CORPORATE OFFICE 126 Business Park Drive, Bldg 2 Utica, New York 13502 800.382.2468 Outside U.S. (315) 797.3035 FAX: (315) 272.2054 Editor@AdjustingToday.com Follow Adjusting Today on Facebook & Twitter: Facebook.com/AdjustersInternational Twitter.com/AdjustingToday ADJUSTING TODAY® is published as a public service by Adjusters International, Ltd. It is provided for general information and is not intended to replace professional insurance, legal or financial advice for specific cases. ADJUSTINGTODAY® AdjustingToday.com View our entire catalog of back issues, download PDF versions, subscribe and contact the editor. WEB ADDRESSES AdjustersInternational.com AdjustingToday.com PUBLISHER Stephen T. Surace, CPA, CFF, MBA EDITOR Sheila E. Salvatore AT23 3059 Mr. Harrington is an independent insurance writer and communications specialist. He served for over 20 years as communications director for the American Association of Insurance Services (AAIS). His work has been published in Best’s Review, Rough Notes, publications of The Institutes, and elsewhere. Joseph S. Harrington, CPCU ABOUT THE AUTHOR Adjusting Today Basis for Institutes CE Courses The Institutes, the leader in providing knowledge solutions for risk management and the property/casualty insurance industry, offers continuing education courses based on technical information compiled from issues of Adjusting Today. The courses — “Valuing a Property Insurance Claim” and “Natural Disasters: Coverage Issues” — include seven modules each and are approved for credit by insurance departments in most states. They are offered to property insurance producers, adjusters or both, depending on the state, for up to three continuing education credit hours per course. More information is available at CEU.com. Copyright © 2023 Adjusters International. All Rights Reserved. Policies and codes A surprising number of building owners are caught by surprise when they learn their insurance doesn’t cover substantial costs they incur after their property is damaged. When the time comes to place or renew coverage, property owners and their insurance agents or brokers need to carefully consider the following: • When each insured structure was built and last renovated; • How current structures and systems compare with the latest code requirements; • The likelihood of imminent code changes, particularly in catastropheprone areas; and • The desirability of rebuilding after a loss for the current occupancy or moving to another location. Even with “replacement cost” coverage, property owners and their risk counselors need to know if the coverages and limits they’ve selected truly meet their needs following a loss. ____________________ 1 Federal Emergency Management Agency, Building Codes Strategy, March 2022, p. 6; accessed at https://www.fema.gov/sites/default/files/documents/fema_building-codes-strategy.pdf 2White House Briefing Room, FACT SHEET: “Biden-Harris Administration Launches Initiative to Modernize Building Codes, Improve Climate Resilience, and Reduce Energy Costs,” June 1, 2022; accessed at https://www.whitehouse.gov/briefing-room/statements-releases/2022/06/01/factsheet-biden-harris-administration-launches-initiative-to-modernize-building-codes-improveclimate-resilience-and-reduce-energy-costs/ 3ISO is an insurance industry organization that, among other things, develops standardized policy forms used directly by insurers or as the basis of their proprietary forms.
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