Tag Archives: IRMI

Small Business Manufacturers Should Purchase Equipment Breakdown Coverage

Chip Merlin, Ashley Harris and I settled an Equipment Breakdown Coverage (aka Mechanical Breakdown Coverage) lawsuit in New Jersey yesterday. Chip Merlin took this picture of Ashley and me after the settlement. While the settlement is confidential, there are a number of lessons to be learned and reasons why this coverage is so important to … Continue Reading

Defective Construction and Ensuing Loss Provisions

A public adjuster called with a common situation—a property loss occurred during repair and the insurance company had initially denied the claim, saying that the loss was from defective construction. The smart public adjuster thought the property damage caused in part by defective construction could lead to coverage under an ensuing loss provision. The policyholder … Continue Reading

Calculating Actual Cash Value: Part 11: Iowa

The International Risk Management Institute (IRMI) web site provides an wealth of information for those who work in the insurance industry. This week, since I am discussing the calculation of actual cash value in Iowa, which is one of the states that follows the Best Evidence Rule to calculate actual cash value, I thought I … Continue Reading

How To Consider the Market Conditions After A Loss? – Understanding Business Interruption claims

As noted before in To Consider the Economy, or Not To? ‘That is the Question’ — Understanding Business Interruption Claims, Part 9 and What’s Good for the Goose is Good for the Gander – Post-Loss Market Conduct Ignored in Louisiana – Understanding Business Interruption Claims, Part 36, there are two diverging views on whether post-loss … Continue Reading

The Shortcomings of a “Total Cessation” Requirement – Understanding Business Income Claims, Part 55

The issue of whether a total cessation or a mere slowdown in productivity is required to trigger business interruption coverage is one of those questions that will most likely be defined in the policy. If not, courts will be given an opportunity to answer the question, which could lead to undesired results for either party. … Continue Reading

Considerations Regarding Ordinary Payroll – Understanding Business Interruption Claims, Part 43

A recent IRMI article titled “Limiting the Interruption in Business Interruption” discussed the importance of considering payroll during the risk assessment phase of obtaining business insurance coverage. The forms regarding business income and ordinary payroll are hyperlinked for ease of use and understanding.… Continue Reading

Good tips on how to handle business interruption claims – Understanding Business Interruption Claims, Part 39

Our firm subscribes to IRMI Online, which is an excellent source of information for any insurance claims professional. In doing research, I came across an interesting article by Daniel Torpey, from Ernst Young, LLP, Dealing with a Difficult Claim: Breaking the Gridlock of the Property and Business Interruption Claims Process.… Continue Reading

Insurance Agents, Brokers and Risk Managers Have to Spend Enough Time Studying the Specifics of Coverage to Prevent Uninsured Losses

Gaps in coverage and uninsured losses occur for a number of reasons. Most policyholders are not in the insurance business. They have a very limited understanding of the product they are buying and how risks they face may be insured. In Property Insurance Resolutions for 2010, which follows Concerns and Resolutions for Property Risk Management in … Continue Reading

The Period of Restoration Does Not End When the Business Is Sold or Operations Cease

Michelle Claverol has been writing a weekly post every Sunday regarding business interruption and extra expense issues. I can tell that weekend posts are not read as often as those published during the workweek. I encourage those involved with commercial claims to go back and review her discussions of this important commercial coverage. She went home … Continue Reading

Pets and Insurance

The Westminster Dog Show was this week. I started thinking about pets and policyholder insurance. There is actually coverage for pets, which many people may wish to consider purchasing.… Continue Reading