This course explains that the first party property insurance policy places multiple conditions on the person or entity insured to, at the very least, cooperate with the investigation of the insurer and to treat the insurer with good faith and fair dealing. The duties include, but are not limited to, giving prompt notice to the insurer, protecting the property from further damage, permitting the insurer to inspect the property, producing books and records, assisting the insurer in creating a scope of loss, producing documents and submitting a sworn statement as proof of loss. If the insured and the insurer cannot agree on the amount of loss, they must submit to “appraisal” a form of arbitration limited to establishing the amount of loss.
The course covers the following: