C111 Chapter 7 Advanced Loss Adjusting
- Declarations page contains specific information about who is insured, the address of property, and specific amounts of coverage for different lines of insurance. Also the form number of the actual policy wording used. Pg. 03
- Claim payments must include lien holders as payee. The lien holder may have an independent right of recovery under the policy. Pg. 03
- The insurer is discharged from liability under the policy as of the date of the breach. Pg. 06
- A breach of condition clause keeps the policy coverage intact for losses that are not related in any way to the breach of warranty. i.e. a failed fire alarm system does not have anything to do with roof damage from a hailstorm – the roof is covered even though the fire alarm is a breach of warranty. Pg. 06
- Insured shall notify forthwith the Insurer of any interruption to or flaw or defect, coming to the knowledge of the Insured, in any:
- sprinkler or other fire extinguishing system;
- fire detection system;
- intrusion detection system;
- and shall also notify forthwith the Insurer of the cancellation or non-renewal of any contract which provides monitoring or maintenance services to any of these systems or of the notification of the suspension of police service in response to any of these systems. Pg. 06
- When a risk has been misclassified or does not meet the insured’s underwriting criteria. Pg 07
- The insured (with the assistance of the adjuster). Pg.08
- The insured may have experience dealing with loss and have developed a strategy to properly mitigate the loss. Pg. 09
- The cost of reconditioning the property or the difference between the normal price and the reduced price if the property is sold as “damaged” goods. Pg. 10
- Water-related perils typically excluded under broad form coverage:
- flood, including waves, tides, tsunamis etc. but, this exclusion does not apply to ensuing loss or damage which results directly from fire, explosion, smoke, leakage from fire protective equipment, leakage from water main, or property in transit;
- seepage, leakage, or influx of water etc. unless concurrently and directly caused by a peril not otherwise excluded. Pg. 11
- There may be a possibility of subrogation against an installer or contractor that failed to maintain and test the equipment. Also the insured has a responsibility to properly maintain equipment in working order – failure to do this may constitute a breach of warranty. Pg. 12
- Arson may be used to cover up damage done by another peril that is excluded.
- Designed to avoid disagreements in the course of a claim when a party involved in the construction project has its own insurance policy. Pg. 13
- Large equipment used in heavy construction projects. Also may cover smaller equipment and hand tools. Pg. 13
- Specialists from boiler and machinery insurers. Pg. 15
- Available information may change, financial position of responsible party may change, there may be no recovery on a file. Pg. 16
- Within 24-72 hours. Pg. 18
- Detailed narrative of the loss incident and explanation of the damage issues, repair estimates, salvors’ offers, copies of contracts, statements and a reserve update. Pg. 19
