Who has an insurable interest in the damaged property

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Property Claim adjusting assignment

Joe, an adjuster for ABC Insurance Company receives a loss notice of a fire at XYZ Manufacturing Co. The loss notice says the fire occurred on Jan. 1, 2012. XYZ has a commercial property package with your company. The policy is effective 1/1/2012 to 12/31/2012. The policy has a 2 million building limit and a 4 million contents limit. The building is insured at ACV and the contents at replacement cost.

During the investigation Joe learns:

-Blue Mortgage Company has a 1 million dollar mortgage on the building
-Red Credit Company has given a loan to XYZ in the amount of 1 million dollars to purchase equipment.
-The fire started from a short circuit in the wiring.
-The building contained 5 million widgets made by XYZ Company and 2 million widgets made by Yellow Company.
-The fire department arrived on scene at 12:10 AM 1/1/2012.
-The sprinkler system did not activate.
-The building and contents are a total loss. The estimate to replace the building is 3.5 million and the estimate to replace the equipment is 2 million. XYZ claims 10 million in widget inventory but has not been able to produce inventory or cost records.
-The insured wants payment quickly so they can restart the business in a temporary location.
-The insured's tax records show that it has been losing money steadily for several years.

Answer the following questions.

If you are not able to answer the question indicate what information is needed in order to answer the question. If you need to retain an expert in order to obtain the information, indicate the type of expert needed.

1. Who has an insurable interest in the damaged property and who is insured for the damaged property?

2. What property is insured under the policy and during what time period?

3. What is the cause of loss?

4. What valuation method do you use and why?

5. Has the insured complied with all of their duties under the policy?

6. What are the possible avenues of subrogation and why?

Reference no: EM13850157

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