Resolve the language before comparing the price.
These answers explain common distinctions in a property account. Apply them to the current policy, proposed terms, and responsibilities recorded in your agreements.
Does the owner’s building policy cover management errors?
A building policy does not by itself establish coverage for an alleged error in professional management services. Review the manager’s service description and professional liability terms alongside the owner’s property coverage.
How should an account describe money held for owners?
Identify who owns the funds and which entity controls them. Crime coverage for a manager’s own money may differ from coverage for client property, so client-funds wording needs explicit attention.
Is a fraudulent supplier payment the same as a stolen transfer?
The distinction can affect coverage. A person deceived into approving a payment may trigger different wording from an unauthorized transfer. Review social-engineering provisions, sublimits, and verification conditions.
Should the purchase price become the building’s insured value?
A purchase price includes market considerations that differ from rebuilding costs. Discuss the basis for the reported property value, the valuation clause, and any coinsurance requirement before using it in a submission.
What needs attention when replacing an E&O policy?
Check continuity of the retroactive date, the new reporting conditions, and any known circumstances. A later demand can concern earlier work, making the timing provisions relevant to the comparison.
Can a certificate change what a policy covers?
A certificate records information about insurance; it does not rewrite the policy. Required additional-insured status or another contractual condition must be checked against the actual endorsement and policy terms.
Is earthquake or flood included with the building?
Do not assume either is included. The causes-of-loss wording and endorsements can exclude or limit water and earth events. Raise those exposures separately when preparing the property brief.
Does arranging a meeting put insurance in force?
Booking a conversation, sending an enquiry, or reading a proposal does not put coverage in force. Effective coverage and its terms require confirmation through the procurement process.