ECBM's Blog: Information To Protect What You Grow

While the world steps through the global pandemic, we know our clients are facing the same questions, concerns, and decisions that we are grappling with. The collective safety of our employees, families, clients, and your business interests weigh heavily on everyone’s mind. Disaster planning can only take you so far when experiencing anything of this magnitude.

How does insurance play into the events unfolding? Insurance policies address coverage in general terms. The specific circumstances around each loss or situation will determine whether or not coverage applies. However, in general terms, we’d like to share an overview of the potential claims issues in various lines of coverage and how those policies might respond.

Have you insured your property to its full value? It can be tempting to underestimate the value of your property when purchasing insurance to obtain lower premiums. Someone thinking about employing this strategy might only want coverage to a certain level and be willing to accept the negative consequences of a loss that exceeds the policy limits.

In claims handling and litigation, a little creativity with definitions can help advance a case forward. Occasionally, though, that creativity gets pushed a little too far. Fireman’s Fund recently won a declaratory judgment ruling they did not owe coverage to a luxury apartment building. The case hinged on the interpretation of a relatively simple word in the insurance policy - “vehicle.”

In the wake of an aggressive hurricane season doing extensive damage to the southeast part of the United States, many homeowners are realizing that their basic homeowner’s policy does not cover flood damage.  Instead, flood damage insurance in the United States has to be purchased separately.  Most people who have flood insurance policies purchase their policies through the National Flood Insurance Program.  That Program faces a number of challenges moving forward that may affect the affordability of its offerings.

Green Energy has become more affordable, and therefore more attainable for many homeowners, building management companies, and business owners. With more brands, options, and price points available consumers have many choices to make. With the most important thing to remember is to have a shutoff or interrupter/ isolator switch installed, but it is often neglected- resulting in expensive property damage and danger to occupants and workers.

The Atlantic hurricane season has already been underway for a couple of months now, running officially from June 1 to November 30, 2015.  The 2015 hurricane season is expected to be relatively tame, with various agencies projecting a below average season with 3 to 5 hurricanes, only 1 or 2 of which will qualify as major hurricanes.

Drones are barely (if even that) legal for use by businesses at this time, but the drone industry is already predicting massive economic impacts. Estimates have put the number of commercial drones in operation by 2018 at around one million. Other prognosticators expect the drone industry to be a $14 billion within the next three years. Some of the industries expected to benefit from this technology include agriculture, realtors, researchers, and media.

Building Ordinance coverage is a vital but often overlooked area for property owners. The events that trigger this type of coverage can be obscure, but its absence can be catastrophic.

Building Ordinance coverage is a vital but often overlooked area for property owners. The events that trigger this type of coverage can be obscure, but its absence can be catastrophic.