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Property Insurance Roundtable

Adjusters International’s Property Insurance Roundtable features property insurance experts discussing current issues affecting first party claims. Each podcast focuses on a critical topic that is currently trending within the property insurance industry and includes real life examples intended to improve disaster preparedness.
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Now displaying: 2016
Oct 25, 2016

This podcast and the corresponding Adjusting Today article titled, "Disasters, Raising Questions of Insurance Adequacy: Bombings! Hurricanes! Earthquakes! Fires!" is designed to assist policyholders in making educated decisions regarding insurance coverages. In this episode, our expert panelists discuss the ever-changing landscape of insurance coverages in the face of disasters such as bombings, hurricanes, earthquakes, fires and more. This conversation explores risks that property owners may face, both natural and man-made, that can affect their coverage.

 

Key Takeaways:

[2:06] Is there a place in the world that is immune to disasters, man-made or natural?

[2:49] Advice for business owners who have just suffered a disaster.

[4:45] Is it true that after a large scale disaster, tenants who did not experience damage to their property may be prevented from re-occupying their property by order of Civil Authority? 

[10:34] What do business owners need to know about Civil Authority coverage?

[13:53] What is the extended period of indemnity and how can business owners use this coverage after a property loss occurs?

[19:28] Examples of obtaining materials in a low supply, high demand environment after a disaster.

[24:03] Real life examples of common mistakes made by policyholders with regards to disasters.

[28:16] How can home and business owners be sure they are evaluating their coverages adequately?

[34:10] If a property owner owns more than one property at multiple locations, can all the locations be covered on one policy?

[36:33] If a contractor cuts corners and the property is damaged afterward, what are some possible consequences for the insured?

[46:26] Does a standard insurance policy cover documents and records lost during a disaster, and what coverages can help mitigate risk?

[47:46] Are there unusual examples of man-made disasters that can help others learn from past mistakes?

[51:41] The panels final thoughts on adequate coverages for manmade and natural disasters.

 

Panelists:

Luis Esteves, Principal & Executive General Adjuster at Jansen/Adjusters International

Clay Gibson, Professional Public Insurance Adjuster - The Greenspan Co./Adjusters International 

John Marini, President and CEO - Adjusters International

Bill Sharpe, Commercial Insurance Loss Consultant - Jansen/Adjusters International

C. Todd Thomas, Executive Director of Consulting and Services and member of the Society of Risk Management Consultants -  Adjusters International 

 

Mentioned in This Episode:

Adjusters International

Adjusting Today - "Disasters, Raising Questions of Insurance Adequacy"

Aug 5, 2016

This podcast and the corresponding Adjusting Today article titled, "Difference in Conditions Coverage: What It Is and Who Needs It?" is designed to assist any business that needs more protection than supplied by standard property insurance in regards to flood and earthquake perils. Today’s expert panelists answer questions regarding terminology, past and present changes in coverage, and what types of businesses need this type of coverage. This roundtable ends with additional important thoughts and real life examples of DIC policies.

 

Key Takeaways:

[1:45] What is the Difference in Conditions (DIC) coverage?

[2:36] Why are these policies often misunderstood by policyholders?

[3:34] Who or what types of businesses need this type of coverage?

[7:19] To which type of disasters, other than flood and earthquake losses, does this coverage apply? 

[10:21] A coinsurance requirement can have a serious adverse effect on the insured at the time of loss. Why?

[11:24] Why is it important to watch for definitions, such as flood and earthquake, if they are defined in your main policy?

[16:05] What type of limits do DIC policy limits contain, as compared to AAIS form limits?

[20:25] Do commercial insureds who carry business interruption or business income coverage in their main commercial property policy also need to purchase similar coverage in their DIC policy?

[21:37] Why the ordinance or loss can be troublesome for policyholders who sustain serious property loss. 

[24:00] How are subrogation provisions usually written in DIC policies, and what role do they play?

[25:08] Are court decisions involving DIC coverage common, and if so, why?

[27:03] What is a Builder’s Risk DIC policy?

[30:00] Why are there no standard DIC policies available?

[31:34] How has DIC coverage changed in past 10 years?

[33:29] Do you see big changes on the horizon for DIC coverage?

[34:53] Additional roundtable thoughts on DIC policies.

 

Panelists:

Jim Mahurin, 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 

R. Scott deLuise, CCIM, CPPA, SPPA, President and CEO - Adjusters International/Matrix Business Consulting

 

Mentioned in This Episode:

Adjusters International

Adjusting Today - Difference in Conditions Coverage #3042

Jul 1, 2016

This podcast and the corresponding Adjusting Today article titled, "Builder’s Risk Insurance: Specialized Coverage for Construction Projects" focus on a policyholder and which steps they should take to ensure there is adequate insurance coverage on their upcoming or existing new construction project. Important points of this roundtable include identifying exposures, increased costs due to the shelf-life of previously acquired bids and basing your Builder’s Risk Insurance policy on the anticipation of a total loss. 

 

Key Takeaways:

[1:14] How to define Builder’s Risk Insurance.

[2:31] Who purchases Builder’s Risk Insurance?

[3:51] When a building is being constructed what kinds of risks is it exposed to?

[5:54] Who and what can be covered under a Builder’s Risk policy?

[10:31] How do you define the term builder?

[13:22] Does this policy cover materials in transit to the job site as well as when materials are in storage awaiting transit?

[18:03] What is the best way for a buyer to get adequate coverage?

[21:06] What are common errors on the Completed Value Form?

[27:43] What is the difference between a Completed Value Form and a Reporting Form?

[31:07] What role does a deductible play when calculating penalties relating to Builder’s Risk Insurance?

[32:40] What are examples of covered causes of loss and exclusions under a Builder’s Risk policy.

[45:38] What options are available if a Builder’s Risk policy is terminated but there is still work to be completed on the building?

[51:41] What beneficial optional coverages are available for a policyholder to add in a Builder’s Risk policy?

[57:32] What is Contingent Coverage with regards to Builder’s Risk Insurance?

[1:02:04] Who should a person seek out when investing in an insurance policy or after sustaining a loss?

 

Panel of Insurance Experts:

Tony D’Amico, Senior Vice President at Goodman-Gable-Gould /Adjusters International

Jim Mahurin, Risk Management Consultant and member of the Society of Risk Management Consultants

C. Todd Thomas, Executive Director of Consulting and Services and member of the Society of Risk Management Consultants -  Adjusters International 

 

Mentioned in This Episode:

Adjusters International

Adjusting Today - Builder’s Risk Article #3037

Jun 9, 2016

This podcast and the corresponding Adjusting Today article titled: "Hurricanes and Windstorm Coverage," focus on the idea that understanding your insurance policy before a disaster strikes is essential to protecting your organization from the next major hurricane or windstorm and ensuring a fast recovery. Different types of special coverages may be available and needed for property owners in hurricane prone areas. Tips for policyholders include: making sure there is an electronic PDF copy of the insurance policy, before and after claim property pictures/videos, insurance audits and considerations for microbes.

 

Key Takeaways:

[1:30] What areas of the United States are the most exposed to hurricanes or tropical storms?

[2:54] What type of hurricane damage should property owners be concerned about?

[5:07] Does a standard residential or commercial insurance policy protect a property from hurricane damage or is special coverage required?

[8:10] In layman’s terms, what types of coverages are available that would benefit property owners in case of a hurricane or windstorm?

[25:10] Is mold covered in a standard insurance policy and is it capped?

[29:23] In the aftermath of a hurricane, what is the first thing a policyholder should do?

[36:46] Additional comments from the panelists about coverages and premiums.

[38:58] How have insurance policies changed based on past major hurricane events?

 

Panel of Insurance Experts:

Keith Hayman, Director of National Development - Goodman-Gable-Gould/Adjusters International

John Marini - President and CEO - Adjusters International

C. Todd Thomas - Executive Director of Consulting and Services and member of the Society of Risk Management Consultants -  Adjusters International

 

Mentioned in This Episode:

Adjusters International

Adjusting Today - Hurricane and Windstorm Coverage Article by Keith Hayman

May 3, 2016

Equipment Breakdown Insurance covers loss and/or failure for many types of equipment from air conditioners to industrial presses. Insurance policyholders are urged to review their policy documents to ensure they have the proper coverages should an event occur. Policyholders should also keep complete maintenance records, photos of the equipment during the breakdown or loss and a written procedure, including contact information, with the correct steps post-breakdown.

For further information on this topic, please read our corresponding Adjusting Today article: "Equipment Breakdown Insurance: Too Important to Ignore!"

 

Key Takeaways:

[1:17] What is Equipment Breakdown Insurance and what does it include?

[3:21] What types of failures are covered under Equipment Breakdown Insurance ?

[4:00] What does Equipment Breakdown Insurance exclude?

[5:40] What types of coverages are available to counteract the exclusions?

[7:46] Which types of equipment are categorized under this type of coverage?

[9:55] What type of forms are used to implement Equipment Breakdown Insurance?

[10:57] How can a policyholder be sure they have the adequate coverage for their facility and machinery?

[18:30] What are the first steps a policyholder should take post breakdown?

[20:46] How does a catastrophic event affect the time it takes to get an adjuster to inspect a loss?

[21:44] Additional comments from the panel about Equipment Breakdown Insurance, including real life examples.

[26:28] The three obligations a policyholder has regarding an Equipment Breakdown Insurance claim.

 

Panelists:

Chris Hax, Engineer - Continental Machinery

Bill Sharpe, Commercial Insurance Loss Consultant- Jansen/Adjusters International

C. Todd Thomas, Executive Director of Consulting Services and member of the Society of Risk Management Consultants

 

Mentioned in This Episode:

Adjusters International

Adjusting Today

Apr 5, 2016

Oftentimes post-disaster, policyholders unfortunately discover that they do not have enough insurance on their property. Preparation and planning in advance surely can help avoid such issues as being underinsured. However, after a loss there are still options available to the policyholder to maximize their financial recovery and minimize their underinsured loss.

For further information on this topic, please read our corresponding Adjusting Today article: "How to Make the Most of an Underinsured Loss"

Key Takeaways:

[1:07] How often are policyholders underinsured?

[2:17] How can policyholders ensure they have the proper coverage?

[5:36] How often should business owners meet with their insurance company?

[6:11] What are blanket policies and how do they affect coverage limits?

[8:53] What do policyholders need to do to conduct a comprehensive analysis of their policies?

[14:50] Where do policyholders find hidden coverages?

[18:40] Is landscaping coverage often overlooked?

[23:11] What is third-party recovery and how does it affect coverage?

[24:51] How does an insurance company adjuster help with third-party recovery, as opposed to a public adjuster?

[29:01] How can the insured request advance payments from insurance companies?

[30:35] Why is it important to negotiate during a policy claim?

[34:08] What role can tax relief, government benefits and legal assistance play in the insurance claim process?

[39:09] Where should people go to find an insurance adjuster in their area?

 

Panelists:

Ethan Gross, Vice President & COO - Globe Midwest/Adjusters International

Clay Gibson, Professional Public Insurance Adjuster - The Greenspan Co./Adjusters International

C. Todd Thomas, Executive Director of Consulting Services and member of the Society of Risk Management Consultants - Adjusters International

 

Mentioned in This Episode:

Adjusters International

ISO

Society of Risk Management Consultants

Mar 3, 2016

Hail can cause hard to see dents and fissures in and around your property or home. A regular inspection schedule can help you, the policyholder, to ensure your claim is filed in an appropriate amount of time and that small damages are not overlooked. Professionals such as public adjusters are available to you when hail damage occurs and they are able to assist you in filing your claim. This episode has real advice from real people in the business of adjusting. Listen in to get your hail damage questions answered.

For further information on this topic, please read our corresponding Adjusting Today article: "Hail Damage Can Create Difficult Losses"

Key Takeaways:

[1:10] Why is hail damage so difficult to detect on a property?

[3:57] The definition of cosmetic damage in insurance terms and how it relates to hail damage

[5:53] Why is hail damage on the surface a cosmetic issue rather than a functionality issue?

[9:15] If hail storms happen frequently, will replacing a roof stop the damage?

[10:11] Defining ISO and AAIS endorsements

[13:20] Are there exclusions to the endorsements?

[13:57] Does the type of roof matter for coverage?

[14:29] How are roofs covered in HOA’s and multi-family policies?

[15:53] What does the actual cash value adjustment of roof surfacing provide for policyholders?

[17:19] Will you have problems getting a roof replaced if it is over 20 years old?

[18:57] What is the best way for a policyholder to prevent hail damage on their property?

[22:08] What do insurers need to know about hail damage claims and cosmetic damage?

[23:53] Additional discussion points...

[24:52] If a client replaces a roof under an insurance claim are they able to get future coverage?

[25:41] Additional discussion points regarding hail damage...

[27:41] What happens when water damage is caused by hail damage?

[28:52] Figuring out the root cause of the damage after a weather event

[30:36] Which professionals are available to help policyholders in the event of a claim?

 

Panel:

Jim Beneke - President of The Beneke Co./Adjusters International

Steven Vanuga - Regional VP - Adjusters International/Basloe, Levin & Cuccaro

Dennis Romero - Regional Adjuster - Adjusters International

C. Todd Thomas - Executive Director of Consulting Services and member of the Society of Risk Management Consultants - Adjusters International

 

Mentions:

Adjusters International

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