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The Basics of Property Values and Coinsurance Conditions





Description

Replacement cost ain’t always replacement cost. Yes, I know that is poor English – but the point is, replacement cost isn’t as simple as new stuff for old junk. There are many caveats and limitations to full replacement cost (if there is such a thing). Key concepts that must be understood when property valuation is discussed include: actual cash value (ACV); the broad evidence rule; and indemnification.

 

But what happens if the property limits are too low? Property policies contain a Coinsurance Condition requiring the insured to carry a certain minimum amount of coverage to enjoy full coverage on partial losses. If the insured does not have the requisite limits, they could be penalized.

 

In this session we detail:

  • Key property valuation definitions such as actual cash value, replacement cost, market value, the broad evidence rule, and insurable interest;
  • The various “values” assignable to property;
  • Why replacement cost isn’t really replacement cost;
  • The requirements created by the coinsurance condition;
  • Why coinsurance exists;
  • What would happen if coinsurance didn’t exist;
  • The coinsurance calculation; and
  • Truths about coinsurance.

 

 

 

Course Materials

Faculty

Christopher J. Boggs's Profile

Christopher J. Boggs Related seminars and products: 8

CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS


Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, joined the insurance industry in 1990. He is the Executive Director of the Independent Insurance Agents and Brokers of America (Big "I") Virtual University. His current duties involve researching, writing, and teaching property and casualty insurance coverages and concepts to Big "I" members and others in the insurance industry.

 

During his career, Boggs has authored more than 300 insurance and risk management-related articles on a wide range of topics as diverse as Credit Default Swaps, the MCS-90, and enterprise risk management. In addition to this, Boggs has written 13 insurance and risk management books:

  • "The Insurance Professional's Practical Guide to Workers' Compensation: From History through Audit," now in its second edition;
  • "Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages," now in its third edition;
  • "Property and Casualty Insurance Concepts Simplified: The Ultimate 'How to' Insurance Guide for Agents, Brokers, Underwriters and Adjusters;"
  • "Wow! I Never Knew That! 12 of the Most Misunderstood and Misused P&C Coverages, Concepts and Exclusions;"
  • "Insurance, Risk & Risk Management! The Insurance Professional's Guide to Risk Management and Insurance;"
  • "Workers' Compensation: How You Can Effectively Answer Your Clients 12 Most Commonly Asked Questions;"
  • "Glossary of Insurance Terms;"
  • "Choosing the Best Risk Financing Option;"
  • "Writing Property and Liability Coverage for Condos;"
  • "The Truth about Enterprise Risk Management;"
  • "The Experience Mod Worksheet;"
  • "What has ISO Done to us Now?" and
  • "Cancellations, Non-Renewals & Conditional Renewals: THE Insurance Professional's Guide to Statutory Insurance Carrier Notification Requirements for All 50 States!"

 

Boggs is a regular speaker at industry events, speaking for groups such as the National Association of Mutual Insurance Companies (NAMIC), the National Society of Insurance Premium Auditors (NSIPA), the American Association of Managing General Agents (AAMGA), the Institute of Work Comp Professionals (IWCP), and the CPCU Society.

A graduate of Liberty University with a bachelor's degree in Journalism, Boggs' background includes work as a risk management consultant, loss control representative, producer, claims manager, and quality assurance specialist


Dates

Thu, Nov 14, 2019 - 11:00a to 02:00p MST
Thu, Nov 21, 2019 - 11:00a to 02:00p MST
Thu, Dec 05, 2019 - 11:00a to 02:00p MST
Thu, Dec 12, 2019 - 11:00a to 02:00p MST
Thu, Dec 19, 2019 - 11:00a to 02:00p MST
Wed, Jan 08, 2020 - 11:00a to 02:00p MST
Thu, Jan 09, 2020 - 11:00a to 02:00p MST
Thu, Jan 16, 2020 - 11:00a to 02:00p MST
Wed, Feb 12, 2020 - 11:00a to 02:00p MST
Thu, Feb 13, 2020 - 11:00a to 02:00p MST
Thu, Feb 20, 2020 - 11:00a to 02:00p MST
Wed, Mar 11, 2020 - 11:00a to 02:00p MDT
Thu, Mar 12, 2020 - 11:00a to 02:00p MDT
Thu, Mar 19, 2020 - 11:00a to 02:00p MDT
Wed, Apr 08, 2020 - 11:00a to 02:00p MDT
Thu, Apr 09, 2020 - 11:00a to 02:00p MDT
Thu, Apr 16, 2020 - 11:00a to 02:00p MDT
Wed, May 13, 2020 - 11:00a to 02:00p MDT
Thu, May 14, 2020 - 11:00a to 02:00p MDT
Thu, May 21, 2020 - 11:00a to 02:00p MDT
Wed, Jun 10, 2020 - 11:00a to 02:00p MDT
Thu, Jun 11, 2020 - 11:00a to 02:00p MDT
Thu, Jun 18, 2020 - 11:00a to 02:00p MDT
Wed, Jul 08, 2020 - 11:00a to 02:00p MDT
Thu, Jul 09, 2020 - 11:00a to 02:00p MDT
Thu, Jul 16, 2020 - 11:00a to 02:00p MDT
Wed, Aug 12, 2020 - 11:00a to 02:00p MDT
Thu, Aug 13, 2020 - 11:00a to 02:00p MDT
Thu, Aug 20, 2020 - 11:00a to 02:00p MDT
Wed, Sep 09, 2020 - 11:00a to 02:00p MDT
Thu, Sep 10, 2020 - 11:00a to 02:00p MDT
Thu, Sep 17, 2020 - 11:00a to 02:00p MDT
Thu, Oct 08, 2020 - 11:00a to 02:00p MDT
Wed, Oct 14, 2020 - 11:00a to 02:00p MDT
Thu, Oct 15, 2020 - 11:00a to 02:00p MDT
Wed, Nov 11, 2020 - 11:00a to 02:00p MST
Thu, Nov 12, 2020 - 11:00a to 02:00p MST
Thu, Nov 19, 2020 - 11:00a to 02:00p MST
Wed, Dec 09, 2020 - 11:00a to 02:00p MST
Thu, Dec 10, 2020 - 11:00a to 02:00p MST
Thu, Dec 17, 2020 - 11:00a to 02:00p MST

State Specific Details

State Approval Information Details

KS - This course is approved for 3 hrs CE - Course#  600015088

Note -  KAIA will file your earned CE electronically within 10 business day after course completions

MI - This course is approved for 3 hrs CE - Course#78956

TN - This course is approved for 3 hrs CE - Course#30270

GA - This course is approved for 3 hrs CE - Course#54168

NY - This course is approved for 3 hrs CE - Course#NYCR-258934

LA - This course is approved for 3 hrs CE - Course# 30303

NE - This course is approved for 3 hrs CE - Course# 38376

UT - This course is approved for 3 hrs CE - Course# 35855

NJ - This course is approved for 3 hrs CE - Course#88900358

MT - This course is approved for 3 hrs CE - Course#6000031945

ME - This course is approved for 3 hrs CE - Course#25739

WV - This course is approved for 3 hrs CE - Course# 106484


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