Understanding the Rights and Obligations Imposed on the Insured One of the most powerful tools available to an insurer in adjusting first-party property claims is the right to examine the insured under oath (EUO). Thus, it is important that every …
California Insurance Code requires the appraisal procedure to be contained in every policy containing fire coverage, and it is frequently found in other property and casualty policies. It is critical for all insurance agents to understand the appraisal process so …
Navigating the Valuation Quagmire As the saying goes, the devil is in the details. And insurance agents would be wise to explain the differences between actual cash value (ACV) and replacement cost value (RCV) to customers. Homeowners’ and commercial property …
Contractual Limitations Provisions in Insurance Policies: What Every Agent and Broker Needs to Know Generally, the statute of limitations for the breach of an oral agreement is four years. However, a shorter period is mandated by California Insurance Code Section …
Understanding the Limits of Oral and Written Binders Insurance Code Section 382.5(a) defines a binder as a “writing” that “temporarily obligates the insurer to provide … insurance coverage pending issuance of the policy.” It has been described as “an independent …
Non-Competition Agreements in the Wake of Edwards v. Arthur Anderson In Edwards v. Arthur Anderson LLP (2008) 44 Cal. 4th 937, the California Supreme Court addressed the scope of the statutory ban on non-competition agreements embodied in California Business and …
Liability for Failing to Obtain Promised or Reasonably Anticipated Coverage Author’s note: This is part II in a series on broker liability. Part I appeared in the Aug. 4, 2008, issue. Absent any express representations of coverage by the agent …
Is There a Duty to Advise About Adequacy of Coverage? Author’s note: This month’s column will examine the liability of a broker for an alleged failure to advise the insured about the adequacy of insurance coverage. The next column in …
Navigating the Field of Conflicting Views Consider the following scenario: An earthquake, tornado, flood or similar natural catastrophe causes significant structural damage to an insured’s home. Although the building is still standing, the structural engineers conclude that the structural integrity …
When does the business interruption restoration period begin? A typical business interruption policy limits the period of time for which an insured can recover to the so-called “restoration period.” The applicable period is primarily determined by the terms and conditions …
