Understanding Commercial Property Gaps and Knowing How to Fill Them

Online  
Tuesday, January 28, 2025 1:00 PM - 4:00 PM   iCalendar Eastern Standard Time

When: Tuesday January 28, 2025  1:00 - 4:00 PM

Location:    Online
Links to join this webinar will be sent 1 business day prior to the start of the course. Information on how to access this webinar will be provided in your confirmation email.

Topics covered:

10 Min.         The Basics of Coverage Gaps and Exclusions

  • Coverage Gaps Result from the Limited Coverage Grants, the Exclusions and the Limitations
  • Understanding Why Exclusions Excluded to Help Manage Coverage Gaps

5 Min.           Where are Coverage Gaps Found

  • In the Building and Personal Property Coverage Form (CP 00 10)
  • Valuation within the Building and Personal Property Coverage Form (CP 00 10)
  • In the Causes of Loss – Special Form (CP 10 30)

40 Min.         Coverage Gaps in the Building and Personal Property Coverage Form (CP 00 10)

  • The Insuring Agreement and the “Gaps” it creates
  • Covered Property – Potential Confusion or Coverage Gaps in Some Covered Property
  • Fixing the “Fixable” Gaps in Property Not Covered
  • Potential gaps in “Additional Coverages”
  • Considerations for Coverage Extensions
  • A Word About Deductibles
  • Vacancy

45 Min.         Valuation: Replacement Cost Isn’t What We Tell Insureds

  • Indemnification described
  • Valuables assignable to property
  • Two primary insurance values
  • Actual Cash Value
  • Replacement Cost and its Reality
  • Building to Insured’s Belief about Replacement Cost

45 Min.         Exclusion in the CP 10 30 Causes of Loss – Special Form that Can be “Fixed”

  • Policy responds to direct physical losses unless excluded in the policy
  • Ordinance or Law (B.1.a.)
  • Earth Movement (B.1.b.)
  • Utility Services (B.1.e.)
  • Water (Flood) (B.1.g.)
  • Artificially generated electrical, magnetic or electromagnetic energy (B.2.a.)
  • Mechanical breakdown, including rupture or bursting caused by centrifugal force (B.2.d.(6))
  • Explosion of steam boilers, steam pipes, steam engines or steam turbines owned or leased by you, or operated under your control (B.2.f.)
  • Dishonest or criminal acts by insureds or employees (B.2.h.)

5 Min.           Summary

Total             150 Minutes

Price:   Members:  $69
            Non-Members:  $99