Today we will be discussing the ins and outs of insurance policies, and the importance of understanding what your policy does say and cover, as well as what it does not. In this episode, our panelists will discuss how those with an insurable interest in a property can protect themselves from issues such as inadequate reimbursement should a disaster occur.

 

Key Takeaways:

[:27] After a disaster occurs such as a fire, flood, or severe windstorm and damages a property, what are some of the more common mistakes an insured or policyholder makes that results in the inability to provide proof of loss to the insurance company?

[3:20 ] Is the 'inability to provide proof of loss' a common theme in property damage losses?

[5:12 ] What are the ways in which a policyholder can prevent such roadblocks?

[8:00 ] What does the concept of 'insurable interest' mean in relation to a property insurance policy?

[9:38 ] If a person does not have to be the property's owner in order to have insurable interest, what are some examples of parties that would have an insurable interest in a property?

[11:49 ] A party who has an insurable interest in a property may not be involved in the day-to-day operations, or even be on-site. What types of conflicts can this result in when it comes to insurance policy definitions, interpretations, changes, and the like?

[13:28 ] What can these other parties do to protect their stake in the property, aka their 'insurable interest'?

[17:36 ] Speaking of 'Broadening the Named Insured,' what are some challenges the agent, broker, or policyholder may face, when undertaking this task?

[21:11 ] What are some challenges the agent, broker, or policyholder may expect when 'Broadening the Property Definition,' if they have to go that route?

[22:09 ] Suffice it to say that these additions to a property insurance policy can play an important role in helping one avoid a large predicament such as inadequate reimbursement; what is the overall benefit of having them in place?

 

Panelists:

● James R. Mahurin – Risk Management Consultant and member of the Society of Risk Management Consultants

● Tim Larsen – Executive Adjuster – The Greenspan Co./Adjusters International

● Todd Thomas – Executive Director of Consulting Services and member of the Society of Risk Management Consultants – Adjusters International

 

Moderator:

● Brianna Moyer (Adjustersinternational.com/bios/executive-professional/), Digital Marketing Manager – Adjusters International

 

Mentioned in This Episode:

Adjusters International

Adjusting Today — Sometimes It's What the Policy Doesn't Say That Counts