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The Basics of Property Values and Coinsurance Conditions



Dates



Description

Replacement cost ain’t always replacement cost. Yes, I know that is poor English – but the point is, replacement cost isn’t as simple as new stuff for old junk. There are many caveats and limitations to full replacement cost (if there is such a thing). Key concepts that must be understood when property valuation is discussed include: actual cash value (ACV); the broad evidence rule; and indemnification.

 

But what happens if the property limits are too low? Property policies contain a Coinsurance Condition requiring the insured to carry a certain minimum amount of coverage to enjoy full coverage on partial losses. If the insured does not have the requisite limits, they could be penalized.

 

In this session we detail:

  • Key property valuation definitions such as actual cash value, replacement cost, market value, the broad evidence rule, and insurable interest;
  • The various “values” assignable to property;
  • Why replacement cost isn’t really replacement cost;
  • The requirements created by the coinsurance condition;
  • Why coinsurance exists;
  • What would happen if coinsurance didn’t exist;
  • The coinsurance calculation; and
  • Truths about coinsurance.

 

 

 

Course Materials

Faculty

Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS's Profile

Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS Related seminars and products


Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, joined the insurance industry in 1990. He is the Executive Director of the Independent Insurance Agents and Brokers of America (Big "I") Virtual University. His current duties involve researching, writing, and teaching property and casualty insurance coverages and concepts to Big "I" members and others in the insurance industry.

During his career, Boggs has authored more than 300 insurance and risk management-related articles on a wide range of topics as diverse as Credit Default Swaps, the MCS-90, and enterprise risk management. In addition to this, Boggs has written 13 insurance and risk management books:

  • "The Insurance Professional's Practical Guide to Workers' Compensation: From History through Audit," now in its second edition;
  • "Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages," now in its third edition;
  • "Property and Casualty Insurance Concepts Simplified: The Ultimate 'How to' Insurance Guide for Agents, Brokers, Underwriters and Adjusters;"
  • "Wow! I Never Knew That! 12 of the Most Misunderstood and Misused P&C Coverages, Concepts and Exclusions;"
  • "Insurance, Risk & Risk Management! The Insurance Professional's Guide to Risk Management and Insurance;"
  • "Workers' Compensation: How You Can Effectively Answer Your Clients 12 Most Commonly Asked Questions;"
  • "Glossary of Insurance Terms;"
  • "Choosing the Best Risk Financing Option;"
  • "Writing Property and Liability Coverage for Condos;"
  • "The Truth about Enterprise Risk Management;"
  • "The Experience Mod Worksheet;"
  • "What has ISO Done to us Now?" and
  • "Cancellations, Non-Renewals & Conditional Renewals: THE Insurance Professional's Guide to Statutory Insurance Carrier Notification Requirements for All 50 States!"

Boggs is a regular speaker at industry events, speaking for groups such as the National Association of Mutual Insurance Companies (NAMIC), the National Society of Insurance Premium Auditors (NSIPA), the American Association of Managing General Agents (AAMGA), the Institute of Work Comp Professionals (IWCP), and the CPCU Society.

A graduate of Liberty University with a bachelor's degree in Journalism, Boggs' background includes work as a risk management consultant, loss control representative, producer, claims manager, and quality assurance specialist


Dates

Wed, Dec 14, 2022 - 01:00pm to 04:01pm EST
Fri, Dec 23, 2022 - 01:00pm to 04:01pm EST
Mon, Jan 09, 2023 - 09:00am to 12:01pm EST
Tue, Jan 24, 2023 - 12:00pm to 03:01pm EST
Wed, Feb 08, 2023 - 09:00am to 12:01pm EST
Thu, Feb 23, 2023 - 12:00pm to 03:01pm EST
Mon, Mar 06, 2023 - 09:00am to 12:01pm EST
Wed, Mar 22, 2023 - 12:00pm to 03:01pm EDT
Tue, Apr 11, 2023 - 09:00am to 12:01pm EDT
Mon, Apr 24, 2023 - 12:00pm to 03:01pm EDT
Fri, May 05, 2023 - 09:00am to 12:01pm EDT
Wed, May 17, 2023 - 12:00pm to 03:01pm EDT
Thu, Jun 15, 2023 - 09:00am to 12:01pm EDT
Wed, Jun 21, 2023 - 12:00pm to 03:01pm EDT
Wed, Jul 12, 2023 - 09:00am to 12:01pm EDT
Tue, Jul 25, 2023 - 12:00pm to 03:01pm EDT
Mon, Aug 14, 2023 - 09:00am to 12:01pm EDT
Tue, Aug 29, 2023 - 12:00pm to 03:01pm EDT
Mon, Sep 11, 2023 - 09:00am to 12:01pm EDT
Tue, Sep 26, 2023 - 12:00pm to 03:01pm EDT
Fri, Oct 13, 2023 - 09:00am to 12:01pm EDT
Mon, Oct 30, 2023 - 12:00pm to 03:01pm EDT
Wed, Nov 01, 2023 - 09:00am to 12:01pm EDT
Thu, Nov 16, 2023 - 12:00pm to 03:01pm EST
Wed, Dec 06, 2023 - 09:00am to 12:01pm EST
Thu, Dec 21, 2023 - 12:00pm to 03:01pm EST

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