When Nature's Fury is Unleashed on Your Insureds' Town
Wednesday, June 5, 2024 (10:00 AM - 1:00 PM) (EDT)
Description
Approved for 6 P&C CE in VA CE (course #227018) and 6 GEN CE in NC (course #219640).
Participants must take both classes to gain 6 CE credit.
Title: When Nature's Fury is Unleashed on Your Insureds Town View Agenda
Instructor: Robert Shomo
Part 1: Wednesday, June 5th 8:00 am – 11:00 pm. EDT
Description: How do insurance professionals appropriately insure Main Street America’s real property with 100+ year-old buildings that are purchased for a few hundred thousand dollars and have a multi - million-dollar replacement cost estimator? In this session, participants discuss the built -in moral hazard and contemplate the appropriate property coverage form choice (Replacement Cost, Functional Replacement Cost, Actual Cash Value) and its effect on the insured’s exposures and viability of their business. Using 4 cat astrophic losses in a 4 -year period, they will examine the reasons why insurance professionals must insure to the catastrophic loss exposure and not be lulled to sleep by satisfactory partial loss settlements
Part 2: Wednesday, July 10th 8:00 am – 11:00 pm. EDT
Description: What are the hidden issues of insuring 100+ year -old buildings bought for a fraction of what it would take to rebuild them? These buildings are often bought and insured by small business enterprises as a home to their business model and give little thought to the ramifications of sharing walls with their neighbors and the effect of their insurance choices (especially Replacement Cost vs Actual Cash Value) on their livelihood and business viability. Using 4 catastrophic losses in 4 years, participants will examine catastrophic preparedness and ancillary issues, such as: shared walls, OSHA involvement, line of sight, contractors, and weather after the weather event. They will discuss ancillary coverage considerations with debris removal, business income extra expense, ordinance and law, and more.
Member - $65
Non-Member - $80
**This is a two-part class
Part I is June 5, 2024, 10:00am-1:00pm Eastern
Part II is July 10, 2024, 10:00am-1:00pm Eastern
Participants must take both classes to gain CE credit.
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