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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.