The truly great news this New Year? As regular readers well know, such proofs are shown here in every monthly column. And this plethora does not even require an extensive journey through manuscript or unique carrier products. Here are just a few gems gleaned from standard ISO forms:

How an unawareness of the specific definition of "residence premises" can result in a total claim denial for any loss to a home, even if the daughter of the insured still resides there
How the difference between fictitious name and actual legal entity can result in unintended coverage consequences—and audits
How failure to actually read a personal umbrella form made the crucial difference in advice given to an insured renting a car while on vacation in Ireland
How an insured discovered his loss assessment coverage provided by his HO-6 was truly a wonderful benefit—until the assessment was for a flood
How the definition of "mobile equipment" in the BAC and CGL can mean a difference of millions of dollars in liability protection
How "loving what you believe the policy provides" is far different than the reality of what the policy says—and how the difference can turn a righteous claim all wrong
How choosing the wrong "coinsurance waiver" option in a business income policy risks creates a tougher coinsurance requirement—and that's actually the best outcome
How too many agents use agreed value in situations in which the commercial property values are unclear—only to find the option penalizes any insured who doesn't provide accurate values
How in the BOP, the seasonal Increase may not be, the business income generous but insufficient and "no coinsurance" misleading.

These are just selected examples from the last two years of this column. These examples are not meant as an endorsement of ISO over other forms providers, or even to prove that the higher priced coverage is always the higher quality. But they represent a portion of the incredible potential value lying in wait for those willing and able to appreciate the depth and variety of insurance. As the examples prove, many of these differences come home to roost in everyday, common situations.

Special Reports /

A New Year's resolution: Value over price

Related Stories

Recommended For You