The Local Government Property Insurance Fund (LGPIF) has implemented a number of coverage changes to the property insurance coverage form. These changes include: Restrictions on Flood Coverage Restrictions on Surface Water Coverage Reduction in Ordinance and Law Coverage Addition of an Anti-Concurrent Causation Coverage Restriction In addition to these coverage restrictions, we have been seeing» Read Full Article

The LGPIF form now excludes loss from Flood, water below ground, back up of sewers and drains outside of the building. Coverage is now excluded: If you are in a flood zone as defined by FEMA, National Flood Insurance Program (NFIP) – Flood Insurance Rate Maps (FIRM) If water below ground exerts pressure on or» Read Full Article

The LGPIF now restricts surface water to $1,500,000. Previously, coverage was provided up to the total values on the policy. The number and severity of summer storms has been increasing. With this increase, the amount of rain water has also increased leading to the inundation / overflow of the current storm drain systems. This runoff» Read Full Article

If you have an older building that is not up to the current building codes and a covered cause of loss occurs, you may have to provide upgrades to your facility to comply with the current building codes. The building codes could require you to install a fire sprinkler and alarm system, update electrical and plumbing, install» Read Full Article

From the LGPIF notice: “Anti-concurrent causation language now applies to certain losses that are excluded in Section VI of the policy. The language applies to exclusions related to nuclear; fungus; virus; flood and surface water; war; and excluded water losses such as those that arise from water pressure below the surface of the ground. Anti-concurrent» Read Full Article

A week after Hurricane Sandy/Super Storm Sandy, businesses and homeowners are working to figure out the impact of the storm on their property and their income.  There will be many questions regarding what losses are and are not covered. Two areas of potential uncovered claims include Flood Damage and Loss of Business Income. An article» Read Full Article

All commercial insurance policies have some type of vacancy clause limitation.  These clauses kick in when 70% or more of the building is vacant.  If the vacancy clause is applied to a location that has a loss it could mean a reduction in the claim payment by 15% or more or in the case of some» Read Full Article

The Business Income from Dependent Properties portion of your property policy provides insurance coverage in the event the damage or destruction of non-owned property reduces or terminates the insured’s earnings. Dependent property coverage extends to protect the insured from business income losses emanating from the suspension of operations of non-related entities. You don’t want to underestimate the» Read Full Article

The first thing a business owner needs to overcome is that it is possible that their business could be subject to a loss.  Tempting fate is not a good idea when you have the fiduciary responsibility of so many people and families – not to mention a business to keep running! Don’t think it can’t happen to you –» Read Full Article

Business Income Extra Expense coverage responds to the resulting financial loss & the additional expenses necessary to maintain the business, payroll for employees, and customers.  Business owners must also protect themselves against financial loss due to a slowdown or shutdown of their operations that can result from the damage or destruction to their property.  Some» Read Full Article