Breneman Blueprint: Real Estate and Entrepreneurship Podcast

Insurance Q&A: Coverage Gaps, Coinsurance, Ordinance & Law, Worker’s Comp, and More | Tom Panos

May 22, 2024

55:39

In this episode, we sit down with Tom Panos, an experienced insurance agent, to dive into the critical aspects of commercial property insurance.

We'll explore a range of important topics, including common policy missteps, such as underestimating building values or falling into coinsurance traps, and how to spot and fill coverage gaps. From the benefits of ordinance or law coverage and the necessity for equipment breakdown insurance to the advantages of having a public adjuster by your side during significant claims, we cover it all.

Tom also explains the impact of construction types on premiums and the essentials of hiring contractors with the right insurance coverages. Plus, we'll discuss how to avoid potential liabilities with uninsured subcontractors, and Drew will break down an insurance contract exhibit he has developed for use with contractors/vendors. Join us for a comprehensive guide to the complexities of commercial property insurance.

Highlights:

00:53 Introduction to Tom Panos, insurance agent

03:25 Common insurance coverage mistakes

11:03 Making claims for smaller amounts

13:33 What is an insurance adjuster?

21:30 Construction types in insurance rates

27:58 Getting a loss run from a current owner

30:00 Basics of ordinance or law coverage

32:27 Insurance payout for a non-conforming building

36:29 Stab-Lok panels and uninsurable buildings

41:33 The proper way to get an insurance certificate

49:00 The importance of having a workers’ comp