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Adjusting Today Issue #3035 - Equipment Breakdown Insurance

Property Insurance Roundtable

Release Date: 05/03/2016

Legislative Update: Issues Affecting the Public Adjusting Industry show art Legislative Update: Issues Affecting the Public Adjusting Industry

Property Insurance Roundtable

Experts discuss the legislative efforts supported by the National Association of Public Insurance Adjusters (NAPIA) regarding the Unauthorized Practice of Public Adjusting (UPPA), issues surrounding Assignment of Benefits post-disaster, and more. "The National Association of Public Insurance Adjusters (NAPIA) was established in 1951 to promote a higher standard for policyholder advocacy. Public insurance adjusters are licensed to serve the general public and deliver knowledgeable and experienced representation when filing a claim for property damage. The founding members of NAPIA...

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Ordinance or Law Coverage: Code for Recovery! show art Ordinance or Law Coverage: Code for Recovery!

Property Insurance Roundtable

This discussion is about ordinance or law coverage and how to insure for this potential exposure. After a disaster causes property damage or loss many policyholders discover that rebuilding the structure to conform to the latest building codes can add 50% or more to their recovery cost. Then comes the unpleasant surprise of discovering the ordinance or law exclusion that prevents a full recovery. With building codes, such as sprinkler systems and handicap accessibility, frequently changing, it is important to understand what your insurance excludes and how to acquire adequate coverage.  ...

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Proving an Insured Loss: Policyholders Need Experts Too! show art Proving an Insured Loss: Policyholders Need Experts Too!

Property Insurance Roundtable

Today, we will be discussing how experts can benefit policyholders prove an insured loss. More and more insurance companies are using experts to support their side of a claim settlement. That is why today’s policyholder must often take advantage of similar professional resources to help prepare, support, and settle their claims. Understanding and utilizing the coverages available for this purpose can help protect the insured not only against financial loss but for the cost of recovering it. Our experts will review the basics of loss preparation cost coverage including what it is, why it’s...

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NAPIA’s Legislative Efforts — A Win For Policyholders & Public Adjusters Alike show art NAPIA’s Legislative Efforts — A Win For Policyholders & Public Adjusters Alike

Property Insurance Roundtable

Today, we will be discussing the legislative efforts of the National Association of Public Insurance Adjusters (NAPIA). Founded in 1951, NAPIA advocates for public adjuster education and a higher standard of professional conduct and ethics. NAPIA members are committed to working in the best interest of their clients and to conducting business with integrity. For more than 66 years NAPIA members throughout the U.S. have joined together for the purpose of education, certification, marketing opportunities, legal and legislative representation, scholarship and research and the promotion of the...

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Hurricanes Harvey, Irma, and Maria — Helping Policyholders Recover From a Disastrous Hurricane Season show art Hurricanes Harvey, Irma, and Maria — Helping Policyholders Recover From a Disastrous Hurricane Season

Property Insurance Roundtable

Today, we will be discussing the highly-active 2017 hurricane season and its impact on the people, areas, and economy as well as how home and business owners can properly insure themselves for this exposure in coming years. Our panel of experts has first-hand experience in the public adjusting industry and will guide us through this discussion.   Key Takeaways: [1:21] Why were home and business owners were caught off guard by Hurricane Harvey? [3:09] For future hurricanes, how can home and business owners prepare themselves? [3:59] What was unique about Hurricane Harvey? [4:39] What was...

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Insurance Coverage for Collapse: How Has It Changed and Why? show art Insurance Coverage for Collapse: How Has It Changed and Why?

Property Insurance Roundtable

Today we will be discussing the insurance coverage for collapse. Throughout the years, insurance companies have updated the policy language as to what constitutes a collapse loss and continue to do so today. How can you be sure you are covered in case of collapse and furthermore, how can you help to mitigate a collapse loss to your property? Find out on this episode as we discuss collapse with our experts.   Key Takeaways: [1:40] What are common reasons or circumstances that cause a property to collapse? [2:31] What constitutes a collapse loss according to the insurance company? [4:54] If...

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Sometimes It’s What The Policy Doesn’t Say That Counts show art Sometimes It’s What The Policy Doesn’t Say That Counts

Property Insurance Roundtable

Today we will be discussing the ins and outs of insurance policies, and the importance of understanding what your policy does say and cover, as well as what it does not. In this episode, our panelists will discuss how those with an insurable interest in a property can protect themselves from issues such as inadequate reimbursement should a disaster occur.   Key Takeaways: [:27] After a disaster occurs such as a fire, flood, or severe windstorm and damages a property, what are some of the more common mistakes an insured or policyholder makes that results in the inability to provide proof...

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When Disasters Become Real: Our Public Adjusters’ Recollection of Memorable Cases show art When Disasters Become Real: Our Public Adjusters’ Recollection of Memorable Cases

Property Insurance Roundtable

Today we will be discussing the ins and outs of various interesting insurance claims that our expert panelists have handled and adjusted successfully. These memorable cases range from a fire at a Midwestern school to two New York City buildings that were damaged during Hurricane Sandy. Our panel of experts has extensive experience in the public adjusting industry, and will guide us through our discussion.     [1:40] Electrical Fire in a Special Needs School — Chuck Sorrell Chuck describes a fire at a special needs school in Minnesota. The ways Chuck's company differed from the...

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Common Exposures and Losses Faced by Multi-Family Complexes (Apartments and Condos) show art Common Exposures and Losses Faced by Multi-Family Complexes (Apartments and Condos)

Property Insurance Roundtable

This discussion will take an in-depth look at insuring the many exposures and losses that result from disastrous catastrophes. While multi-family buildings offer many amenities to residents such as maintenance and lawn care, which allow for a simplistic and flexible lifestyle, the insurance policy to cover them are anything but. Apartments and condos are often inadequately insured, and the risk posed for those who own or reside in them is high. For further insight on this topic, please see the corresponding  article:   Key Takeaways: [1:57] Defining what constitutes a...

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The National Association of Public Insurance Adjusters’ (NAPIA) Importance and Benefits to Members and Policyholders show art The National Association of Public Insurance Adjusters’ (NAPIA) Importance and Benefits to Members and Policyholders

Property Insurance Roundtable

The provides the public adjusting industry with more than licensing. NAPIA board members have created scholarships, educational programs, and have arranged sessions with legislators to inform them of pertinent information regarding public adjusting. Today’s panel of experts discusses the substantial benefits NAPIA supplies to its members, and who is eligible to become a member. They also discuss the comprehensive NAPIA website and the professional designations NAPIA offers.   Key Takeaways: [:57] What is NAPIA, when and how did it form, and what is its mission? [5:12] Who are NAPIA...

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More Episodes

Equipment Breakdown Insurance covers loss and/or failure for many types of equipment from air conditioners to industrial presses. Insurance policyholders are urged to review their policy documents to ensure they have the proper coverages should an event occur. Policyholders should also keep complete maintenance records, photos of the equipment during the breakdown or loss and a written procedure, including contact information, with the correct steps post-breakdown.

For further information on this topic, please read our corresponding Adjusting Today article: "Equipment Breakdown Insurance: Too Important to Ignore!"

 

Key Takeaways:

[1:17] What is Equipment Breakdown Insurance and what does it include?

[3:21] What types of failures are covered under Equipment Breakdown Insurance ?

[4:00] What does Equipment Breakdown Insurance exclude?

[5:40] What types of coverages are available to counteract the exclusions?

[7:46] Which types of equipment are categorized under this type of coverage?

[9:55] What type of forms are used to implement Equipment Breakdown Insurance?

[10:57] How can a policyholder be sure they have the adequate coverage for their facility and machinery?

[18:30] What are the first steps a policyholder should take post breakdown?

[20:46] How does a catastrophic event affect the time it takes to get an adjuster to inspect a loss?

[21:44] Additional comments from the panel about Equipment Breakdown Insurance, including real life examples.

[26:28] The three obligations a policyholder has regarding an Equipment Breakdown Insurance claim.

 

Panelists:

Chris Hax, Engineer - Continental Machinery

Bill Sharpe, Commercial Insurance Loss Consultant- Jansen/Adjusters International

C. Todd Thomas, Executive Director of Consulting Services and member of the Society of Risk Management Consultants

 

Mentioned in This Episode:

Adjusters International

Adjusting Today