Values change; coverage often does not
Many agents write commercial property coverage competently at the start. As time passes, the property must be reassessed:
- Has square footage been added since the policy was placed?
- Does the automatic inflation guard really keep pace with construction costs?
- Have equipment, improvements and inventory been revalued?
- Are all locations scheduled with appropriate limits?
- Is property covered when it is away from the premises?
These questions should be asked periodically. Many customers never ask their agents for this help and miss the chance to keep their protection current.
Business income
Inadequate business income protection can be just as devastating. An agent engaged for advice should challenge the client on ongoing cash flow needs: fixed costs first, then the cost of operating from temporary facilities, payroll, and a load for lost profits until the business is back to full capacity. The analysis is partly subjective, but without it insurance becomes a matter of crossing your fingers.
Mr. Sapourn has testified on business income coverage placed with 90% coinsurance after a no-coinsurance form was proposed, and on whether specialized equipment was part of an insured building.
Mr. Sapourn is retained by both plaintiff and defense counsel for case analysis, opinion reports, affidavits, depositions and trial testimony. Request his CV and Rule 26 disclosure through the contact form.