Property Insurance

Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided.
Posts about Property Insurance

    … not completely swallow up the coverage as it only excludes advertising injury cased by a violation of law. Id. (citation omitted). In The Warwick Corp., the insured argued that the excess commercial property insurance policy that covered four hotels was illusory because its coverage was limited to the value of the hotel, which equaled the amount…

    Florida Construction Legal Updates- 12 readers -

    … quotations omitted). In this case, a leak occurred on commercial leased premises. The commercial tenant had a property insurance policy that provided $100,000 of coverage for the physical improvements and contents of the property. However, there was a 90% coinsurance provision. A coinsurance provision shifts risk to the insured when the insured purchases…

    Florida Construction Legal Updates- 14 readers -
  • Car Insurance Law Requirements in Illinois

    … requires you to have two different types of auto insurance: property and liability/bodily injury. Property insurance covers the cost if you damage another person’s property while you are in your vehicle. This usually means damage to the other person’s car. However, this may also compensate for damage to other property, such as mailboxes, fences…

    Jared Staver/ Chicago Personal Injury Lawyer- 13 readers -
  • Wells Fargo Hits a New Low (Bank Whistleblower Post)

    … A History of Wells Fargo Fraud Fines and Settlements Over the Last Few Years and a Call for Whistleblowers Can Wells Fargo’s corporate ethics sink any lower? Apparently, the answer is yes. Much lower. There just seems to be no bottom. If you think the most recent scandal involving over up to 2 million phony accounts created without…

    Due Diligence- 36 readers -

    … exclusions without a strategic agenda as to why an exclusion does not apply, such as there is an exception to the exclusion that your theme fits under. In Divine Motel Group, an insured pursued its property insurer for rainwater damage stemming from a tropical storm. The property insurance policy contained the following exclusion for rain damage…

    Florida Construction Legal Updates- 18 readers -

    … Property insurance policies such as builder’s risk policies contain a design defect / faulty workmanship exclusion (as well as other exclusions for excluded risks or perils). But, certain exclusions such as the design defect / faulty workmanship exclusion may contain what is referred to as the “ensuing loss exception.” Stated differently…

    Florida Construction Legal Updates- 18 readers -
  • Factors to Consider with Mortgage Modification

    … and similar mortgage modifications are typically targeted to be about 31% of gross income. The 31% amount would include principal, interest, taxes, insurance, and association. That is, the monthly mortgage payment includes, aside from principal ("p") and interest ("i"), county property taxes ("t") and the various types of property insurance ("i…

    Jordan Bublick/ Miami Bankruptcy Law Blog- 21 readers -
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