Search results for: Protection Gap

Airbnd, and other similar "home-sharing" services, are becoming a popular way to make money by renting out your home or condo to short-term paying guests while you are away.

But before you agree to let any paying guest stay in your home, you should give some serious thought to the risks associated with these types of situations (for example, if a renter damages your property or if someone gets hurt during the stay) and look into whether the insurance coverage you have will provide protection for these risks.

Continue Reading Does Your Homeowners Insurance or Airbnb’s Host Protection Plan Cover You For Damage or Liability Arising from Short-Term Home-Sharing Rentals?

The Marina Del Rey Hotel is a hidden gem in Southern California. It is nestled among thousands of sailboats and is a perfect setting for a conference. The California Association of Public Insurance Adjusters (CAPIA) will hold its Annual Convention there this coming Thursday. Continue Reading The California Association of Public Insurance Adjusters (CAPIA) Annual Convention on Thursday in Marina Del Rey

We often take the Homeowners All Risks forms for granted. Historically, the “all risk” nature of a homeowners form was not developed until the middle of the 20th Century. A 1959 law review article, All Risks of Loss v. All Loss: An Examination of Broad Form Insurance Coverages, was written by insurance defense attorney, John Gorman. It discussed this new form of coverage which provided insurance for “all risks of physical loss.” Continue Reading Did The Homeowners All Risk Insurance Policy Provide More Coverage in 1959 Than It Does Today?

The term “replacement cost policy” is a misrepresentation by many insurance companies about the product they are now selling. Insurance regulators should not allow the general public to be duped into buying something which is obviously not what the insurance company is promising. Accordingly, I propose that we should consider that unless minimum standards within a policy are met, insurance companies selling any all-risk replacement insurance are required and must warn that they are selling a Non-Standard Non-Replacement Cost Policy. Insurance products that are deemed to be Replacement Cost Policies in the residential market should at least meet the criteria found in mortgage requirements for federal negotiable mortgages. Continue Reading Homeowners Insurance Policies Differ—The Need For A Standard vs. Non-Standard Replacement Cost Policy Designation

The Mid-Atlantic Association of Public Insurance Adjusters (MAPIA) held a meeting this past week with about thirty-five public adjusters in attendance. President Paul Yemm, yours truly, Holly Soffer, and Tony DiUlio are pictured above. Soffer and Diulio gave a wonderful insurance gaps presentation that was highlighted Tony DiUlio’s discussion of a water loss that resulted in a bad faith verdict against State Farm. Continue Reading Water Loss From Toilet Overflow Is Covered Despite State Farm Denial

Professor Alan Manning

Insurance protection gaps can be caused by many different things. One is when insurance agents suggest that a policyholder can save money by purchasing insurance to less than full value. Professor Jay Feinman warns about this and calls this the “underinsurance gap.” He defines this as occurring when “the policyholder has coverage, but in an amount that is less than the extent of actual or potential losses.” Continue Reading Beware of Insurance Agents Advising To Underinsure

Allan Bense

Hurricane Michael policyholders who are battling their insurance companies have a somewhat surprising ally in former Speaker of the Florida House Allan Bense who was quoted in a Miami Herald article, Insurance Companies ‘Terribly Unhelpful’ With Hurricane Recovery, Former Lawmaker Says. Continue Reading Former Republican Florida House Speaker Says Insurance Companies Beat Down Policyholders

Back on March 29, 2019, every attorney in the Merlin Law Group Red Bank office attended the “Protection Gap in Property Insurance” seminar that was hosted by Professor Jay M. Feinman and held at Rutgers law school. This was the first time that I had observed Mr. Feinman speak on issues pertaining to insurance and I ended up buying one of his books, Delay, Deny, Defend, after the seminar. Continue Reading Overcoming Insurer Delay, Deny, Defend Tactics – A South Jersey Success Story

Underinsurance gaps are not good for policyholders or insurers. Colorado Insurance Commissioner Michael Conway said a lot during his brief appearance at the Rocky Mountain Association of Public Insurance Adjusters meeting on Thursday. In Colorado Insurance Commissioner Michael Conway Continues Efforts to Help and Assist Policyholders Impacted by the Marshall Fire, we applauded Conway for taking a very transparent and informative role about the insurance issues in Colorado. While stating that there are no easy answers to solve the underinsurance issue, he showed a deep understanding of the issue and promised to do something about it. Continue Reading Colorado Insurance Commissioner Talks About the Underinsurance Problems in Colorado