Tuesday at 2 With Chip is Wednesday at 2 today because of a remote and successful GAPIA seminar yesterday. Today, I will go over three topics:

  1. The New Colorado Law Regarding Cooperation Requirements Following Loss
  2. Understanding Business Interruption Concepts
  3. Adjusting Commercial Claims Involving Leases

Every commercial loss has the possibility of leases being involved. The leases can be of personal property and real property. Every commercial adjuster should not only think of RTFP—Read The Full Policy, but also think of obtaining all the leases and then reading them regarding the insurance implications.

Reading leases is not easy. The terms and clauses of leases are not the same. The laws of the various states vary and impact the clauses and leases. All of these clauses and lease laws can have an impact on the payments owed under property insurance policies.

There is not a lot written about this important topic. This is one reason I am starting a discussion of it. Adjusters cannot claim to be expert commercial property insurance adjusters unless they can master concepts of business interruption and lease adjusting concepts.

Adjusters International published an excellent article on the topic, Understanding Improvement and Betterment’s: Be Mindful of Lease and Insurance Provisions, which I suggest you read before today’s session at 2 pm EST.