Description

Commercial Property is one of the largest lines of commercial insurance in the insurance industry. Although commercial property may not grab the headlines like other lines of business, it is the backbone of the insurance industry. Property was one of the first types of coverage ever written. But, the Commercial Property Policy, whether it is ISO's or any other form, has coverage gaps. Some gaps can be filled and some cannot. Regardless, every insurance professional must know the gaps, how to fill them and why those that can't be filled, cannot be filled. Don't assume that just because it's boring old property coverage that there aren't major errors & omissions (E&O) issues within this coverage. And not all commercial property E&O claims are the result of improper values, many are caused by the agent's lack of understanding of the coverages provided. In this session we focus on the coverage gaps in the ISO Building and Personal Property Coverage Form (CP 00 10) and the Causes of Loss & Special Form (CP 10 30). Along the way we highlight the gaps and introduce the fixes for the gaps (where they exist). We also cover the problem with the concept of Replacement Cost and why it is not what we explain to insureds. Basic Course Information Learning Objectives •The Basics of Coverage Gaps and Exclusions •Where are Coverage Gaps Found •Coverage Gaps in the Building and Personal Property Coverage Form (CP 00 10) •Valuation: Replacement Cost Isn't What We Tell Insureds •Exclusion in the CP 10 30 Causes of Loss & Special Form that Can be "Fixed" Major Subjects •Understand one of the largest lines of commercial insurance, commercial property •Review the gaps that can occur with a commercial property policy that can cause an uncovered loss or reduced claim reimbursement •Learn the endorsements and other tactics to fill the gaps that can be left by the unendorsed commercial policies •Describe some Errors & Omissions (E&O) exposures that can arise when placing this coverage