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...]
Dry Rot, Mold, Mildew, Fungus
October 15, 2012
I've become a fan of the TV show Bar Rescue. A failing bar agrees to let a TV crew and an expert in bar operations in for a makeover. I think its fun and it gets me thinking of stuff.A recent episode had the bar turned upside down (as always). Then it was discovered that the support beams of the building were rotten. The show made the claim that … [Read more...]
The "Not Covered" of Property Insurance
April 16, 2011
Here are the events usually not covered by property insurance:-Flood-Earthquake-Intentional Damage By You-Animals and InsectsYour agent can help you with the first two.Don't do the third.Frequent inspections for the last. … [Read more...]
Repeat After Me, Coinsurance Is Bad!
March 23, 2011
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...]
Insurance Matters: Property Insurance Issues Part 2
February 16, 2011
My February column for CU Management...More property insurance issues for credit unions - See the column here.Flood insuranceEarthquake coverageComputers … [Read more...]
Ordinance or Law Coverage
January 24, 2011
Sometimes I wake up at night thinking about articles for this blog. I'm surprised that this subject has not been included here yet!After a loss to your building you may find that local laws and building ordinances increase the cost of reconstruction. Perhaps you will have to add a sprinkler system or add handicap access. Ordinance or law … [Read more...]
Insurance Matters: Property Insurance Issues Part 1
January 20, 2011
My January column for CU Management:You’d think that the coverage on your credit union’s buildings and business property would be pretty straightforward. It’s a place I see plenty of problems, though.This and the next few installments of this column will focus on credit union property insurance, where I’ll pose the issues as questions you can put … [Read more...]
Earthquake Excluded & Other Stuff Is Too
December 15, 2010
Almost all property insurance policies exclude earthquake. Coverage is available almost everywhere in the US - either through standard or specialty insurers.What is not commonly discussed is that the earthquake exclusion is broader than just earthquakes.The following are excluded in the same breath:landslide, mudflow, sinkhole, mine subsidenceland … [Read more...]
Bedbugs and Property Insurance
September 25, 2010
For some reason bedbugs are in the news now. Apparently there is an epidemic of infestations. (Perhaps there is just an epidemic of reporting of infestations - who am I to say?)If your place is plagued by pests, how does insurance respond?Short answer? It doesn't.The standard home insurance policy excludes loss caused by insects. That means … [Read more...]
Moving To A New Location
July 6, 2010
A client just sent out a mass email with the details of an upcoming move of their central office. I reminded them of some insurance issues in such a change.First, there is the insurance on your stuff being moved from one location to the other. Movers usually only provide coverage of xx cents per pound and are almost always only responsible for … [Read more...]
