Our quarterly newsletter focuses on the rights and responsibilities of the policyholder. Each newsletter highlights current issues and trends in the insurance industry.
EXPOSING THE MYTH: CAN YOUR INSURANCE AGENT HELP YOU RECOVER?
By Daniel Odess, Founder, GlobalPro
March 16, 2020 will likely be recognized as one of the most significant dates to ever plague the insurance industry and, as a result, the global economy. Over the last few months we have watched policyholders and insurance companies square off in the media and ultimately, the courtroom on various policy and legislative issues. At the crux of this battle stands two true questions: (1) What constitutes business interruption and (2) how does my policy protect me in the event of the greatest Pandemic in 100 years.
At a time when the policyholder desperately needed their insurance to protect them, most insurance companies turned their backs on them and their broker could not do anything to help them with their claim.
HOW TO ACCOUNT FOR LOSS OF INCOME IF A STORM HITS
By Craig Applebaum, Senior Vice President, GlobalPro
When a storm hits, most insureds are focused on the majority of what their property policy coverage is allocated for, the damage to physical property. However, if you are a restaurant, hotel, or other business, an integral part of the loss sustained from any major storm claim will be the loss of income suffered. It is imperative that businesses review their policy to know just how much they should expect to recover, and even more important, to make sure they have obtained adequate coverage.
INSURETECH: WHAT WE LEARNED FROM COVID AND PAST STORMS
By Elliott Carter, Vice President Technology, GlobalPro
As the world continues to navigate through this global pandemic, we find ourselves adapting and adjusting to a ‘new normal’. Insurance and most businesses continue to operate, but the traditional “go-to-the-office” routine, has been replaced with remote working. Technology, more than ever, plays a key role in keeping us all productive and in many cases, in business. We are relying on technology for everything from educating & informing to daily team meetings and virtual events.
By Daniel Odess, President & Founder, GlobalPro
It is important to understand that the words included in insurance policies cannot be defined singularly, rather, they obtain their meaning from the words around them and must be read together. However, to avoid a long debate over the intent of policy language, stick to the facts. Ask yourself simple questions such as: What do I know? Am I an expert? Who represents my interest?
There is a justified focus on virus-related mitigation and recovery, but all policyholders must practice preparedness and anticipate other losses at their property. More than ever, you need to have a plan in place to respond to the needs of unit owners and tenants that may be damaged by water, fire, hurricane or another calamity.
Most local, state and federal emergency orders consider construction an essential business and most construction sites remain open. Traffic on and off site must be monitored, and many jurisdictions have implemented strict guidelines, which if not followed, can result in an immediate shutdown.