The standard fire policy still exists in a number of states. Some states also have standard policies but not Standard 165 Line Fire Policy. The Property Casualty Insurance Association of America made the following chart several years ago for use in considering the effects of Terrorism Insurance and its related federal law on standard policies as mandated by various states:
Merlin Law Group Attorney Ed Eshoo is a true cover . expert when it comes to standard insurance with 165 lines. He has written many blogs and articles about the impact that standard policies can have on coverage. In Standard fire insurance policies still provide basic protection – a major victory for policyholders and Merlin Law Group noted Eshoo:
Surprisingly, many public adjusters and policyholders' attorneys are not aware of the standard fire policy. But for myself and others here at Merlin Law Group, this is the starting point for analyzing the coverage for a fire loss. The standard fire policy potentially provides policyholders with more coverage than they might otherwise have, given the limited number of provisions that condition, suspend, limit, limit or exclude fire coverage.
For anyone involved in property insurance coverage and business claims, one of the first questions to ask is what statutes, ordinances and then standard policies apply. This is a state-by-state analysis and one that is very important for fully understanding the policyholders' rights and benefits after a loss.
Thought for the day
In the past you would have a lawyer to handle everything: fast tickets, buying a house, contracts, litigation, real estate, copyright, leasing, entertainment, intangible property, forensic accounting, crime … the list goes on. Now you need to have a separate lawyer for each of these categories!