Fl Risk Blog

Mike Petruccelli says a Contractors Equipment Coverage Form is part of the Inland Marine Coverage part of the Commercial Package Policy.

Mike Petruccelli says a contract bond is a category of Surety bonds which guarantees the fulfillment of contractual obligations.

Mike Petruccelli says a contract is a legal agreement between two parties promising a certain performance in exchange for a certain consideration.

Mike Petruccelli says Contingment Liability is liability which an insured or bussiness incurs because of the actions of others (i.e., family or employees). Also called vacarious liability.

Mike Petruccelli says Constructive Total Loss is in Ocean Marine insurance a loss which occurs when property is not completely destroyed but the cost to salvage or repair the preopty would exceed its value.

Mike Petruccelli says a Conservation Bond is a fiduciary bond for those appointed to manage and preserve property other than estates of decedents.

Mike Petruccelli says it is damage which occurs as “consequence” of a direct loss, suck as loss from spoilage resulting from lack of power, light, heat, etc. Notgenerally covered under property policies unless specified.

Mike Petruccelli says it is a part of the Commercial Property Coverage part of the Commercial Package Policy which covers the unit owners business personal property

Mike Petruccelli says a Condo Association Coverage Form is a part the Commercial Property Coverage part of the Commercial Package Policy which covers the buildings in a condo complex.

Mike Petruccelli says a storm warning a warning means sustained winds of 64 knots (74mph) or higher associated with a hurricane are expected in a specified coastal area in 24 hours or less. A hurricane warning can remain in effect when dangerous high water or combination of dangerously high water and exceptionally high water and exceptionally high waves continues, even though winds may be less than hurricane force. If told to moce to a shelter or evacuate the area, do so immediately.