As the world is ever changing, so are the way insurers interpret the natural disasters and how they will respond to cover these terrible events. Over the years, the U.S. has seen an increase in earthquakes, tornadoes, hurricanes, blizzards and more. The insurance industry now has created a stricter view of how they will cover these events. In particular, as we have seen with Hurricane Katrina and Hurricane Sandy, the insurance industry has developed a new terminology and deductible related, specifically, to “named storm/named windstorm.”
Hurricanes, Tropical Storms and Insurance – Oh My
Posted by
The ALS Group on Oct 1, 2015 12:00:46 PM
0 Comments Click here to read/write comments
Topics: named storm/named windstorm, Personal Lines, Property Risk, Risk Management Assessment, Risk Management Blog, The ALS Group
Understanding Insurance Terms - Actual Cash Value vs. Replacement Cost
Posted by
The ALS Group on Jan 28, 2015 11:15:16 AM
It is vital to understand specific terms found in insurance policies. The inability to do so may result in an unwanted surprise such as a lower than anticipated claim payment following a loss. For example, Actual Cash Value (ACV) and Replacement Cost (RC) are two different methods of valuation that will determine how the insured is indemnified.
1 Comment Click here to read/write comments
Topics: Claims Management, Personal Lines, Property Risk, Risk management, Risk Management Blog
Personal Risk Management – First in a Series – Personal Umbrella – Are you Protected for a Catastrophe?
Posted by
Albert Sica on Sep 27, 2010 9:07:00 AM
I advise many of our clients on their personal risk management and insurance issues. An often overlooked area is a family’s Personal Umbrella coverage and limit.
0 Comments Click here to read/write comments
Topics: Personal Lines