risk Management in 2009

2009-01-01 | William K Austin

William Austin says risk managers need to take stock of risks and exposures in their organizations.

Property Insurance

Hurricanes, Tropical Depressions, and Floods—Oh My!

2008-10-01 | William K Austin

William Austin examines coverage needs and expectations that must be addressed pre-loss—not after the loss event through litigation.

Property Insurance

Key Considerations When Buying Builders Risk Coverage

2008-08-01 | Jay M Levin

Jay Levin explains why precise coverage terms and conditions should be reflected in the construction documents and reviewed in detail by all.

Property Insurance

Insurance Property Valuation and Loss Settlement Clauses—Important Considerations

2008-07-01 | William K Austin

William Austin says appropriate property risk management goes well beyond simply the identification of perils that may cause damage, destruction, or interruption of operations.

Time Element

When Does Business Interruption Insurance Coverage Stop?

2008-06-01 | Jay M Levin

Jay Levin relates a property case forcing insurers to fulfill their promise not only to pay for covered losses, but to do so in a timely fashion.

Property Insurance

Pollution Events—An Insured Peril in Property Insurance?

2008-04-01 | William K Austin

William Austin illustrates why risk management professionals must continually test insurance coverage prior to a loss event.

Property Insurance

New York Awards Consequential Damages for Insurer's Bad Faith

2008-03-01 | Jay M Levin

Jay Levin relates a property case forcing insurers to fulfill their promise not only to pay for covered losses, but to do so in a timely fashion.

Property Insurance

Insurable Interests and Interests Insured in Property Insurance

2007-12-01 | William K Austin

William Austin describes a common mistake: spending insufficient time understanding the appropriate interests to be insured in a property policy.

Property Insurance

Demystifying Appraisal: Getting through the Process

2007-12-01 | Jay M Levin

Jay Levin examines methods appraisers, umpires, and parties use to make the process proceed more smoothly and maximize the likelihood of a fair award.

Property Insurance

Demystifying Appraisal: The Scope and Nature of Insurance Appraisals

2007-10-01 | Jay M Levin

Jay Levin examines appraisals, addressing their use, benefits and limitations, jurisdictional differences, and review issues.

Property Insurance

When Must an Insurer Pay a Claim?

2007-05-01 | Jay M Levin

After a loss, a commercial policyholder needs to get repairs completed and business back up and running at full speed as quickly as possible. Frequently, the proceeds of the property insurance policy are necessary to accomplish this very important goal. Not all policyholders have the ability to finance repairs themselves while they wait for the adjustment process to be completed and the insurance company to pay the loss.

Property Insurance

Ensuing Loss: Getting Around a Property Policy's Defective Construction Exclusion

2007-04-01 | Jay M Levin

Jay Levin points out the logical inconsistency of a broad reading of the faulty workmanship exclusion and the narrow reading of the "ensuing loss" exception.

Property Insurance

The Acts or Decisions Exclusion That Tried to Swallow the Policy

2006-12-01 | Jay M Levin

Jay Levin explains that while an acts or decisions exclusion uses extremely broad language, courts enforce it in a common-sense manner to avoid absurd results.

Property Insurance

Public Adjusters: Do Their Contracts Create Irrevocable, Enforceable Assignments?

2006-09-01 | Jay M Levin

Jay Levin explores why post-loss assignments should be clearly expressed to eliminate any ambiguity about the extent and nature of the interest assigned.

Property Insurance

The Litigation Aftermath of Hurricane Katrina: Are the Flood Gates Opening?

2006-07-01 | Jay M Levin

Jay Levin looks at Judge Senter's rulings - fair but not enforcing anti-concurrent causation language where it would eliminate coverage for otherwise covered hurricane damage.

Equipment Theft Prevention

Helping Law Enforcement Help You

2006-03-01 | David J Shillingford

David Shillingford describes ways to reach out to local law enforcement and ask them how you can help them be more effective in combating equipment theft.

Property Insurance

The National Flood Insurance Program: Two Major Problem Areas

2006-03-01 | Jay M Levin

Risk managers need to understand the precise parameters of their insurance coverage for flood. Jay Levin explains.


Key Personnel Protection (KPP) at the Enterprise Level

2006-03-01 | David W Nicastro

David Nicastro provides a proactive approach to protecting an organization's key personnel.

Property Insurance

Handle Property Claims Properly

2005-12-01 | Jay M Levin

Jay Levin explains how a recent case addressing property insurance for damage to computer systems makes clear that even having the right coverage is not enough.

Equipment Theft Prevention

Combating Rental Equipment Theft

2005-02-01 | David J Shillingford

David Shillingford looks at why rental equipment is at greater risk of theft, the historical low recovery rates, and recent advances the rental industry is using to turn this trend around.

Equipment Theft Prevention

A Framework for Theft Prevention

2004-08-01 | David J Shillingford

To be effective, equipment theft protection techniques need to be incorporated into an overall risk management strategy. David Shillingford provides a framework for applying these processes.

Equipment Theft Prevention

Lessons from an Equipment Thief

2004-06-01 | David J Shillingford

David Shillingford steps into the mind of a heavy equipment thief, discussing how such a theft might occur and what steps owners can take to avoid becoming victims.


When Was the Last Time Your Organization Had a Security Checkup?

2004-05-01 | David W Nicastro

David Nicastro explains the importance of periodically evaluating your firm's physical security exposure and how to properly build and maintain a good security program.

Time Element

Business Interruption for Denial of Access Revisited

2004-05-01 | Douglas Berry

Doug Berry discusses three recent court cases addressing the denial of access due to a civil authority order and the effect of particular policy wording on business interruption coverage.

Property Insurance

Florida Revisits Its Condominium Insurance Statute Once Again

2003-12-01 | Douglas Berry

Doug Berry explains how a new statute affects hazard insurance policies issued to condominium associations with an effective date of January 1, 2004, and beyond.

Property Insurance

Procedure for Conduct of Appraisal Evolves in Florida

2003-05-01 | Douglas Berry

The approach of the hurricane season emphasizes the importance of understanding how courts apply appraisal clauses in property insurance disputes. Doug Berry explains.

Equipment Theft Prevention

Technology in the Fight Against Equipment Theft—Part 4

2003-03-01 | David J Shillingford

David Shillingford analyzes how technology can be used to fight crime and the cost/benefit considerations of these technologies.

Equipment Theft Prevention

Using Information To Fight Equipment Thieves—Part 3

2002-12-01 | David J Shillingford

In his continuing series on heavy equipment theft, David Shillingford considers ways in which information can be used to fight crime.

Time Element

Business Interruption—What Does "Suspension" Mean?

2002-11-01 | Douglas Berry

Doug Berry examines the conflicting court opinions regarding the meaning of "suspension" when a claim for business interruption based on a partial closing is denied.

Equipment Theft Prevention

Heavy Equipment Theft and Solutions—Part 2

2002-08-01 | David J Shillingford

This second of four articles by David Shillingford on heavy equipment theft deals with physical measures that can be taken to protect equipment.

Time Element

The Shackleton Approach: Effective Leadership throughout the Claims Process

2002-08-01 | Daniel Torpey

Daniel Torpey relates leadership lessons from a historical figure and an executive facing disaster in discussing the complexities of large insurance claims and the importance of good leadership to effect smooth settlement.

Property Insurance

Update—Florida Windstorm Deductibles

2002-06-01 | Douglas Berry

To mark the beginning of hurricane season 2002, Doug Berry examines recent hurricane-related insurance issues.

Equipment Theft Prevention

Heavy Equipment Theft and Solutions—Part 1

2002-05-01 | David J Shillingford

In this first of four articles, David Shillingford addresses the size and nature of the equipment theft problem and how to align prevention with business goals and the function of management.

Time Element

World Trade Center Terrorist Business Interruption: Claims Will Challenge Policyholders

2002-01-01 | Daniel Torpey

Daniel Torpey and Jeffrey Phillips explain the challenges a company filing a property or business interruption claim arising from the September 11 terrorist attacks will face in pursuing its claims.

Property Insurance

When Applying the Limitation for Wind-Driven Rain, What Constitutes a "Roof"?

2001-12-01 | Douglas Berry

In this article, Doug Berry summarizes the insurance law cases addressing the question of what is and is not a roof under property insurance policies.

Property Insurance

What's New in the 2000 Edition ISO Commercial Property Forms: CP 10 10, CP 10 20, and CP 10 30

2001-11-01 | Linda G Robinson

This article reviews the changes made in the 2000 ISO editions of the causes of loss forms: the basic, broad, and special causes of loss forms. A summary of the changes to these forms appears at the end of the discussion.

Time Element

Business Interruption for Denial of Access to Insured Property

2001-10-01 | Douglas Berry

Will your insurance cover you if a civil authority closes or denies access to your insured property due some natural or other catastrophe? Doug Berry explains how the answer depends on the policy language.

Property Insurance

What's New in the 2000 Edition ISO Commercial Property Forms: CP 00 30

2001-08-01 | Linda G Robinson

These revisions affect 11 coverage forms, all 3 causes of loss forms, 24 coverage endorsements, and a number of schedule endorsements. This article summarizes the changes to the business income and extra expense coverage form (CP 00 30).

Property Insurance

What's New in the 2000 Edition ISO Commercial Property Forms

2001-05-01 | Linda G Robinson

The 2000 revisions to the ISO commercial property portfolio affect 11 coverage forms, all 3 causes of loss forms, 24 coverage endorsements, and a number of schedule endorsements. This article reviews the changes to the building and personal property coverage form.

Property Insurance

Court Finds "Direct Physical Loss or Damage" Due to "Impairment of Function and Value"

2001-03-01 | Douglas Berry

This article examines the recent Minnesota appellate court decision which determined that the requirement for "direct physical loss or damage" was met in the absence of tangible injury when government regulations rendered cereal unfit for sale, resulting in "an impairment of function and value" of insured property.

Time Element

Beyond the Policy: Documenting a Business Interruption Claim

2001-02-01 | Daniel Torpey

Business interruption policies define the nature of the indemnity but do not define the exact documents required to support a claim. This article addresses common and best practices in one of the most important steps toward a smooth settlement—documenting your business interruption claim.

Time Element

The Basics of a Business Interruption Claim

2000-12-01 | Douglas Berry

Doug Berry examines Dictiomatic v. USF&G, a Florida case that brings together virtually all of the principles applicable to business interruption claims and provides a concise primer on these principles.

Property Insurance

The New ISO Commercial Crime Program Hits the Streets

2000-09-01 | Linda G Robinson

Recently, the joint ISO/SAA commercial crime program was replaced with separate ISO and SAA programs. This article summarizes the new ISO crime program, focusing on key differences between the old ISO/SAA forms and the new 2000 edition ISO commercial crime forms.

Property Insurance

"Physical Damage" in the First-Party Property Policy—A New Definition Coming?

2000-09-01 | Douglas Berry

Does "physical damage" now include "loss of use and functionality"? A recent federal court ruled that it does. Read about the decision and learn how it could give new meaning to all aspects of property insurance.

Property Insurance

Breach of Policy Conditions and the "Severability of Interests" Doctrine

2000-06-01 | Douglas Berry

Doug Berry discuses what happens in the event of a breach of one or more property insurance policy conditions involving one insured corporation or insured location.

Time Element

Who's Handling Your Claim? The Professionals Involved in a Business Interruption Claim

2000-06-01 | Daniel Torpey

Learn who your insurers will have on their team handling your company's business interruption claim and who you can recruit to best reciprocate.

Property Insurance

Commercial Property Claims Handling: the Roles of the Claims Specialists

2000-03-01 | Linda G Robinson

Article on umbrella and excess liability insurance coverage.

Property Insurance

Closing the Gap in Florida Windstorm Coverage

2000-03-01 | Douglas Berry

A number of all-risk insurers have used their wind and hail exclusions to deny claims for interior water damage where there was no apparent opening caused by damage to the walls or roof. Doug Berry examines this coverage gap and efforts by the Florida Department of Insurance to close it.