Posted by on Mar 13, 2014 in Underwriting |

Is the housing market crisis over? Since our industry is ancillary to real estate, we as property insurance professionals have a proverbial finger on the economy’s pulse.  Some areas of the state are beginning to show signs of recovery.  One indicator is that banks are selling more of their foreclosed properties.  This is great for distressed markets and homeowners looking to buy a home at less than market value.  It’s also a great thing...

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Residence Rental Theft

Posted by on Feb 21, 2014 in Underwriting |

I love esoteric endorsements, especially ones that are badly named, and this one’s a doozy.  Not only do most people not know there’s a coverage gap that this endorsement is designed to fix, if they do know about it, they fall for the name. Everyone knows that theft is one of the covered Named Perils for contents in the HO3.  The description of the covered peril of theft, however, includes some interesting limitations.  What’s covered...

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Loss History

Posted by on Jan 23, 2014 in Claims, Underwriting |

Tower Hill recently empowered its appointed agents to pull CLUE loss reports as part of the application process.  Three common scenarios appear on these loss histories: The client has lived at the home for several years and filed a claim for damages during that time. The risk location had a claim before the client purchased the property. The client had a claim at another location (rental property, primary or secondary home in another city or...

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I Get Around Part 2 – Liability Coverage

Posted by on Jan 9, 2014 in Underwriting |

Sometime when you’re “getting around” you’re also getting in other people’s way!  Let’s look at how the 1991 HO3 protects Insureds who injure someone or damage property while getting around.  Insureds First, who gets this coverage?  With respect to vehicles covered under the HO3, who is an Insured is expanded to include: Persons engaged in your employ (meaning they’re doing work for you at the moment), resident relatives, and...

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I Get Around Part 1 – Property Coverage

Posted by on Oct 24, 2013 in Articles, Underwriting |

Can you hear the Beach Boys’ music?  Depending on your age, maybe not!  There are a lot of ways for your clients to “get around,” and if they have homeowners and auto policies, then I’ll bet they’re assuming they’re covered by one policy or the other.  Let’s take a look at what property coverage the Insured has on a 1991 ISO HO3 for the machinery they use to get around. Various vehicles and motorized land conveyances are covered...

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