I HATE Coinsurance!

Here's a video I made to explain coinsurance in property insurance... Coinsurance is a remnant of 1950's style insurance.  If it's in your insurance, get it removed.  Ask your agent why it's in there. … [Read more...]

Repeat After Me, Coinsurance Is Bad!

For the 432,234th time now, I have had an agent send me a proposal of insurance that includes coinsurance.Insurance buyers, ask your agent if you have coinsurance on your property insurance policy. If the answer is yes, ask your agent why they have allowed your insurance company to include a penalty that might hit you when you have a loss.For the … [Read more...]

Business Interruption Week – Part 3 – Land Mines

Here are some of the business interruption issues to discuss with your insurance agent:CoinsuranceDoes your loss of business income coverage include a penalty for under insurance? Ask your agent. If the answer is yes, find out how to get rid of it. You may have to fill out a worksheet that helps to determine the amount of coverage you should … [Read more...]

Coinsurance Video

My latest insurance information video...  How  coinsurance works on your business property insurance policy. … [Read more...]

Insurance Success Tip #5 – Remove Coinsurance Penalties

Coinsurance in property insurance is a penalty clause - a penalty assessed at the time of a loss. Coinsurance never helps the insurance buyer - it only hurts you. Get your agent to remove all coinsurance penalties from your property insurance. … [Read more...]

Property Insurance – Agreed Amount

I am in the middle of about 150 different insurance bids and one thing is standing out, agreed amount. First, agreed amount is an endorsement to property insurance that removes the coinsurance penalty. Coinsurance is a penalty. Agreed amount removes the penalty. It is a good thing for insurance buyers. I am amazed at how many agents deliver … [Read more...]

Letters! Coinsurance

I get emails every week asking questions. Here is one I got Friday... I teach commercial insurance at a University in Puerto Rico. As I've learned, the coinsurance clause cannot by applied when a total loss occurs. However, one of my students indicates a main insurer in applying the clause to total loses. A specific case is a House insured … [Read more...]