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Avoiding Underinsurance in Building Property Coverage

Avoiding Underinsurance in Building Property Coverage

Quick Overview

When you tell the insured that they have replacement cost coverage on their building, what do they think you mean? They think that means a brand new building in place of the old one if something happens. But is that really what it means? No. Join us as Joe Harrington helps us to understand property valuation, what replacement cost really means, and what can be done to make replacement cost mean what we think it means.


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Duration 1 hour
Location Online Webinar
Formats On-Demand
Instructor Joe HarringtonJoe Harrington

Consumers and regulators are up in arms to learn that "replacement cost" insurance policies often don't pay out enough to fully compensate policyholders for replacing damaged structures. The problem has become more acute in recent years, with inflation increasing construction costs even in the best of circumstances, and "demand surge" in the wake of catastrophes driving them up even more.

This program will address how risk professionals can work with insureds to identify and manage all dimensions of property insurance valuation, including:

  • The different types of replacement cost valuation (simple, extended, and guaranteed) and their implications for recovery.
  • The options available for addressing costs for demolition, debris removal, and building code upgrades.
  • Options available for addressing cost increases arising from demand surge (the added demand for construction services in areas where numerous structures have been damaged). 
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