Friday, July 30, 2021

Unintended Consequences: What the Surfside Condo Collapse Means to Agents and Underwriters, Plus Some Lessons Learned | Insurance Commentary with Bill Wilson

Unintended Consequences: What the Surfside Condo Collapse Means to Agents and Underwriters, Plus Some Lessons Learned | Insurance Commentary with Bill Wilson
"Last week, I blogged about some of the initial commercial property insurance issues involving the Surfside, Florida condo collapse. 
Below are a few more observations regarding D&O, E&O, and homeowners insurance claim issues.
However, an email I received from a Tennessee agent last Friday represents a development I think is going to dramatically impact agents and underwriters on a daily basis. 
So, I’d like to address that first.
  • The agent for an HoA received a request/demand from a condo unit owner’s lender for information on the association’s insurance program. The lender wanted detailed information on policy coverages such as the property deductible amount, Ordinance Or Law coverage, how the replacement cost limit was calculated, separation of insureds/severability of interest clause, proof and details of liability coverage, etc...Read all.

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