Customized insurance coverages are available for high-valued luxury homes, high-rise condominiums, or town homes. Many of these residences are located in coastal or mountain areas with problematic property exposures. In addition to standard homeowners forms, some unique coverage enhancement endorsements are also available. Examples of such enhancements are excess wind, excess flood, earthquake, vacant property, rental property, builders risk, and … Read More
Insurance coverage on historic homes is a specialty coverage that few insurers offer. It covers the insurance needs of homeowners who occupy homes of significant architectural and historical value to the area where they are located. In order to qualify for coverage, the home must be nominated for or be listed in a register of historic places or be in … Read More
Inland marine insurance indemnifies loss to movable or specialized types of property. Inland marine provides coverage for a wide range of risks and property. Some examples are: crane and rigging equipment, logging equipment, scaffolding, rental equipment and party good dealers, any equipment-driven risk, well drilling and servicing, scientific equipment, medical equipment, jewelry and coin dealers, broadcasting equipment and property, warehousing … Read More
Many homeowners with vacation homes will supplement their income by renting it to others on a short-term or vacation basis.
Vacant properties are difficult to place, especially if the owners do not maintain them properly. A major problem with a vacant property is that it may not be considered a financial asset. This problem results in a moral hazard because the insured profits more from the loss of the property than from its remaining in good condition. Vacant buildings can … Read More
This coverage insures the liability imposed by law on the insured for loss of or damage to (or destruction of) property of others that is in its warehouse. It is written on inland marine coverage forms and policies but is essentially a legal liability bailee coverage. Values can be significant.
Moving and storage companies are responsible for their clients’ personal and commercial goods from the time the load is removed from the client’s home or place of business, during transit, while in temporary storage, until it is delivered to (and unloaded at) its final destination. Coverage is available for auto liability and physical damage, general liability, the client’s goods while … Read More
Home owners who explore alternative energy sources (such as solar, geothermal, or wind) will need to explore special endorsements to cover these additions in their insurance programs.
Specialty carriers have developed homeowners and tenants package policies for low-value and nonstandard dwelling risks in distressed areas to counter competition from urban area or statewide Fair Access to Insurance Requirements (FAIR) Plans. FAIR Plans do not offer “package” coverage on residential property. Property coverage is usually written on a named peril basis and is combined with personal liability in … Read More