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

I found a great article about disaster planning for physician practices, and an even better comment at the bottom of the article I felt worth sharing. It’s from Bear Rock Electric located in Maryland. They sum up some concerns that practice managers should think about in a nice, concise way. I am also including a link to» Read Full Article

Our hearts and prayers go out to the employees and families of Echo Lake Foods, located in Burlington, WI, and we hope that their lives get back to normal as quickly as possible. It’s times like these that make us reflect on the processes and procedures we have in place to make sure that there» 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

Catalytic converters can be stolen in less than a minute. The current prices for precious metals are fueling this demand and converters contain precious metals. Rhodium sells for roughly $9,500 an ounce, while platinum pays at about $2,000. If sold for scrap, stolen catalytic converters go for around $100 to $150. What Thieves Look For» Read Full Article