Also in the Dec Page this month is an article pertaining to a concept that many often have difficulty understanding and explaining—coinsurance. To insurance industry customers, coinsurance is a baffling subject, with its purpose unknown and its benefits unappreciated. This article offers a thorough and practical guide to coinsurance. It details what coinsurance is, how it works, and how courts view coinsurance.

Questions and Answers

Where an insured lives relative to the location of the insured premises matters when a loss occurs. See Location of Residence. Is a vehicle in dead storage considered to be personal property? See Dead Storage.

When property is stolen and a crime policy is in force, is a forensic accounting exam covered? See Cost to Verify Amount of a Crime Loss Is interior staining that does not match the existing staining a covered loss? See Faulty Workmanship When an insured creates art and has it appraised, is it business or personal property? See Hobby Art with an Appraisal.

Tattoo and Body Piercing Coverage

Capitol Specialty Insurance Corp provides specialty coverage for professional tattoo shops. Endorsements particular to the unique needs of the profession tailor the standard commercial general liability policy for this industry. A new article on this topic can be seen here: Capitol Specialty Insurance Corp.

Equipment Breakdown Coverage Form

The Equipment Breakdown Coverage Form was revised in 2011. This discussion reviews the form and any changes made. See: Equipment Breakdown Coverage Form.

Condominium Commercial Unit-Owners Coverage Form

Insurance Services Offices, under the simplified commercial property program, provides for the particular needs of commercial condominium unit owners under a separate coverage form, CP 00 18 10 12. The form is available for business or professional firms that own commercial condominium units. The form closely follows the Building and Personal Property Coverage form, CP 00 10 10 12 but is modified to fit the needs of commercial condominium unit owners. An update of the form's provision through the October 2012 edition can be found here: Condominium Commercial Unit Owners Coverage.