Commercial insurance is a complex and dynamic component of the real estate finance industry. In recognition of the training needs of our members, MBA Education has developed a comprehensive program covering the various elements of commercial insurance. In collaboration with Insurance Advisors LLC and Fortress Risk Consultants LLC, MBA Education will offer 12 webinars over the course of a two year period covering the following four categories:
1) Introductory and Overview
2) Types of Commercial Insurance
3) Commercial Insurance Industry Processes
4) Commercial Insurance Compliance
Our goal is for MBA members to develop a better understanding of everything from the fundamentals to the complexities of commercial insurance.
CMF: Policy Review & Boiler/Machinery Coverage Overview Webinar Summary:
In this two pronged seminar, industry experts will provide the audience with an overview of how commercial insurance policies are structured, and how to review policies for accuracy. Most commercial insurance policies present the coverage limits, exclusions and governing terms and conditions in a fairly consistent manner. The instructors will provide an overview of how to review policies for accuracy by walking through an insurance policy and explaining where to find the key elements of coverage within a policy.
In the second part of this seminar, we will provide an overview of Boiler & Machinery (Equipment Breakdown) coverage and what this policy is supposed to protect. Time permitting, we will then walk through a policy to identify the key coverage sections and review it for accuracy. As such, the attendees will also be provided with an education on Boiler and Machinery coverage. This coverage is not well understood, even within the ranks of the insurance industry, so this will be a good bonus opportunity to further your knowledge base of a coverage that is often a required coverage by the lending industry!