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Overview of Property Insurance

Overview of Property Insurance. Chapter 10 Risk Management for Financial Planners. Insurance needs and rationale analysis Use a systematic approach to gather information about a risk Checklists and questionnaires with specific questions

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Overview of Property Insurance

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  1. Overview of Property Insurance Chapter 10 Risk Management for Financial Planners • Insurance needs and rationale analysis • Use a systematic approach to gather information about a risk • Checklists and questionnaires with specific questions • An analysis of financial statements that may disclose exposures • Flowcharts depicting relationships between operations • Loss analysis that reveals past exposures • Onsite inspection • Analysis of the exposure • Frequency • Severity

  2. Overview of Property Insurance Chapter 10 Risk Management for Financial Planners • Evaluation of real and personal property exposures • Real property • Building (manufacturing plants, office buildings, apartments, condominiums, and houses) • Structures (swimming pools and fences) • Land on which building and structures are located • Personal property—items not included in real property category • Furniture • Clothing • Fax machines • Finished stock

  3. Overview of Property Insurance Chapter 10 Risk Management for Financial Planners • Evaluation of real and personal property exposures (cont’d) • Property Exposures (C.O.P.E.) • Construction • Types of construction (e.g., frame, masonry, materials used for flooring, roof) • Occupancy • How will the property be used

  4. Overview of Property Insurance Chapter 10 Risk Management for Financial Planners • Evaluation of real and personal property exposures (cont’d) • Property Exposures (C.O.P.E.) (cont’d) • Protection • Kind and quality • Public and private • Fire extinguishers, sprinkler systems, training, equipment, and proximity of public fire department • Exposures • Outside sources that create the chance for loss

  5. Overview of Property Insurance Chapter 10 Risk Management for Financial Planners • Evaluation of auto risk exposures • Personal • Private autos, pickup trucks, vans, and trailers • Factors determining frequency and severity of hazards • Age • Sex • Marital status • How car will be used • Type of car • Occupation of the insured • Where the vehicle is garaged

  6. Overview of Property Insurance Chapter 10 Risk Management for Financial Planners • Evaluation of auto risk exposures (cont’d) • Business auto policy • Vehicles used in the course of business • Whether owned, leased or hired by the organization • Factors determining frequency and severity of hazards • Whether the organization leases vehicles • How many vehicles in the fleet • Will individual’s vehicles will be used for business purposes • If customers vehicles are driven by employees (e.g., valets) • Are vehicles used for public transportation

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