BEGIN:VCALENDAR VERSION:2.0 PRODID:-//ChamberMaster//Event Calendar 2.0//EN METHOD:PUBLISH X-PUBLISHED-TTL:P1H REFRESH-INTERVAL:P1H CALSCALE:GREGORIAN BEGIN:VTIMEZONE TZID:America/New_York BEGIN:DAYLIGHT RRULE:FREQ=YEARLY;BYMONTH=3;BYDAY=2SU DTSTART:20070101T000000 TZOFFSETFROM:-0500 TZOFFSETTO:-0400 TZNAME:Eastern Daylight Time END:DAYLIGHT BEGIN:STANDARD RRULE:FREQ=YEARLY;BYMONTH=11;BYDAY=1SU DTSTART:20070101T000000 TZOFFSETFROM:-0400 TZOFFSETTO:-0500 TZNAME:Eastern Standard Time END:STANDARD END:VTIMEZONE BEGIN:VEVENT DTSTART;TZID=America/New_York:20221012T110000 DTEND;TZID=America/New_York:20221012T130000 X-MICROSOFT-CDO-ALLDAYEVENT:FALSE SUMMARY:Understanding the Importance of Ordinance or Law Coverage (BIG I) 10/12/2022 DESCRIPTION:Insurance agents do a bad job of explaining the concept of "replacement cost." We tend to tell clients they will get new stuff for old junk and while that may be partially true\, partial truths get you sued.One roadblock to replacement cost is building codes or what we insurance practitioners refer to as ordinances or laws. Unendorsed policies offer only a VERY limited amount of coverage for the increased costs to rebuild due to these ordinances or laws\, and when your insured is forced to pay these additional costs out-of-pocket\, they are going to be mad!\n\nTopics covered in this session include:The purpose of ordinance or law coverage\;Coverage gaps creating the need for ordinance or law coverage\;Sources and enforcement of building codes\;When damage is considered "major"\;Common ordinance or law requirements and coverage limitations\;Three commercial property ordinance or law coverage forms\;Ordinance or law coverage (CP 04 05)\;Ordinance or law - increased period of restoration (CP 15 31)\;How to develop ordinance or law premiums\;Ordinance or law example\; andA little something extra: ordinance or law for your homeowners' clients. X-ALT-DESC;FMTTYPE=text/html:
Insurance agents do a bad job of explaining the concept of "\;replacement cost."\; We tend to tell clients they will get new stuff for old junk and while that may be partially true\, partial truths get you sued.
One roadblock to replacement cost is building codes or what we insurance practitioners refer to as ordinances or laws. Unendorsed policies offer only a VERY limited amount of coverage for the increased costs to rebuild due to these ordinances or laws\, and when your insured is forced to pay these additional costs out-of-pocket\, they are going to be mad!
Topics covered in this session include: