If you are a homeowner, a building owner, or an insurance broker, underwriter, adjuster or claims examiner, you need to read this article.
In the nineties, Marshall and Swift, The Building Cost People issued a bulletin regarding property insurance claims and their relationship to insuring to value (ITV). They released the following statistics. Continue reading The ITV Epidemic
In the July issue of this Newsletter we told you about the ITV Epidemic running rampant regarding under insurance of buildings on current insurance policies. So let us address another issue which contributes to this. The Principle of Substitution.
It wasn’t until the nineties that the issue of the “Principle of Substitution” entered the picture to any degree. This is when obsolescence really became a factor in replacing existing building products, or with respect to installation practices. Prior to the 90’s, products and components were readily available off the shelf and there was very little change in how these products were installed. Continue reading The Elephant in the Room