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Commercial property
Return premium—fire fees
When a policy is canceled, must the fire insurance fee be returned?
Post-loss waiver of subrogation
We have a client who is a tenant insured on an ISO Commercial General Liability Policy. The tenant’s lamp started a fire that caused significant damage to the landlord’s building. The two corporations (the tenant and the landlord) are owned by the same people. The landlord’s insurer has paid $170,000 and is subrogating against the tenant, who has $100,000 fire legal liability coverage. Will the tenant’s insurer pay the excess $70,000 under the property damage liability limit under his or her policy?
Waiving your rights
When the ISO Commercial Property Policy speaks of waiving “your rights,” doesn’t it ultimately mean a waiver of the insurer’s rights?
Debris removal
We need your interpretation of an ISO Commercial Property Insurance form (CP 00 10) with respect to the limits provided for debris removal. We wrote a policy with a $400,000 property limit. The property burned and was a total loss. The owner is faced with a $75,000 debris removal bill. The company will pay only $25,000 of this bill. Shouldn’t they pay up to 25% of the $400,000 limit, plus $25,000, for debris removal?
Liberalization clause
If a carrier adopts a change to a commercial property policy that broadens coverage, when does the change affect in-force policies?
Perishable stock—spoilage coverage endorsement
We have a pet shop insuring its property with the Cause of Loss—Special Form perils. Suppose a power or equipment failure causes $10,000 worth of tropical fish to die. Would this loss be covered?
Functional valuation
At an E&O seminar I attended, the instructor mentioned the “functional replacement cost” endorsement. Could you explain the use of this endorsement?
Additional coverage to recover tax credit
My commercial client obtains a 20% Federal Rehabilitation Tax Credit in recognition of the cost associated with rehabilitating historic buildings. I was told by someone that my client cannot recover this credit under the standard business income form. He wanted to sell my client another policy form that covered the loss of tax credits. Is this just a devious way to sell additional coverage?