There are a great many ways to screw up your property insurance.
A common error is specific property coverage - having your policy list each location and coverage section separately. For example:
$1,000,000 coverage on your Main St building
$500,000 on the contents of Main St
$1,200,000 on your North St building
$750,000 on the contents of North St
The right way is to buy $3,450,000 of blanket coverage on all your locations - the total of all the values at all your locations.
In a loss under blanket insurance you'll have $3,450,000 of coverage to spend any way you want. Fewer limitations - broader coverage - better loss results.
Check your insurance policy. Talk with your agent. If you have specific insurance find out why you don't have broader coverage.
Tuesday, April 22, 2008
Property Insurance Screw Ups - Specific Insurance
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1 Comments:
Hi. My name is Ali Ansari. I am an Insurance consultant working in Dubai, U.A.E. I agree with your advice given that the property owner is an Individual not a Company. One of my Corporate clients had some internal control problems (which is common in large corps. in this part of the world) and was piling up additional inventory and new machinery. When a fire broke out in his office building, I took advantage of the seperate listing and an amendment I introduced that each individual item is treated seperately to collect the full claimed amount and thus avoided the loss adjusters attempts for using the average on all policy items.
Pardon my medium level English.
Ali (the_silver@hotmail.com)
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