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Statement of Additional Optional Coverages Not Included in the Standard Homeowner's Insurance Policy
DISTRICT OF COLUMBIA PROPERTY INSURANCE FACILITY Statement of Additional Optional Coverages Not Included in the Standard Homeowners Insurance Policy Your Facility’s homeowners insurance program provides coverage on a named peril basis. This statement provides a list of the types of additional optional insurance coverages that are available. Contact your insurance producer or the Facility if you are interested in any of these optional coverages. 1. Coverage for Water Backup through Sewers or Drains (HO 04 95) - for losses that result from water backing up through sewers or drains. This optional coverage provides coverage up to $5000 for damage caused by water which backs up through sewers or drains or which overflows from a sump. A $250 deductible applies. 2. Increased Personal Liability - Increased limits of $200,000 and $300,000 are available for an additional premium. 3. Earthquake Coverage (HO 04 54) - Earthquake coverage is available for an additional premium. Special deductible provisions apply. (Not available with HO-8) 4. Sinkhole Coverage (HO 04 99) - Property coverage may be extended to include direct loss by sinkhole collapse. Sinkhole collapse means damage caused by collapse of the earth supporting property resulting from subterranean voids created by the action of water on limestone-like formations. 5. Premises Alarm or Fire Protection System (HO 04 16) - provides for a reduced premium because of the presence of burglar alarms, fire alarms or automatic sprinklers that are approved and properly installed and maintained in the dwelling. 6. Identity Fraud Expense Coverage (HO 04 55) - This provides coverage up to $15,000 for expenses incurred by you as the direct result of identity theft. -
Homeowners Insurance Guide Here
Homeowners INSURANCE GUIDE The Pennsylvania Insurance Department is here to help you understand homeowners insurance. In the next few pages you will learn about types of coverage available, some tips on how to shop, and what you should do if you need to make a claim. Insurance policies can vary. This guide is intended to help you understand homeowners insurance. The information is general and not specific to your insurance policy. If you have specific questions about your coverage, you should consult your agent or insurance company. Your home is more than just shelter; What Is Homeowners it’s an asset worth protecting. Insurance? Your homeowners insurance policy is a legal contract between you and your insurance company. Let’s Look at Coverage in More It protects you against financial loss if there is Detail damage to your home and your possessions and liability in case someone gets hurt in your home or Homeowners insurance policies usually contain a on your property. package of coverages that offers protection when a peril occurs. A peril is the cause of a possible loss, Keep your policy in a safe place and know the like a fire, that you protect yourself from when you name of your insurer. Be sure to discuss with your purchases an insurance policy. insurance company the terms in your policy. If you have questions contact your insurance agent or Dwelling coverage pays for damage to your house company for clarification. If you still have questions, and structures attached to your house. This includes visit our website at www.insurance.pa.gov or damages to fixtures such as plumbing, electrical you can write to or call us. -
Insurance Appraisal
Scope of Work for an Insurance Appraisal: • The scope of work for an insurance appraisal is to value the improvements and site improvements of the subject property without the underlying land value and develop an opinion of the insurable value of the structure. As the assignment calls for the replacement value of the improvements and site improvements, no Sales Comparison or Income Approach is necessary and no development of highest and best use is necessary for this kind of assignment. • Because the subject property is located in a flood zone, the scope of work requires two (or: only one) value(s) for determination of the appropriate coverage for the (flood and) hazard/wind insurance. The 3 D’s: Most often appraisers include in their scope of work the three D’s: As-Built Value vs. Code Upgrade Value “As-Built” Value: The replacement value (RCV) an appraiser is asked to determine for the insurance policy, is the “as-built” or ”as-is” value. The scope of work is to appraise the building without consideration of deterioration and code upgrades. Code Upgrades: Structures built before the last building code change are considered not up to code. The estimated replacement value might not be sufficient to rebuilt the structure under current building codes. To insure the difference between the ”as-built” replacement value (RCV) and the RCV “up-to-code”, might require a separate insurance rider called Ordinance of Law. Value “Up-to-Code”: The replacement value of a structure under consideration of current building codes. For example: A 1990 structure w/o impact openings, built with an 8-foot elevation will need to be rebuilt with a 10-foot elevation and with impact resistant openings. -
Coinsurance in Property Insurance Is a Means for Insurers to Obtain Rate and Premium Equality
Property Insurance: Coinsurance July 2012 "Don't Let Me Be Misunderstood" ~Song written by Bennie Benjamin, Gloria Caldwell, and Sol Marcus, first recorded in 1964 by singer/pianist Nina Simone by William K. Austin Austin & Stanovich Risk Managers, LLC Let's play Coinsurance Quiz. Answer true or false to the following statements: . Coinsurance is a condition that may be found in more than one type of insurance policy. The need for a coinsurance provision in all insurance policies is the same. The use of a coinsurance provision in an insurance policy is universally understood. The answers are true, false, and false. How did you do? Coinsurance clauses are found in many insurance policies, such as commercial property, dwelling forms, homeowners, federal flood, health insurance, and at times even directors and officers liability policies. But, while the clause or requirement is called "coinsurance" in each type of policy, the use and effect on the insured may be very different. The coinsurance requirement in a property insurance policy may become a significant reason for insurance recovery that is less than the insured expected. This is why a risk management professional should hear the melody of "Don't Let Me Be Misunderstood" (http://www.youtube.com/watch?v=9ckv6-yhnIY) whenever the term "coinsurance" is discussed in any insurance policy, especially any form of property insurance. Coinsurance Concept Coinsurance requirements differ by insurance policy type to reflect the insurer's and/or insured's specific need. In health insurance, it may be used as a means of risk sharing between insured and insurer as a means to lower the insured's monthly premium cost. -
A Consumer's Guide to Homeowner's Insurance
A CONSUMER’S GUIDE TO HOMEOWNER’S INSURANCE This guide has been made available to North Carolina consumers so that they might make more informed choices when purchasing homeowners insurance. For most people, the purchase of a home is the largest investment they will ever make. Protecting that investment from fire and other perils is extremely important. Please note, homeowners insurance policies do not provide protection against losses from floods, earthquakes, mudslides, mudflows or landslides. You can learn more about what homeowners policies cover in this guide. If you do not own a home, you may want to consider renter’s insurance. Having all your personal possessions destroyed in a fire without insurance is a tragedy that just does not have to Mike Causey happen. Whatever your living arrangement – single-family home, Insurance Commissioner condominium, apartment or mobile home – there is insurance coverage available to meet your specific needs. Your Department of Insurance is available to help guide you through these complicated matters. We are also committed to enforcing North Carolina laws and regulations concerning the business of insurance. TABLE OF CONTENTS Glossary of Insurance Related Terms .............................................................................................. 1 Basic Homeowners Insurance Coverages ....................................................................................... 3 Types of Homeowners Policies ..................................................................................................... -
Holland & Knight
Post-Election Analysis November 2020 Holland & Knight President President President-Elect Donald J. Trump Joseph R. Biden Trump: 217 Biden: 290 2 Source: Bloomberg, as of 4:00 PM EST on Nov. 11, 2020 New House of Representatives Democrats: 218 Republicans: 202 Uncalled races: 15 Source: Bloomberg, as of 4:00 PM EST on Nov. 11, 2020 3 Key House Race Results . Arizona o FL-15 Scott Franklin* (R) defeated Alan Cohn (D) o AZ-01 Tom O’Halleran* (D) defeated Tiffany Shedd (R) o FL-16 Vern Buchanan* (R) defeated Margaret Good (D) o AZ-02 Ann Kirkpatrick* (D) defeated Brandon Martin (R) o FL-26 Carlos Gimenez (R) defeated Debbie Mucarsel-Powell* o AZ-06 David Schweikert* (R) defeated Hiral Tipirneni (D) (D) DR DR . California o FL-27 Maria Elvira Salazar (R) defeated Donna Shalala* (D) o CA-10 Josh Harder* (D) defeated Ted Howze (R) . Georgia o CA-21 TJ Cox* (D) vs. David Valadao (R) Not called o GA-06 Lucy McBath* (D) defeated Karen Handel (R) o CA-25 Christy Smith (D) vs. Mike Garcia* (R) Not called o GA-07 Carolyn Bourdeaux (D) defeated Rich McCormick (R) R D o CA-39 Gil Cisneros* (D) vs. Young Kim (R) Not called . Illinois CA-45 Katie Porter* (D) defeated Greg Raths (R) o o IL-06 Sean Casten* (D) defeated Jeanne Ives (R) CA-48 Michelle Steel (R) defeated Harley Rouda* (D) DR o o IL-13 Rodney Davis* (R) defeated Betsy Londrigan (D) CA-49 Mike Levin* (D) defeated Brian Maryott (R) o o IL-14 Lauren Underwood* (D) vs. -
Minding the Protection Gap: Resolving Unintended, Pervasive, Profound Homeowner Underinsurance.Pdf
CONNECTICUT INSURANCE LAW JOURNAL Volume 25, Number 1 Fall 2018 University of Connecticut School of Law Hartford, Connecticut MINDING THE PROTECTION GAP: RESOLVING UNINTENDED, PERVASIVE, PROFOUND HOMEOWNER UNDERINSURANCE KENNETH S. KLEIN* A significant majority of homeowners in the United States unwittingly have less insurance than necessary to rebuild their home in the * Professor of Law, California Western School of Law. Louis & Hermione Brown Professorship in Preventative Law. Writing on insurance, construction, and economics is challenging, because there is so little publicly available information about insurance, and so little economics or construction information that is published for the uninitiated. As a consequence, even non-controversial propositions – such as that an insurance producer receives a commission on the amount of premium written, or that prices go up in the wake of natural disaster – can be difficult to source and support with citation. This article depended upon the generosity of many people who were willing to take my telephone calls and shared with me their time and expertise. My thanks to Professor Peter Siegelman from University of Connecticut School of Law; Professor Daniel Schwarcz from the University of Minnesota Law School; Professor Howard Kunreuther from The Wharton School, University of Pennsylvania; Professor Tom Baker from the University of Pennsylvania School of Law; Professor Jay Feinman from Rutgers Law; Professor Jeffrey Stempel from the UNLV – William S. Boyd School of Law; Professor Benjamin L. Collier from Temple University’s Department of Risk, Insurance, and Healthcare Management; Professor Peter Kochenburger from University of Connecticut School of Law; Amy Bach from United Policyholders; Valerie Saunders from the National Association of Mortgage Brokers; Guy Kopperund from CoreLogic; Todd Rissel from e2Value; Mark Whatley from Actionable Insights; Chris McCloy of Yapacopia; David Shaffer from David Shaffer Insurance Services; Gary T. -
Congressional Record—House H1544
H1544 CONGRESSIONAL RECORD — HOUSE April 24, 2002 should have had the opportunity to discuss the So our amendment, also rejected by the PERMISSION FOR COMMITTEE ON modest and reasonable package of amend- Rules Committee, did three things to imple- FINANCIAL SERVICES TO FILE ments I put before the Rules Committee to ment the Bush plan. First, it requires CEOs SUPPLEMENTAL REPORT ON H.R. strengthen this woefully inadequate bill. and CFOs to certify the accuracy of their firms’ 3764, SECURITIES AND EXCHANGE This House should have the opportunity to financial statements. Violation of this provision COMMISSION AUTHORIZATION consider and debate thoughtfully proposals to would carry with it criminal (in the event that ACT OF 2002 strengthen H.R. 3763, the so-called Corporate the violation is willful), civil, and other pen- Mr. OXLEY. Mr. Speaker, I ask unan- and Auditing Accountability, Responsibility, alties provided for under the securities laws. imous consent that the Committee on and Transparency Act of 2002. This bill claims H.R. 3763 contains no similar provision. It is Financial Services be permitted to file to address many of the financial disclosure essential that Congress require officers of and accounting issues raised by the collapse a supplemental report on H.R. 3764. public companies to stand behind their public of Enron. Unfortunately, the kinds of financial The SPEAKER pro tempore. Is there abuses that led to this unprecedented debacle disclosures. That is the absolute minimum we objection to the request of the gen- will not be stopped—or even very much im- should require. tleman from Ohio? peded—by this Republican bill. -
Postpartisan Federal Judicial Selection
POSTPARTISAN FEDERAL JUDICIAL SELECTION Carl W. Tobias* Abstract: The problem of numerous, persistent vacancies in the federal judiciary continues to undermine expeditious, inexpensive, and fair case resolution. As the Obama administration is still in its early stages, the process for nominating and securing the confirmation of federal judges merits consideration. This Essay chronicles the origins and development of the appointments conundrum. Although enhanced federal jurisdiction and growing caseloads are partially to blame, partisan politics has also prevented swift nomination and confirmation for over twenty years. The Essay then describes the processes employed by the Obama administra- tion during its nascency. Finally, the Essay offers suggestions to facilitate the judicial selection process, targeted at both the Obama administration and the Senate. Introduction President Barack Obama campaigned on a vow to restore biparti- sanship.1 Few areas so desperately need postpartisan approaches, or have more importance, than judicial selection. The President nomi- nates and, with Senate advice and consent, appoints life-tenured judges who exercise the vast power of the state and resolve disputes over con- stitutional rights.2 Democratic and Republican allegations and coun- tercharges, divisive gamesmanship, and incessant paybacks have riven selection for over twenty years.3 There are 858 appellate and district court judgeships, but 100 were vacant at the beginning of the current * © 2010, Carl W. Tobias, Williams Professor, University of Richmond School of Law. I wish to thank Thomas E. Baker, Chris Bryant, Michael Gerhardt, Sheldon Goldman, Mar- garet Sanner, Elliot Slotnick, and Tuan Samahon for valuable recommendations; Paul Birch, Suzanne Corriell, Matthew Farley, and Gail Zwirner for valuable research; Tracy Cauthorn for valuable processing; and Russell Williams for generous, continuing support. -
Consumer's Guide to Homeowners Insurance
LOUISIANA DEPARTMENT OF INSURANCE Consumer’s Guide to HomeownersHomeowners Insurance Insurance Jim Donelon, Commissioner of Insurance A message from Commissioner of Insurance Jim Donelon Chances are your home is the single most expensive item you will ever purchase, and your most valuable investment. Every year insurance companies pay more than $75 billion in claims resulting from losses suffered due to fires, hurricanes, robberies, dog bites and other incidents. The trauma of damage to your property is stressful enough without having to wonder if your homeowners insurance will cover the claim. So, whatever your insurance needs, you should look for a company that is financially sound, has a history of providing good service and charges a fair rate. This guide outlines types of coverage and explains terms you should know in order to find the insurance provider and type of policy that is right for you. It also explains general terms you should understand when you have a claim. The information contained in this guide should be of use to you whether you own or rent your residence. Feel free to call us here at the Louisiana Department of Insurance at 1-800-259-5300 if you have questions about any of the material in this brochure. Updated 2016 This public document was produced by the Louisiana Department of Insurance and is available online. What’s Inside Types of Homeowners Insurance 2 The Basic Form The Broad Form The Special Form The Tenants Broad Form The Comprehensive Form Special Condominium Form Other Important Insurance 4 Flood Insurance -
Replacement Cost Endorsement and Opportunistic Fraud in Automobile Insurance by Georges Dionne and Robert Gagné Working Paper 00-01 February 2000 ISSN : 1206-3304
Replacement Cost Endorsement and Opportunistic Fraud in Automobile Insurance by Georges Dionne and Robert Gagné Working Paper 00-01 February 2000 ISSN : 1206-3304 Paper presented at the 1999 seminar of the Risk Theory Society at the University of Michigan, at the annual seminar of the European Group of Insurance Economists held in Madrid in September 1999 and at a conference on Insurance Fraud in Paris organized by the Fédération française des sociétés d'assurances (FFSA) in November 1999. It has benefited from the financial support of the Fonds FCAR (Québec) - programme de soutien aux équipes de recherche and the FFSA (France). We are also grateful to Raymond Medza from the Groupement des assureurs automobiles du Québec (GAA) who gave us the permission to use the data and Nathalie Lizotte, also from the GAA, for her technical support. Comments by Martin Boyer, Christian Gouriéroux, Pierre Picard and Jean Pinquet were very useful. Replacement Cost Endorsement and Opportunistic Fraud in Automobile Insurance Georges Dionne and Robert Gagné Georges Dionne holds the Risk Management Chair and is professor of finance at École des HEC. Robert Gagné is professor of economics at École des HEC. Copyright ã 2000. École des Hautes Études Commerciales (HEC) Montréal. All rights reserved in all countries. Any translation or reproduction in any form whatsoever is forbidden. The texts published in the series Working Papers are the sole responsibility of their authors. Replacement Cost Endorsement and Opportunistic Fraud in Automobile Insurance Abstract Traditional insurance contracts do not offer protection against the replacement value of a vehicle. A replacement cost endorsement gives the opportunity to get a new vehicle in the case of a total theft or in the case of total destruction of the car in a road accident. -
Bested | Homeowners Insurance Valuation
Homeowners Insurance Valuation Course I. Differences Between Homeowners’ and Dwelling Property Policies ........................ 2 Dwelling Policy Up to Four Units.................................................................................. 2 Homeowner’s Policy- Owner Occupied ....................................................................... 2 Thorough Property Coverage ...................................................................................... 2 II. Basic Concepts of Property Valuations .................................................................... 3 Loss Settlement Provisions ......................................................................................... 3 How It Applies .......................................................................................................... 4 The Effect of Underinsurance on Settlement ........................................................... 4 Actual Cash Value ....................................................................................................... 6 Replacement Cost Value ............................................................................................. 6 New for Old .............................................................................................................. 7 Superior Coverage ................................................................................................... 7 Different Types of Structures.................................................................................... 8 California Residential