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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
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.
The Additional Insured
Participants will learn the primary objectives for adding additional insureds, including the problems and how to minimize negative impacts. They will focus on the named insured, automatic insureds, and the additional insureds from the perspective of coverage provided by the Commercial General Liability and Umbrella/Excess Liability Policies.
Hidden Policy Coverage
Using case law interpretation of liability policies, participants will examine hidden coverages in both personal and commercial lines policies. They will understand who is insured under the PAP, employer’s liability and the CGL, host liquor liability and the CGL, auto coverage under the Homeowners and CGL, contractor’s liability coverage, and more. They will examine endorsements that should be considered to enhance coverage.
