. 1 Topics Covered in Presentation 1.The course will discuss the general purpose of endorsements 2.Utilizing ISO Forms, the course will highlight some important commercial property endorsements discussing why the endorsement is needed and how the specific endorsements modify the policy 3.The course will discuss in some detail the Value Reporting Form highlighting such issues as: a.Reporting Requirements b.Purpose of Reporting Forms c.Penalties for under-reporting or not filing reports on time to the insurance company

. 2 Endorsements  Purposes Of Commercial Property Endorsements  To Expand Coverage  To Restrict Coverage  To Clarify Coverage  To Comply With State Specific Requirements

. Loss Payable Provisions CP Issue  It is key that all parties to the insurance contract be named correctly on the policy. This begins with the named insured  Additional parties to the contract (that have financial insurable interest) can be added with the Loss Payable Provisions

. Loss Payable Provisions CP Solution  There are three options in adding additional parties  Loss Payable (Derivative)  Lenders Loss Payable (Non-Derivative)  Contract of Sale

. 5 Brands and Labels CP Issues:  An insured may have stock that has specific brands or labels for themselves or others  The insured may not want stock items to be salvaged with that identifying brand or label still attached.

. 6 Brands and Labels CP Solution:  This endorsement allows the insured to either stamp salvage on the item or remove the brand or label before releasing the item for salvage.  The insured must not damage the stock item in doing so and must re-label if the law requires the item to have a label with certain information, such as ingredients, etc.  The insurance company will pay the costs to perform these activities. The costs are included in the limit of insurance for the covered property. Discuss this with your insured.

. 7 Pollutant Clean Up and Removal Additional Aggregate Limit of Insurance - CP Issues:  The Building and Personal Property Coverage Form contains a $10,000 limit for clean up and removal of contaminants from land or water at a described premises.  The insured may need a higher amount of insurance coverage in the event of a covered loss.