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The State of Nevada has only approved this course for 3 credits of Property & Casualty and 3 credits of Ethics.
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OVERVIEW AND TOPICS
Serving Your Client Through a Better Understanding of Commercial Property Insurance
Participants will examine the ISO Commercial Property Coverage Forms and various endorsements to consider for use when writing insurance policies for their commercial clients. They will identify potential coverage pitfalls found in different areas of property insurance, such as: insurance contracts and leases, coinsurance, personal property versus real property valuation, how to use blanket values, agreed value, functional valuation, debris removal, ordinance or law, spoilage, additional covered property, and more.
Doing the Right Thing: Ethics for Insurance Producers
Participants will examine the relationship between ethics and the choices insurance professionals make to protect their agencies against errors and omissions. They will discuss the ethical responsibilities of insurance producers, different approaches to decision making, and factors that determine the standard of care. Using real-life ethical dilemmas, they will look at some of the situations faced by insurance producers from ethical and E&O perspectives.
Financial Death by Business Auto
This session will explore the liability exposures and coverage solutions for businesses that do not own automobiles. Attention will be given towards specific BAP endorsements that affect Who Is an Insured, Garagekeepers coverage, and leased autos.
Commercial Liability Endorsements to Watch out For
Agents will examine some of the endorsements that can severely restrict coverage under the Commercial General Liability (CGL) Policy. They will review several ISO endorsements and see examples of non-standard endorsements often used by insurers. In each case, they will discuss the effect that the endorsement has on the coverage that would otherwise have been afforded by the CGL Policy.
Main Street America's Property Coverage Traps & Dilemmas
How do insurance professionals appropriately insure Main Street America’s real property with 100+ year-old buildings that are purchased for a few hundred thousand dollars and have a multi-million-dollar replacement cost estimator? In this session, participants discuss the built-in moral hazard and contemplate the appropriate property coverage form choice (Replacement Cost, Functional Replacement Cost, Actual Cash Value) and its effect on the insured’s exposures and viability of their business. Using 4 catastrophic losses in a 4-year period, they will examine the reasons why insurance professionals must insure to the catastrophic loss exposure and not be lulled to sleep by satisfactory partial loss settlements.
Main Street America's Ancillary Property Coverages and Catastrophic Loss
What are the hidden issues of insuring 100+ year-old buildings bought for a fraction of what it would take to rebuild them? These buildings are often bought and insured by small business enterprises as a home to their business model and give little thought to the ramifications of sharing walls with their neighbors and the effect of their insurance choices (especially Replacement Cost vs Actual Cash Value) on their livelihood and business viability. Using 4 catastrophic losses in 4 years, participants will examine catastrophic preparedness and ancillary issues, such as: shared walls, OSHA involvement, line of sight, contractors, and weather after the weather event. They will discuss ancillary coverage considerations with debris removal, business income extra expense, ordinance and law, and more.
