Property insurance expert witness Burl Daniel, CPCU, CIC, CRM, writes on adequate coverage:
Property insurance seems simple enough – pay the premiums; settle the claim after the fire; replace the damaged home or commercial building. In reality, however, this coverage can be one of the most complex areas in all of Property and Casualty insurance.
Extensive knowledge of several types of policy forms is required to ensure proper structuring of coverage. Due to the wide variation in types and locations of buildings, contents, and Business Income exposures, a multitude of policy forms and endorsements exist to cover virtually any type of property. Expertise with all of these numerous forms – including Inland and Ocean Marine insurance – is necessary to structure coverage correctly.