The Basics of Property Values and Coinsurance Conditions
Live Webcast

The Basics of Property Values and Coinsurance Conditions


Total Credits: 3 including 3 CE Credit




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 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

Wed, Oct 24, 2018 - 01:00p to 04:00p EDT
Tue, Nov 27, 2018 - 01:00p to 04:00p EST
Wed, Dec 19, 2018 - 01:00p to 04:00p EST
Tue, Jan 08, 2019 - 01:00p to 04:00p EST
Tue, Jan 15, 2019 - 01:00p to 04:00p EST
Thu, Jan 24, 2019 - 01:00p to 04:00p EST
Tue, Feb 12, 2019 - 01:00p to 04:00p EST
Wed, Feb 20, 2019 - 01:00p to 04:00p EST
Tue, Feb 26, 2019 - 01:00p to 04:00p EST
Thu, Mar 07, 2019 - 01:00p to 04:00p EST
Thu, Mar 14, 2019 - 01:00p to 04:00p EDT
Thu, Mar 21, 2019 - 01:00p to 04:00p EDT
Wed, Apr 03, 2019 - 01:00p to 04:00p EDT
Wed, Apr 10, 2019 - 01:00p to 04:00p EDT
Wed, Apr 24, 2019 - 01:00p to 04:00p EDT
Wed, May 01, 2019 - 01:00p to 04:00p EDT
Thu, May 16, 2019 - 01:00p to 04:00p EDT
Wed, May 22, 2019 - 01:00p to 04:00p EDT
Thu, Jun 06, 2019 - 01:00p to 04:00p EDT
Wed, Jun 26, 2019 - 01:00p to 04:00p EDT
Tue, Jul 09, 2019 - 01:00p to 04:00p EDT
Tue, Jul 16, 2019 - 01:00p to 04:00p EDT
Tue, Jul 23, 2019 - 01:00p to 04:00p EDT
Tue, Aug 06, 2019 - 01:00p to 04:00p EDT
Tue, Aug 13, 2019 - 01:00p to 04:00p EDT
Tue, Aug 20, 2019 - 01:00p to 04:00p EDT
Thu, Sep 19, 2019 - 01:00p to 04:00p EDT
Thu, Sep 26, 2019 - 01:00p to 04:00p EDT
Wed, Oct 09, 2019 - 01:00p to 04:00p EDT
Wed, Oct 16, 2019 - 01:00p to 04:00p EDT
Wed, Oct 23, 2019 - 01:00p to 04:00p EDT
Thu, Nov 07, 2019 - 01:00p to 04:00p EST
Thu, Nov 14, 2019 - 01:00p to 04:00p EST
Thu, Nov 21, 2019 - 01:00p to 04:00p EST
Thu, Dec 05, 2019 - 01:00p to 04:00p EST
Thu, Dec 12, 2019 - 01:00p to 04:00p EST
Thu, Dec 19, 2019 - 01:00p to 04:00p EST

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#73657

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

 


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