Property Insurance Coverage Law

SEPTEMBER 26, 2024

Consequential damages play a significant role in both contract law and insurance claims, but they operate under different frameworks and have distinct implications depending on the context. Consequential damages in contract law are indirect, foreseeable losses that result from a breach of contract.

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Property Insurance Coverage Law

SEPTEMBER 22, 2024

A recent ruling by a federal trial court stated that the policyholder claimed that a severe hailstorm on May 28, 2021, caused extensive damage to his property, including damage to the roof, vents, flashings, windows, window screens, fascia, gutters, downspouts, and HVAC system.

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Insurance Journal

OCTOBER 15, 2024

When disaster strikes and a policyholder submits a claim, adjusters must quickly produce a comprehensive estimate of the damage so that restoration and replacement procedures can be placed in motion. This post is part of a series sponsored by CoreLogic.

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Property Insurance Coverage Law

OCTOBER 5, 2024

When navigating the aftermath of a property damage claim, many homeowners seek professionals to help them secure the best possible settlement from their insurance company. However, policyholders … The post Public Adjusters Prohibited in Arkansas appeared first on Property Insurance Coverage Law Blog.

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The Property Insurance Law Observer

JULY 25, 2024

June 24, 2024) offers valuable lessons for policyholders regarding the importance of cooperation in the insurance claims process. In Marcantel , the plaintiff suffered damage from Hurricane Laura at two properties in Louisiana. The ruling in Marcantel emphasizes the importance of cooperation in the insurance claims process.

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Property Insurance Coverage Law

AUGUST 14, 2024

One of the more complex damage issues that must be addressed in all fire, smoke, and heat claims is the amount of damage to personal property in areas of a structure far away from the main fire.

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American Agents Alliance

SEPTEMBER 30, 2024

Learn more about how to help policyholders prepare for the unexpected with helpful tips. How to Help Policyholders With Proactive Disaster Planning An important start to disaster planning is considering whether or not a potential loss would be covered by insurance. Provide expert educational services for policyholders.

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The Property Insurance Law Observer

JULY 29, 2024

Actual cash value of the stolen or damaged property less the deductible; or 2. Payment of loss We may pay for loss in money or repair or replace the damaged or stolen property. If we return stolen property we will pay for any damage resulting from the theft. Our limit of liability for loss will be the lesser of the: 1.

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American Agents Alliance

JULY 17, 2024

Every part of the insurance lifecycle is changing in the digital age, including the handling of claims. Agents and brokers play important roles in the digital claims management process, from educating policyholders on loss mitigation to helping insureds file claims and work with their insurers.

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Shield Insurance Agency

AUGUST 20, 2024

Shield Insurance Blog | Small Insurance Claims | Contact Our Sales Team! Small Insurance Claims Can Raise Premiums Small insurance claims, such as those for minor property damage, may seem like a hassle to deal with. However, filing small insurance claims can have long-term financial consequences.

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Triple-I: Homeowners Insurance

JUNE 19, 2024

By Max Dorfman, Research Writer, Triple-I The total value of lightning-caused homeowners insurance claims rose more than 30 percent in 2023, to $1.27 billion from $950 million in 2022, Triple-I estimates based on national claims data provided by State Farm. The number of claims rose 13.8 of Claims Avg.

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Property Insurance Centre

JULY 21, 2024

Our Claims Partner, Aspray, Wins Loss Assessor of the Year 2024 We are delighted but not surprised to announce that our claims partner, Aspray, has won the prestigious “Loss Assessor of the Year 2024” award at the British Claims Awards. Key Factors Behind Aspray’s Success 1.

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The Property Insurance Law Observer

MARCH 4, 2024

26, 2024), the Western District of Washington considered competing motions for partial summary judgment in a property damage case involving a winter storm, where large amounts of rain and melted snow backed the drain up and the force of the water pushed through the exterior door causing damage to the entire basement level.

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Property Insurance Centre

MARCH 19, 2024

Consumer education ensures that individuals are prepared and protected with the proper insurance coverage and are knowledgeable about the claims process. It empowers individuals to navigate the claims process effectively and avoid insurance scams. May experience difficulties and delays when making claims due to lack of understanding.

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The Property Insurance Law Observer

MARCH 12, 2024

On November 20, 2021, after the home was vacant for an extended period of time, unidentified individuals broke into and damaged Plaintiffs’ property, taking various items. The claim included the cost to replace various appliances, and an additional $1,310 for the value of other stolen personal property, including certain tools and clothing.

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Bankers Insurance

MAY 16, 2024

The homeowners insurance market is complicated and dynamic, and many policyholders have experienced increased rates in recent years despite no changes to their coverage or claims filed. Additionally, more and more people live in wildland-urban interfaces, where homes can be particularly vulnerable to severe weather damage.

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Property Insurance Centre

SEPTEMBER 25, 2024

See what is not covered in terms of events/damage for your policy and think about getting flood insurance or accidental damage insurance if desired. Accidental damage is not usually covered by a normal building insurance policy. Define the maximum amount that you are willing to spend additional in the case of a claim.

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Scott Insurance

JANUARY 31, 2024

According to Money.com , an independent publisher, recent year-over-year premium increases have averaged 20%, and policyholders should expect to see at least a 10-15% increase in 2024. Because of this delay, policyholders should not expect much relief due to cooling inflation until at least 2025.

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Protect Commercial Insurance

JANUARY 21, 2021

FCA Test Case: Response of non-damage business interruption extensions to COVID-19 losses Supreme Court Decision: Update 19 January 2021 The Supreme Court judgment in the FCA Business Interruption Test Case was published on Friday 15 January 2021. The full judgment together with a copy of the FCA’s press release is available here.

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Triple-I: Business Insurance

APRIL 24, 2023

In a recent interview with Triple-I CEO Sean Kevelighan, Harger discussed the importance of preparing for and preventing damage from this risk, which is second only to flooding when it comes to costly weather events. People typically think about fire damage when they think about lightning.

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Boyle Agency Insurance

MARCH 22, 2024

Chubb sends an adjuster to assess damage right away if you should suffer a loss. This means they get to work processing the claim with efficiency. Not only are you well protected, Chubb strives to educate policyholders about ways to prevent future losses. Chubb offers many ways in which they provide top coverage.

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Property Insurance Centre

JANUARY 4, 2024

Weather Conditions and Natural Disasters Since 1980, there have been 360 weather- and climate-related natural catastrophes , resulting in damages and costs of over $2.57 The impacts of weather events and natural disasters go beyond immediate property damage, affecting communities and economies on a larger scale.

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Hunton Andrews Kurth

JULY 20, 2023

The decision underscores the importance of coordination of different coverages and policies across insurance programs, as well as the potential perils policyholders may face if forced to seek recovery for certain losses under non-traditional policies. In any event, the ruling is a mixed bag for policyholders.

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Bankers Insurance

AUGUST 8, 2024

Most commercial property insurance policies include coinsurance clauses, which encourage policyholders to carry reasonable and accurate coverage amounts. Under a coinsurance clause, a policyholder faces a penalty — usually a reduced payout — if their coverage limit is not at least equal to a predetermined percentage (e.g.,

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Property Insurance Centre

JANUARY 30, 2024

It’s essential to accurately determine the rebuild cost of the property and disclose any claims history. It’s essential to accurately determine the rebuild cost of the property and disclose any claims history. Accurately determine the rebuild cost of the property and disclose any claims history.

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Triple-I: Business Insurance

AUGUST 11, 2022

Combined ratio represents the difference between claims and expenses paid and premiums collected by insurers. points higher than 2021, driven primarily by significant deterioration in auto physical damage coverages. for 2022, up 1.2 They presented their findings at a Triple-I members-only virtual webinar. percent,” Porfilio said.

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Majesco

JUNE 13, 2024

The number of claims is rising. Severe convective storms are among the most common and most damaging natural catastrophes in the United States with damaging wind, hail, rain, and tornadoes. Let’s look at just property risk for a moment. Repair costs are rising because of the rise in materials.

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Hunton Andrews Kurth

MAY 12, 2022

1:22-cv-03615, (May 4, 2022 SDNY), an insurer sued its policyholder seeking a declaration of no coverage under a Product Contamination Insurance Policy in relation to the CDC and FDA’s 2018 public warning of lettuce contaminated with E. Thus, Landec will be litigating its coverage dispute in the Empire State. In Houston Casualty Co.

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Scott Insurance

APRIL 21, 2020

Proper Disclosure to Your Insurance Provider Insurance policies outline terms and conditions of coverage, including what responsibilities the policyholder must comply with in order to maintain coverage. These conditions include notification requirements, including timeliness, of any material change in operations.

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Hunton Andrews Kurth

JULY 16, 2021

However, contamination events and ensuing recalls can lead to a variety of other claims that implicate a number of other coverages, including liability coverage for claims against officers and directors addressing the company’s internal contamination risk and safety policies and procedures. Blue Bell Creameries USA, Inc.

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Cover4LetProperty

OCTOBER 10, 2022

You almost certainly asked for a deposit as security for any damage or breakages your tenant might cause during the tenancy, the payment of rent and other bills when they fall due, and the possible cost of cleaning the premises when the tenancy comes to an end. What do I do with the deposit I ask my tenants for?

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Majesco

APRIL 11, 2024

There is inflation and its pressure on claims costs, whether it’s medical or it is physical damage to homes and businesses. If you look at the biggest cost on the income statement of an insurer, it is always claims. We have recently heard claims of 300% and 700% return for each dollar invested in prevention.

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Healthinsurance.org

MAY 20, 2024

In this article HealthCare.gov policyholders at risk Scammers circumvent consumers protections The damage to affected Marketplace buyers Factors that led to the alleged fraudulent activity Buyers with lower incomes targeted Is this happening in states that run their own Marketplaces? What should consumers do?

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Risk Management Monitor

SEPTEMBER 30, 2022

.” Millions of Floridians do not have power, and officials on the ground report “historic” amounts of storm damage. Ian follows right on the heels of catastrophic damage from Hurricane Fiona. In the meantime, take photos of the damage and do whatever you can to mitigate further damage.

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