Total Credits: 1 including 1 CE Credit
Coinsurance provisions found in property policies exist primarily to assure that the insurance carrier receives adequate premium for the coverage provided. Without a coinsurance condition, and its applicable penalties, insureds might be willing to purchase an amount of coverage somewhat less than the value of the subject property because of the statistically low probability of a total loss.
In this session we dispel the myth that coinsurance is as easy as:
Did/Should x Loss – Deductible = Payment
In fact, it’s a little more complicated, but just as easy to explain.
What is the True Meaning of Actual Cash Value (ACV)
The true meaning of ACV isn’t what agents have been taught or believe it to be. The definition of ACV isn’t as simple as “Replacement cost at the time of the loss minus physical depreciation.” In fact, the meaning varies by state and even the loss situation.
ACV is not defined by the policy, but may be defined by statute or possibly common law. There are up to four different applications of ACV depending on the state.
Can Labor be Depreciated?
There is a not-so-simple, simple answer to this question – yes or no. The answer varies by state. Some states address the depreciation of labor by statute, some by legal precedence, and some not at all.
This part of this session looks at each possibility.
“Guaranteeing” Replacement Cost in the HO Policy
ISO makes two endorsements available to “guarantee” replacement cost protection. These are the:
Although both forms provide some “guarantee” towards full replacement cost protection, they differ in how they affect the policies to which they are attached. During this session we:
IMPORTANT_CE Credit Instructions_Read Before Webcast_Updated (752.6 KB) | Available after Purchase |
Valuation Issues, Problems, and Solutions in HO Coverage Outline (18.2 KB) | Available after Purchase |
Valuation Issues, Problems, and Solutions in HO Coverage Handout 1 of 2 (1.3 MB) | Available after Purchase |
Valuation Issues, Problems, and Solutions in HO Coverage Handout 2 of 2 (652.6 KB) | Available after Purchase |
Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, joined the insurance industry in 1990. He is the Executive Director of the Independent Insurance Agents and Brokers of America (Big "I") Virtual University. His current duties involve researching, writing, and teaching property and casualty insurance coverages and concepts to Big "I" members and others in the insurance industry.
During his career, Boggs has authored more than 300 insurance and risk management-related articles on a wide range of topics as diverse as Credit Default Swaps, the MCS-90, and enterprise risk management. In addition to this, Boggs has written 13 insurance and risk management books:
Boggs is a regular speaker at industry events, speaking for groups such as the National Association of Mutual Insurance Companies (NAMIC), the National Society of Insurance Premium Auditors (NSIPA), the American Association of Managing General Agents (AAMGA), the Institute of Work Comp Professionals (IWCP), and the CPCU Society.
A graduate of Liberty University with a bachelor's degree in Journalism, Boggs' background includes work as a risk management consultant, loss control representative, producer, claims manager, and quality assurance specialist
Tue, Apr 30, 2024 - 11:00am to 12:04pm MST-Arizona
|
Wed, May 01, 2024 - 06:00am to 07:04am MST-Arizona
|
Thu, May 16, 2024 - 07:00am to 08:04am MST-Arizona
|
Tue, Jun 11, 2024 - 08:00am to 09:04am MST-Arizona
|
Mon, Jun 24, 2024 - 10:00am to 11:04am MST-Arizona
|
Mon, Jul 15, 2024 - 11:00am to 12:04pm MST-Arizona
|
Tue, Jul 30, 2024 - 06:00am to 07:04am MST-Arizona
|
Fri, Aug 02, 2024 - 07:00am to 08:04am MST-Arizona
|
Thu, Aug 15, 2024 - 08:00am to 09:04am MST-Arizona
|
Thu, Sep 05, 2024 - 10:00am to 11:04am MST-Arizona
|
Tue, Sep 17, 2024 - 11:00am to 12:04pm MST-Arizona
|
Tue, Oct 08, 2024 - 06:00am to 07:04am MST-Arizona
|
Thu, Oct 24, 2024 - 07:00am to 08:04am MST-Arizona
|
Fri, Nov 01, 2024 - 08:00am to 09:04am MST-Arizona
|
Mon, Nov 18, 2024 - 11:00am to 12:04pm MST-Arizona
|
Mon, Dec 09, 2024 - 12:00pm to 01:04pm MST-Arizona
|
Tue, Dec 24, 2024 - 07:00am to 08:04am MST-Arizona
|
5 |
|
4 |
|
3 |
|
2 |
|
1 |
|