Builders’ Risk Expert Witness
We welcome a call to discuss your specific case issues: 817-980-4897
Extensive knowledge of the interface between various types of policy forms is required to assure proper coverage structure. Due to the wide disparity of types and locations of buildings, contents, and Business Income exposures, a multitude of policy forms and endorsements exist to address nearly any type of property exposure. Proficiency with all these numerous forms – including Inland Marine insurance and Ocean Marine insurance is necessary to configure coverage. Business owners require customized property insurance for:
- Buildings and Business Personal Property
- Construction projects (Builders Risk, Inland Marine, Equipment Floaters)
- Cargo in transit over land or sea (Ocean Marine and Inland Marine, import / export, offshore drilling rigs)
- Flood (Hurricanes Ike & Katrina)
- Business Income and Extra Expense (landlords, manufacturers, distributors, contractors)
- Computers, Electronic Equipment, Data restoration
Ordinance and law (building owners)
- Selling price valuation on finished stock (manufacturers, distributors)
- Bailee for Property of Others (dry cleaners)
- Boiler & Machinery / Mechanical Breakdown (manufacturers, building owners, utility companies)
Inadequate coverage can extinguish a business altogether in the event of a catastrophe; particularly an emergency. The same is true if coverage is not structured correctly. Flood losses are often so catastrophic that policyholders need years to rebuild – if they ever do. Fire and windstorm losses are equally devastating; most businesses with inadequate Business Income coverage never return to operation after these disasters. Potential factors complicating claim settlement include insurance to value, mismatched policy forms, and policyholder capability to prepare and submit proof of loss.
Claim disputes between insureds and carriers can arise from a number of sources, including:
- Special form (All Risk) vs. Specified perils
- Replacement cost vs Actual Cash Value
- Coinsurance penalties
- Vacancy clauses
- Blanket vs. Scheduled policies
- Definition(s) of “Covered Property”
- Vacancy clauses
- Contractual or Lease requirements
- Difficult to value property
Homeowners may encounter similar dilemmas:
- Do I have enough insurance to rebuild my home? Replace my contents?
- Are my home computer, jewelry, and antiques covered? How will they be valued?
- Where would we live after a fire? How would we pay rent?
- Do we live in a flood zone?