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Property |
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PHYSICAL DAMAGE |
This coverage was formerly known as ‘fire insurance’ because of the most dominant risk of loss. Today this insurance is written to cover all risks of loss to buildings and contents and the lost income associated with the operations. Some of the important issues related to this coverage are: 1) valuations on real and personal property, 2) expected revenues, 3) insured interests (such as lenders and lessors), and 4) co-insurance and agreed value. |
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LAYERED PROGRAMS |
If the amount of the insurance is so large as to require several insurers, the coverage is written in layers. Some of the issues here involve: 1) selection of the lead insurer and negotiation of the primary policy coverage, and 2) negotiation of all the excess policies so that there is concurrency of policy terms throughout the program. |
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INLAND MARINE |
Inland marine coverages apply to cargo in transit; unusual properties such as bridges, dams and tunnels; and data processing systems and media. |
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MECHANICAL BREAKDOWN |
Mechanical breakdown coverage, formerly known as Boiler & Machinery, covers direct loss from boilers, pressure vessels and related machinery; electrical and HVAC systems; and production equipment. |
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BUILDERS RISK |
The direct damage policies covering construction projects are not standardized and must be tailored to fit the unique risks peculiar to the project to be covered. The starting point is the construction contract, the terms of which will affect the minimum coverage needed. Coverage issues requiring special attention include: 1) earthquake, 2) flood, 3) testing equipment or plant output as required, and 4) delay in start-up due to an insured loss. | ||
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Brian Gagan
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