Property Insurance Roundtable
Coinsurance: An Essential Concept in Property Insurance
We assembled four industry panelists to answer these very important insurance coverage questions. This information is intended to assist policyholders by clearing up common misnomers, gauge proper coverages and finding the right broker. Remember, it’s important to read the contract language thoroughly and understand which policies cover which assets to make sure you are reimbursed properly in the event of a loss.
- [00:35] Introducing the panelists
- [01:08] What is coinsurance?
- [04:46] Why would coinsurance be included in a policy?
- [09:04] What challenges do policyholders face when filing an insurance claim on policies including coinsurance?
- [17:00] What role does the deductible play in calculating coinsurance penalties?
- [20:56] What can policyholders do to ensure their policy coverage is adequate?
- [37:54] What options do policyholders have if they have a coinsurance challenge?
- [42:41] Calculations of depreciation
- [44:30] Are brokers doing an adequate job of explaining coinsurance, deductibles and replacement costs to insureds?
G. Craig Becker brings 42 years of adjusting and claims management experience to Globe Midwest Adjusters International. Mr. Becker’s background includes managing the catastrophe operations for Hurricane Andrew, the California firestorms and the North Ridge earthquake. A licensed pilot, he also specializes in aviation claims, as well as commercial property losses. Prior to joining Globe Midwest Adjusters International as an Executive Adjuster in 1997, Mr. Becker was a property claims manager with Fireman’s Fund Insurance Company and a national property claims manager with Atlantic Mutual Insurance Company, from which he earned an outstanding award for claims excellence. Mr. Becker holds a BS degree from Michigan State University.
Craig has been featured as an expert panelist on Adjusters International’s Property Insurance Roundtable podcast in the episode titled, “Coinsurance: An Essential Concept in Property Insurance.”
Scott Eich of Adjusters International holds current public adjuster licensure in 17 states and has handled claims in over 38 states. He has 29 years of property claims adjustment and management experience with an emphasis on commercial losses, with insurance companies and public adjustment firms. Mr. Eich is knowledgeable in all aspects of claim handling for large fire, wind, hail, water, water intrusion, earth movement and mold claims. He is proficient in business income calculations for all types of businesses and is well versed in a multitude of commercial and personal lines property coverage forms and policies, including CP, BOP, BR, IM, manuscript and HO policy forms. Mr. Eich is experienced at making complex coverage decisions and has worked with coverage counsel on difficult coverage issues for venues across the country. He has been retained on numerous occasions by counsel to act as an expert witness at trials. As an EGA/GA/Manager, he has handled commercial property files in excess of $100 million in damages including building, content, and Business Income loss. He has been involved in the field training of adjusters, conducted presentations on adjusting procedures, technical property training, difficult coverage issues and bad faith issues.