Your Roof and Your Insurance Policy
For the past twenty years the interest in roofs by the insurance industry has increased exponentially. From simple questions about type and age the topic has evolved to high tech AI assisted ariel imagery being used to develop numerical scores. The images are used to identify roof covering material, estimate roof age, detect wet areas, and evaluate the condition of the roofing materials. We have previously written an article on insurance roof inspections. The Roof Score Techn
Crime Insurance - A coverage review
Most businesses need crime insurance, yet it is often overlooked and not discussed in detail. While an open-perils property policy may cover theft, it often excludes or sharply limits coverage for money and securities. Under a named-perils property policy, theft is typically excluded altogether. Employee theft is excluded under all property policies, so businesses with employees who handle money should carry crime insurance. Crime insurance must be carefully structured, with
Catastrophe Models and Property Insurance
The insurance industry has long been concerned with the impact of catastrophes (CAT) on their financial stability. The reinsurance market exists to smooth our results when a catastrophe strikes to maintain carrier solvency and market stability. Twenty-five years ago, the CAT concerns were hurricane and earthquakes. These exposures were geographically centered and were managed by monitoring the values accumulated in given areas. Managing and reporting your exposure accurately
Water Detection and Remote Shutoff Systems
For most insurance companies, the frequency of water damage claims is the leading claim type. The costs of these events can be staggering. The level of disruption caused by the damage is often an additional source of claim dollars and lost time and revenue. The Exposure The exposure to a water damage claim is present in any building. From bathroom fixtures, kitchen appliances, laundry equipment, heating and cooling systems and host bibs in your home, any failure of these can
