Monday, April 4, 2016

Analyzing the Insurance Policy: “Who” is Insured Should Be the First Determination

Originally published by Chip Merlin.

The systematic process of analyzing a property insurance policy has been a topic in my last three seminars before public adjusting groups. I am suggesting a methodology so issues are uncovered early following a loss. After having all paperwork in place, I suggest that the first item to consider is “who” is insured under the policy.
“Who” is insured is important. What happens if the named insured is not the party that owns the damaged property? Who should be named in a contract for representation? What happens if a public adjuster names one but leaves off two other insureds to a contract and then the other two object to payment for services? Who should be on the check for payment by the insurer? Does the named insured and any additional insured have an insurable interest in the property?

The most common problem is that many agents of commercial interests fail to get all the entities to a commercial enterprise named and named correctly. Rarely does the operating…


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from Texas Bar Today
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