Loss of use
Loss of market
Tenancy by entireties.
Ownership in common.
Most property insurance policies provide coverage only for direct physical loss.
Most property insurance policies include coverage for loss of use of insured property resulting from any cause.
Property insurance policies typically exclude loss of use that results from civil authorities closing a business because of nearby hazardous conditions.
Commercial property insurance policies typically cover nonphysical loss resulting from loss of market.
Property claims are generally settled by repairing or replacing the damaged property rather than with money.
Adjusting building property claims on a replacement cost basis eliminates virtually all possibilities for disagreement.
When the application of a coinsurance penalty reduces the recoverable amount of a property loss the insured benefits by having the deductible applied first.
When adjusting property claims on an actual cash value basis the only deduction considered in determining the value of the damaged property is for physical wear and tear.
The insured is required to protect the property from further loss by making emergency repairs.<br />
Even if requested the insured is not required to provide a written proof of loss to the insurer.
The insured is required to notify the insurer of the loss in writing.
The insured may submit claims based on photographic or verbal evidence.
Performed within 24 hours of the loss.
Reasonable and necessary.
Performed by the insured or its representative.<br />
Pre-approved by the adjuster.
Actual cash value
Stated value<br />
After a loss the insured must determine the cause of loss and submit it for the insurer's approval with the assistance of experts if required.
Once an insured has notified the insurer of a property loss the insurer must immediately take measures to prevent further damage.
Insurers rarely require an examination under oath but when they do it is usually because they suspect the policyholder of fraud.
If an insured engages a public adjuster the insurer may refuse to handle the claim and require the insured to work with the insurer to adjust the claim.
How permanently attached to the real property is the fixture?
What was the intent of the owner?
Is the fixture well adapted to the real property?
How long has the fixture been on the property?
Ownership in common.
Avoiding waiver and estoppel
Documenting the cause and amount of the loss
Engaging a public adjuster
Conduct an examination of the insured under oath.
The adjuster would pay the actual cash value of the coat at the time of the loss or $1 500.
The adjuster would pay nothing because the coat had preexisting moth damage at the time of the loss.
The adjuster would pay the stated amount of $3 500 which is the stated value of the coat.
The adjuster would pay the difference between the coat's appraised value and its value at the time of the loss or $2 000.
When determining replacement cost of a building the claim representative can exclude overhead.<br />
If the exact type of property destroyed is no longer available settlement can be made based on property of like kind and quality.<br />
It is assumed to be the amount the insured originally paid for the property less depreciation.
Insureds with replacement cost coverage on a building can usually elect to receive a cash settlement before the property is repaired.
Physical wear and tear
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