Key Takeaways
- Failing to update replacement costs for 3 years created a $600,000 coverage gap—update annually.
- Loss of rents periods should match worst-case restoration timelines (18-24 months for major fires in older buildings).
- Ordinance or law coverage is essential for older buildings where code requirements have changed since construction.
- A comprehensive portfolio audit after a major loss prevents the same gaps from existing across other properties.
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Test Your Knowledge
1.What triggers an insurance program restructuring?
2.What should a post-loss insurance audit include?
3.Why should restructuring extend beyond the affected property?