Property Insurance Expert Witness
Property insurance seems simple at first glance – pay your premiums, report your fire-windstorm-theft-flood claim to the carrier, settle the claim, repair/replace the damaged property. In reality coverage structure and claims handling is one of the most complicated areas in all of Property and Casualty insurance.
Call (817) 980-4897 to discuss your case.
A plethora of policy forms and endorsements have been developed to insure diverse types and locations of buildings, contents, and Business Income exposures. Understanding the interaction between various coverage forms is required to implement suitable coverage structure. Property insurance exposures include:
- Buildings, Business Personal Property
- Business Income, Extra Expense
- Flood Insurance (NFIP + Excess Flood)
- Builders Risk, Inland Marine, Equipment Floaters (Construction projects, )
- Ocean Marine, Inland Marine (cargo in transit over land or sea, import / export, offshore drilling rigs).
- Ordinance and law (building owners).
- Selling price valuation (manufacturers finished stock).
- Property of Others - Bailee exposure (dry cleaners, repair shops).
- Boiler & Machinery / Equipment Breakdown (manufacturers, building owners, public utilities).
- Crime insurance / Fidelity bonds (employee theft)
While property losses are disruptive, inadequate coverage can extinguish a business altogether. Properly structured insurance may ease the recovery process. The list of potential coverage deficiencies might include:
- Insurance to value - inadequate limits may result in coinsurance penalties.
- Flood losses so catastrophic policyholders need years to rebuild – if they ever do.
- Locations not covered.
- Inadequate Business Income limits, or NO coverage at all.
- Preparing proof of loss forms to submit claim.
Claims handling disputes between policyholders and carriers arise from a number of sources:
- 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"
- Contractual or Lease requirements
- Hard to value property
Homeowners face similar dilemmas:
- Do I have enough insurance to rebuild my home? Replace my contents?
- How are my home computer, jewelry and antiques covered? How will they be valued?
- Where do we live after a fire? How would we pay rent?
- Is my home located in a flood zone?
Mr. Daniel has dealt with property insurance issues since 1973. As an agent he placed property insurance for a diverse clientele across a variety of industries. As an Expert Witness he has been engaged on cases across the spectrum of Property Insurance. Over his career he has developed broad expertise with underwriting, placement and claims handling practices in regards to:
- Buildings / Business Personal Property.
- Business Income / Extra Expense.
- Builders Risk / Equipment Floater.
- Flood Insurance.
- Boiler & Machinery / Mechanical Breakdown.
- Inland Marine / Ocean Marine.
- Crime Insurance.
- Homeowners Policies (see ‘Personal Lines’).