Today we will be discussing the insurance coverage for collapse. Throughout the years, insurance companies have updated the policy language as to what constitutes a collapse loss and continue to do so today. How can you be sure you are covered in case of collapse and furthermore, how can you help to mitigate a collapse loss to your property? Find out on this episode as we discuss collapse with our experts.
Key Takeaways:
[1:40] What are common reasons or circumstances that cause a property to collapse?
[2:31] What constitutes a collapse loss according to the insurance company?
[4:54] If a home or business were to collapse due to a natural disaster would it be covered under a standard property insurance policy?
[7:23] How can policyholders protect themselves when it comes to exterior buildings on their property?
[10:02] What happens if two variables cause the collapse of a property? How would the policyholder’s claim be handled?
[16:11] How can home and business owners protect their property from collapse?
[18:05] What happens when policy language is ambiguous when pertaining to a collapse?
[21:14] What types of professionals are available to assist policyholders who are suffering from a collapse insurance claim?
[24:55] Additional considerations regarding collapse claims.
Panelists:
● Matthew Blumkin, Principal at The Greenspan Co./Adjusters International
● Todd Thomas – Executive Director of Consulting Services and member of the Society of Risk Management Consultants - Adjusters International
Moderator:
● Brianna Moyer, Digital Marketing Manager – Adjusters International
Mentioned in This Episode:
Today we will be discussing the ins and outs of insurance policies, and the importance of understanding what your policy does say and cover, as well as what it does not. In this episode, our panelists will discuss how those with an insurable interest in a property can protect themselves from issues such as inadequate reimbursement should a disaster occur.
Key Takeaways:
[:27] After a disaster occurs such as a fire, flood, or severe windstorm and damages a property, what are some of the more common mistakes an insured or policyholder makes that results in the inability to provide proof of loss to the insurance company?
[3:20] Is the ‘inability to provide proof of loss’ a common theme in property damage losses?
[5:12] What are the ways in which a policyholder can prevent such roadblocks?
[8:00] What does the concept of ‘insurable interest’ mean in relation to a property insurance policy?
[9:38] If a person does not have to be the property’s owner in order to have insurable interest, what are some examples of parties that would have an insurable interest in a property?
[11:49] A party who has an insurable interest in a property may not be involved in the day-to-day operations, or even be on-site. What types of conflicts can this result in when it comes to insurance policy definitions, interpretations, changes, and the like?
[13:28] What can these other parties do to protect their stake in the property, aka their ‘insurable interest’?
[17:36] Speaking of ‘Broadening the Named Insured,’ what are some challenges the agent, broker, or policyholder may face, when undertaking this task?
[21:11] What are some challenges the agent, broker, or policyholder may expect when ‘Broadening the Property Definition,’ if they have to go that route?
[22:09] Suffice it to say that these additions to a property insurance policy can play an important role in helping one avoid a large predicament such as inadequate reimbursement; what is the overall benefit of having them in place?
Panelists:
● James R. Mahurin – Risk Management Consultant and member of the Society of Risk Management Consultants
● Tim Larsen – Executive Adjuster – The Greenspan Co./Adjusters International
● Todd Thomas – Executive Director of Consulting Services and member of the Society of Risk Management Consultants – Adjusters International
Moderator:
● Brianna Moyer (Adjustersinternational.com/bios/executive-professional/), Digital Marketing Manager – Adjusters International
Mentioned in This Episode:
Adjusting Today — Sometimes It’s What the Policy Doesn’t Say That Counts