water damage exclusions News

What is ‘Incurred Cost’ in Insurance Policy? Florida Appeals Court Weighs in

Property insurance contracts often contain provisions requiring insureds to “incur” costs before insurance companies issue payments. For example, “ordinance or law” provisions provide “you may use up to 25% of the limit of liability that applies . . . for …

Water Damage Exclusions, on the Rise, May Frustrate Insureds but Are OK, Court Says

A federal appeals court has affirmed a lower court ruling that a Scottsdale Insurance commercial policy for a community center excludes almost all non-weather water damage. It’s the type of “infuriating” exclusion that plaintiffs’ attorneys and some brokers have said …