Guessing On Property Limits Could Cost You
Are Your property limits adequate?
Determining the correct property limit can be a difficult task, but it is an important consideration when evaluating your insurance program. Defining accurate limits, including the proper endorsements and structuring policies to match your needs are key to establishing an appropriate program.
Here are some critical items to think about when evaluating your property coverage:
* How did you reach your limit? Estimates developed using only company replacement cost calculators, loss control inspections, or appraisals could leave you underinsured when a loss occurs, or paying for additional coverage that can never be used. Onsite property visits can be crucial to determining the proper limit, and is one of the many advantages of working with a local agent.
* Has your lease been reviewed to determine the insurance responsibilities between the tenant and building owner? The lease contract defines who is responsible for insuring improvements and betterments to a building or unit. Without proper review you could be exposed in the event of a loss.
* Does your policy provide coverage to satisfy laws or ordinances in the event of a loss? You will need to comply with any new building codes as defined by your local municipality and many policies will not provide this additional coverage unless they are specifically endorsed.
* Do I have the broadest coverage available? Certain policy forms can limit what is covered in the event of a loss or exclude things altogether. It’s important to review the details of the coverage form to understand what is and isn’t covered.
At Arthur Hall Insurance, our unique risk management process lets us identify critical exposures, address those exposures through consultative analysis, recommend solutions, and provide ongoing monitoring to help you safeguard your business in the ever-changing world in which we live. One of our insurance advisors would be happy to assist in evaluating your insurance needs. Feel free to call us or visit our website at www.arthurhall.com today.