COVERAGE ESSENTIALS: Understanding Commercial Property Gaps and Knowing How to Fill Them

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.