Our panelists agree - most business owners don’t completely understand the Business Income Coverage or coinsurance provisions within their policies. This discussion provides insights to navigating policies before you need to file a claim, the CP30 and what options you may have if not satisfied with the settlement offered from your insurance provider. If contacted during the policy buying decision process, a public insurance adjuster can help your business to get the proper coverage. For further information on this topic, please read our Adjusting Today article: "Business Income Insurance: Having and Understanding This Coverage Can Be Essential to a Company's Survival."
Key Takeaways:
[:35] Introducing the panelists
[1:04] Why is it so imperative commercial policyholders have adequate Business Income Coverage?
[4:02] How is the correct amount of business coverage calculated?
[7:54] How does coinsurance come into play when calculating Business Income claims?
[12:48] What responsibility does the insured have to resume operations in order to minimize Business Income losses?
[16:30] Do you believe commercial policyholders have an adequate understanding of Business Income Coverage?
[20:35] What options do policyholders have if they are not offered an adequate Business Income settlement?
[25:02] Relationship between the Business Income claim and the property claim
Panelists:
Steve Surace, Chief Financial Officer and Vice President - Adjusters International
Wendy Biety, Senior General Adjuster and Forensic Accountant - Globe Midwest/Adjusters International
Darin Checchia, Regional Vice President - Adjusters International/Basloe, Levin & Cuccaro
C. Todd Thomas, Executive Director of Consulting Services and Member of the Society of Risk Management Consultants
Brought to you by - Adjusters International
We assembled four industry panelists to answer these very important insurance coverage questions. This information is intended to assist policyholders by clearing up common misnomers, gauge proper coverages and finding the right broker. Remember, it’s important to read the contract language thoroughly and understand which policies cover which assets to make sure you are reimbursed properly in the event of a loss. For further information on this topic, please read our corresponding Adjusting Today article: "Coinsurance/Insurance to Value Revisited: An Essential Concept in Property Insurance."
Key Takeaways:
[:35] Introducing the panelists
[1:08] What is coinsurance?
[4:46] Why would coinsurance be included in a policy?
[9:04] What challenges do policyholders face when filing an insurance claim on policies including coinsurance?
[17:00] What role does the deductible play in calculating coinsurance penalties?
[20:56] What can policyholders do to ensure their policy coverage is adequate?
[37:54] What options do policyholders have if they have a coinsurance challenge?
[42:41] Calculations of depreciation
[44:30] Are brokers doing an adequate job of explaining coinsurance, deductibles and replacement costs to insureds?
Panelists:
Scott Eich, Executive General Adjuster - AI/CO
James R. Mahurin, CPCU, ARM - Risk Management Consultant and Member of the Society of Risk Management Consultants
C. Todd Thomas, Executive Director of Consulting Services and Member of the Society of Risk Management Consultants - Adjusters International