Understanding the Importance of Ordinance or Law Coverage (ABEN) Course #107665 | 2 P&C Insurance agents do a bad job of explaning the concept of "replacement cost." We tend to tell clients they will get new stuff for old junk and while that may be partially true, partial truths get you sued. One roadblock to replacement cost is building codes or what we insurance practicioners refer to as ordinance or laws. Unendorsed policies offer only a VERY limitied amount of coverage for the increased costs to rebuild due to these ordiances or laws, and when your insured is forced to pay these additional costs out-of-pocket, they are going to be mad! Learning Objectives:
Understanding the Importance of Ordinance or Law Coverage (ABEN)
Course #107665 | 2 P&C
Insurance agents do a bad job of explaning the concept of "replacement cost." We tend to tell clients they will get new stuff for old junk and while that may be partially true, partial truths get you sued.
One roadblock to replacement cost is building codes or what we insurance practicioners refer to as ordinance or laws. Unendorsed policies offer only a VERY limitied amount of coverage for the increased costs to rebuild due to these ordiances or laws, and when your insured is forced to pay these additional costs out-of-pocket, they are going to be mad!
Contact Information:Big I Maryland2408 Peppermill Dr., Ste AGlen Burnie, MD. 21061P: 410-766-0600E: info@bigimd.com
Contact Information:
Big I Maryland
2408 Peppermill Dr., Ste A
Glen Burnie, MD. 21061
P: 410-766-0600
E: info@bigimd.com
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