Tag Archives: National Underwriter

Hurricane Sandy Claim Denials and the Value of FC&S

Hurricane Sandy claim denials are starting to be issued. This is typical; hurricane claim denials usually start four to six weeks after the catastrophe. I cannot overemphasize the value of FC&S materials and other insurance industry reference sources when researching whether Hurricane Sandy denials can stand up to challenge.… Continue Reading

Claim Denied!

What do you get your friendly adjuster for a Christmas stocking stuffer? How about an itunes app called “Claim Denied!” Here is the description:… 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

Insurance Industry and Taylor Not Interested in Compromise Flood Insurance Legislation

The attempts by Mississippi’s Gene Taylor to craft an insurance product that fully covers hurricane losses seems to be having trouble, but not because Gene Taylor is not trying. While the House of Representatives passed a bill supported by Taylor which includes coverage for the perils of wind and storm surge into one policy, one … Continue Reading

Will Flood Insurance Insurers Lose AntiConcurrent Cause Language?

Mississippi Representative Gene Taylor successfully placed language into House Bill H.R. 1264—“the Multiple Peril Insurance Act”— which would require “Write Your Own” insurers participating in the National Flood Program to remove anti-concurrent causation language from their all risk insurance policies. Taylor’s house was destroyed in Hurricane Katrina. Many of his neighbors’ insurance claims were denied … Continue Reading

Mid-Day Update on Flood Insurance–Senators Need to Work and Get This Done

The United States House of Representatives has unanimously passed a bill reinstating and extending the National Flood Insurance Program until September 30, 2010, according to an article in the National Underwriter, New NFIP Extension Bill Passes House; Senate Action Uncertain. The bill (H.R. 5569) will be sent to the Senate for further action. My suggestion in Flood … Continue Reading

Tiger Woods Scandal Highlights Insurance Protection Needs for Brands, Intellectual Property, and Events

Risk managers involved with analyzing a corporation’s enterprise risk have a myriad of perils to be concerned about. A risk sometimes overlooked from an insurance perspective is brand value and expenses associated with the investment of brand marketing and advertising. An article in the New York Times, Insuring Endorsements Against Athletes’ Scandals, noted that just … Continue Reading

A Man of His Word: Unlike Other Flip Flop Politicians on Insurance Rates, Crist Sticks to His Promise

The Florida legislator is full of "flip flop" legislators that are reversing laws made in 2005 and 2006 which supported lower insurance rates and protected insurance consumers from unscrupulous insurers. Governor Charlie Crist ran on a platform of helping Floridians keep insurance rates down and he is sticking to that promise even as other politicians … Continue Reading

Consumer Advocates Call “Insurance Choice” Legislation Misleading

Three consumer advocates published a letter, Property Insurance Deregulation Too Costly, which claims that currently proposed Florida legislation calling for no regulation of insurance rates is bad for Floridians "because the average consumer does not have the resources or information to determine when a rate is excessive, the opportunity for the [insurance] company to abuse consumers … Continue Reading

Replacement Cost Implications by Replacing at Another Location: Answering the Question if You Have to Repair or Replace at the Same Premises to Obtain the Holdback of Full Replacement Cost Benefits

Replacement at the same location or repairing the same premises has been a frequent question posed by a number of clients. In many situations, clients of older structures in areas where it is not economically feasible to rebuild wish to replace in another location. They want to know if they can replace or repair with … Continue Reading

Matching Lawsuit and Order that Makes the Policyholder’s Point

The Minnesota Attorney General had enough of insurance companies failing to live up to the promise of putting policyholders back into the same position they were before the loss. Currently, the situation is the same throughout the nation, where insurers say they will do one thing, but have their attorneys argue out of the bargain … Continue Reading

Cosmetic Damage is “Physical Damage” and Recoverable Under a Property Insurance Policy

Yesterday’s post, Physical Damage is Needed to Collect for Loss of Warranty, may lead some to think that property insurance policies require “structural” or a “functional” destruction before coverage is not afforded. This simply is not true. Alterations to the physical appearance of a structure or personal property are covered so long as the cause … Continue Reading

FC&S Says Ensuing Loss Coverage Applies to Chinese Drywall Claims

The insurance industry is probably calling and writing the editors of the FC&S Bulletin because the June 2009 edition correctly notes that Ensuing Loss Damage is covered under the ISO form policies for typical Chinese Drywall losses. I recently noted various coverage issues related to Chinese Drywall. A number of these cases are coming to our … Continue Reading

The Dirty Secret of Exclusions Some Major Insurance Companies Like State Farm, Allstate, Nationwide and even USAA, Do Not Want You to Think About

Why are major insurance companies selling insurance with "feel good" messages rather than explaining how many different types of accidents and catastrophes they will not cover? If they were honest, wouldn’t they explain to customers what is not covered before the purchase? Sandy Burnette wrote a comment to "Is the State Farm Policy Really Worth Anything?" As … Continue Reading