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In the case of multiple licenses, please enter your resident state license information as CE credit will only be processed for one state. Modifications to your CE request may be made up until the last day of the course through the My Courses tab in your PROfile. Certain states have rules regarding repetition of courses, please review those requirements prior to requesting CE credits.
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
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.
Commercial Property Coverage and Valuation Challenges
Replacement Cost, Actual Cash Value (ACV), Market Value, Selling Price, Ordinance or Law, Depreciation, and Functional Replacement Cost are terms/phrases used in commercial property policies to describe methods of calculating property values at the time of underwriting and loss. In this 4-hour session, agents will learn what these terms/phrases mean and explore property valuation issues. They will discuss valuation problems with buildings, equipment, and inventory. They will review policy language and discuss the major valuation changes in the most recent Commercial Property filing. They will examine the alternative valuation options to change valuation to meet the client’s expectations. They will learn the proper way to handle reporting form issues.
When the Business and Personal Automobile Policy Collide
Participants will examine the differences between the Personal Auto Policy (PAP) vs. the Business Auto Coverage Form (BAC/BAP), including “who is an insured,” eligibility, exclusions, and endorsements to provide the proper protection for the insured. They will learn how the PAP and BAP provide or exclude coverage for autos used in business and autos used for business and personal activities. Following this session, participants will be able to explain how coverage applies to individually owned autos used in business, autos owned by corporations and leased to employees, leased autos, and rented autos. They will examine personal auto liability coverage problems for vehicles used for livery and/or delivery and furnished autos. They will identify limitations and exclusions for electronic equipment and custom equipment. They will study problems associated with rental cars and other vehicles a person may have available for their use.
