Understanding Commercial Property Gaps and Knowing How to Fill Them
When: Thursday March 27, 2025 1:00 - 4:00 PM
Location: Online
Links to join this webinar will be sent 1 business day prior to the start of the course. Information on how to access this webinar will be provided in your confirmation email.
Topics covered:
10 Min. The Basics of Coverage Gaps and Exclusions
- Coverage Gaps Result from the Limited Coverage Grants, the Exclusions and the Limitations
- Understanding Why Exclusions Excluded to Help Manage Coverage Gaps
5 Min. Where are Coverage Gaps Found
- In the Building and Personal Property Coverage Form (CP 00 10)
- Valuation within the Building and Personal Property Coverage Form (CP 00 10)
- In the Causes of Loss – Special Form (CP 10 30)
40 Min. Coverage Gaps in the Building and Personal Property Coverage Form (CP 00 10)
- The Insuring Agreement and the “Gaps†it creates
- Covered Property – Potential Confusion or Coverage Gaps in Some Covered Property
- Fixing the “Fixable†Gaps in Property Not Covered
- Potential gaps in “Additional Coveragesâ€
- Considerations for Coverage Extensions
- A Word About Deductibles
- Vacancy
45 Min. Valuation: Replacement Cost Isn’t What We Tell Insureds
- Indemnification described
- Valuables assignable to property
- Two primary insurance values
- Actual Cash Value
- Replacement Cost and its Reality
- Building to Insured’s Belief about Replacement Cost
45 Min. Exclusion in the CP 10 30 Causes of Loss – Special Form that Can be “Fixedâ€
- Policy responds to direct physical losses unless excluded in the policy
- Ordinance or Law (B.1.a.)
- Earth Movement (B.1.b.)
- Utility Services (B.1.e.)
- Water (Flood) (B.1.g.)
- Artificially generated electrical, magnetic or electromagnetic energy (B.2.a.)
- Mechanical breakdown, including rupture or bursting caused by centrifugal force (B.2.d.(6))
- Explosion of steam boilers, steam pipes, steam engines or steam turbines owned or leased by you, or operated under your control (B.2.f.)
- Dishonest or criminal acts by insureds or employees (B.2.h.)
5 Min. Summary
Total 150 Minutes
Price: Members: $69
Non-Members: $99