Like all property insurance policies, the Business Personal Property (BPP) policy imposes a number of duties on the insured. Insurance attorneys will tell these duties constitute conditions precedent to coverage; that is, the insured must comply with these requirements before the insurance company is obligated to pay any loss. This…
Lawyers who handle commercial insurance claims can tell you that the most common type of commercial property insurance is the Building & Personal Property Coverage Form. The Building & Personal Property (BPP) coverage form is the most commonly used policy to insure commercial buildings and contents. Covered perils for the…
What is the difference between replacement cost and actual cash value. Knows the difference can mean many thousands of dollars on a claim. Pursuant to the 1998, Austin Court of Appeals opinion styled, Great Texas County Mutual Insurance Co. v. Lewis, “replacement cost” is when the insurer pays the insured…
Insurance lawyers may know the difference between the two above types of policies but most people do not know the difference. Property insurance may be issued on either: An “all risk” basis, meaning that all risks of physical loss are covered except for excluded perils. The 1998, San Antonio Court…
People will speak of “sticker shock” in reference to buying automobiles. The term is also used when seeing hospital bills. But the biggest shocker of all can be the bill for an air ambulance. The Claims Journal published an article in February of 2018. The article is titled, Appellate Court…
Attorneys handling auto insurance problems will see situations where a person has their insurance raised after a claim. This is sometimes done in violation of Texas laws. The Washington Post published an article in February 2018, that deals with auto insurance rates. It is titled, Auto Insurance Rates Have Skyrocketed…
An “insurable interest” exists when the insured derives a pecuniary benefit or advantage by the preservation and continued existence of the property or would sustain a pecuniary loss from its destruction, according to the 1993, Dallas Court of Appeals opinion, Jones v. Texas Pacific Indemnity Co. In the 1986, Tyler…
Insurance lawyers will tell you that a person must have an insurable interest in the insured property to recover under an insurance policy. This is also stated in the 1993, Dallas Court of Appeals opinion, Jones v. Texas Pacific Indemnity Co. The purpose of the requirement of an insurable interest…
Commercial property insurance includes all forms of insurance covering property loss exposures of both business and non-profit organizations. The most common commercial property coverages are provided under standard forms developed by Insurance Services Office, Inc. (ISO) or the American Association of Insurance Services (AAIS). In many instances, an organization’s property…
One of the primary duties of an insured under his insurance policy is to cooperate with the insurer’s investigation of a claim. As an example – The Texas Auto Policy provides: A person seeking coverage must (1) cooperate with us in the investigation, settlement, or defense of any claim or…