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Lack of Insurable Interest Precludes Recovery for Property Damage

The Property Insurance Law Observer

Consequently, the plaintiff was not entitled to indemnity for damage to the property it purported to insure under a commercial property insurance policy. [1] The restaurant property was owned by another company, which was a separate entity with common ownership by the same individuals who owned the business.

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Construction Defects Are Not Covered Property Damage in Commercial Liability Policy

Insurance Journal

A home builder is not covered under the property damage coverage in its commercial liability policy for construction defects for which it was responsible. A three-judge panel of the Massachusetts Appeals Court has held for the first time that “construction …

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North Dakota Commissioner Urges Property Damage Assessment After Flash Floods

Insurance Journal

In the wake of flash flooding in the Bismarck-Mandan area, North Dakota Insurance Commissioner Jon Godfread is reminding residents to take immediate steps to assess and document any property damage and to review their insurance policies to understand what is …

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Excavation Contractor Insurance: Five Policies You Need to Protect Your Business

Central Insurance

Discover how excavation contractor insurance protects your business from risks like property damage, liability, and equipment loss. The post Excavation Contractor Insurance: Five Policies You Need to Protect Your Business appeared first on Central Insurance Blog.

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Court Says Loose Bolt Remedied by Tightening Does not Constitute “Direct Physical Loss of or Damage” to Property

The Property Insurance Law Observer

American Guarantee and Liability Insurance Company , the United States District Court for the District of Massachusetts held that a loose bolt or fitting that could be remedied simply by tightening it did not constitute “direct physical loss of or damage” to equipment covered under an all-risk property insurance policy. [1]

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When the Appraisal Says One Thing, But the Policy Says Another: A Florida Insurance Case Study

The Property Insurance Law Observer

GeoVera Specialty Insurance Company (2024 WL 3952571), the court affirmed that unambiguous policy limits remain enforceable even when an appraisal award exceeds those limits. In Wood , the insureds, Nancy and John Wood, filed a claim to their insurer, GeoVera Specialty Insurance Company, for property damage following Hurricane Ian.

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Jackson v. Spinnaker: Court Rules a Thorough Investigation is Just Good Business, Not Bad Faith

The Property Insurance Law Observer

However, the court granted summary judgment in favor of the insurer on the bad faith claim, emphasizing that a thorough investigation into a questionable claim does not amount to bad faith Background Spinnaker Insurance Company (Spinnaker) issued a homeowners policy to Donald Jackson (Jackson) for a designated residence premises.

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