Property Insurance Roundtable
About This Show
Property Insurance Roundtable from Adjusters International features property and casualty insurance experts discussing current issues affecting first party claims. Each podcast focuses on a topic taken from an issue of Adjusting Today, a publication from Adjusters International that is written from a policyholder’s perspective and includes real-life examples intended to improve disaster preparedness.
Most Recent Episode
Adjusting Today Issue #3042 – Difference in Conditions Coverage
This podcast and the corresponding Adjusting Today - Difference in Conditions Coverage: What It Is and Who Needs It?, article #3042, is designed to assist any business that needs more protection than supplied by standard property insurance with regards to flood and earthquake perils. Today’s expert panel, answers questions regarding terminology, past and present changes in the coverage, and what types of businesses need this type of coverage. This roundtable ends with additional important thoughts and real life examples of DIC policies. Key Takeaways: [1:45] What is the Difference in Conditions (DIC) coverage? [2:36] Why are these policies often misunderstood by policyholders? [3:34] Who or what types of businesses need this type of coverage? [7:19] To which type of disasters, other than flood and earthquake losses, does this coverage apply? [10:21] A co-insurance requirement can have a serious adverse effect on the insured at the time of loss. Why? [11:24] Why is it important to watch for definitions, such as flood and earthquake, if they are defined in your main policy? [16:05] What type of limits do DIC policy limits contain, as compared to AAIS form limits? [20:25] Do commercial insureds who carry business interruption or business income coverage in their main commercial property policy also need to purchase similar coverage in their DIC policy? [21:37] Why the ordinance or loss can be troublesome for policyholders who sustain serious property loss. [24:00] How are subrogation provisions usually written in DIC policies, and what role do they play? [25:08] Are court decisions involving DIC coverage common, and if so, why? [27:03] What is a Builder’s Risk DIC policy? [30:00] Why are there no standard DIC policies available? [31:34] How has DIC coverage changed in past 10 years? [33:29] Do you see big changes on the horizon for DIC coverage? [34:53] Additional roundtable thoughts on DIC policies. Panel of Insurance Experts: Ji