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COVERAGE ESSENTIALS: Understanding Commercial Property Gaps and Knowing How to Fill Them
Length: 3 Hours


Commercial Property is one of the largest lines of commercial insurance in the insurance industry. Although commercial property may not grab the headlines like
other lines of business, it is the backbone of the insurance industry. Property was one of the first types of coverage ever written.

But, the Commercial Property Policy, whether it is ISO's or any other form, has coverage gaps. Some gaps can be filled and some cannot. Regardless, every insurance professional must know the gaps, how to fill them and why those that can't be filled, cannot be filled.

Don't assume that just because it's boring old property coverage that there aren't major errors & omissions (E&O) issues within this coverage. And not all commercial property E&O claims are the result of improper values, many are caused by the agent's lack of understanding of the coverages provided.

In this session we focus on the coverage gaps in the ISO Building and Personal Property Coverage Form (CP 00 10) and the Causes of Loss & Special Form (CP 10 30). Along the way we highlight the gaps and introduce the fixes for the gaps (where they exist). We also cover the problem with the concept of Replacement Cost and why it is not what we explain to insureds.

Basic Course Information

Learning Objectives
  • The Basics of Coverage Gaps and Exclusions
  • Where are Coverage Gaps Found
  • Coverage Gaps in the Building and Personal Property Coverage Form (CP 00 10)
  • Valuation: Replacement Cost Isn't What We Tell Insureds
  • Exclusion in the CP 10 30 Causes of Loss & Special Form that Can be "Fixed"

Major Subjects
  • Understand one of the largest lines of commercial insurance, commercial property
  • Review the gaps that can occur with a commercial property policy that can cause an uncovered
    loss or reduced claim reimbursement
  • Learn the endorsements and other tactics to fill the gaps that can be left by the unendorsed
    commercial policies
  • Describe some Errors & Omissions (E&O) exposures that can arise when placing this coverage

Nancy Germond, Executive Director, Independent Insurance Agents & Brokers of America

Nancy Germond is the Executive Director, Risk Management and Education, for the Independent Insurance Agents & Brokers of America, the “Big I.” She is located in Phoenix, Arizona. With almost four decades of risk management experience, her unique insights and abilities help businesses better understand and manage their risk. Nancy has authored scores of risk management-related articles, and white papers and has consulted and presented to public-sector and private-sector insurance organizations. She is a licensed P&C agent and adjuster.

A second-generation insurance professional, Nancy was the first risk manager of the City of Prescott, Arizona, and has worked in the private and public sectors as a claim and risk manager. Nancy holds a B.A. in Communication from Mills College and a Master’s degree in sociology from Lincoln University. She also holds the Associate in Risk Management, the Associate in Claims designation from the Insurance Institute of America, the Insurance Training Professional Designation from the Society of Insurance Trainers and is a Senior Professional in Human Resource Management.

Christopher Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, Independent Insurance Agents and Brokers of America Virtual University

Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, president of Boggs Risk & Insurance Consulting (BRIC) with a focus on education, training, risk and claims consulting with insurance agents and insurance carriers, began the practice of insurance in 1990.

During his nearly three-and-a-half-decade insurance career, Boggs has authored over 2,000 insurance and risk management-related articles on a wide range of topics. Additionally, Boggs has written 15 insurance and risk management books including:

  • "The Insurance Professional's Practical Guide to Workers' Compensation: From History through Audit," (now in its second edition);
  • "Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages," (now in its third edition);
  • "Property and Casualty Insurance Concepts Simplified: The Ultimate 'How to' Insurance Guide for Agents, Brokers, Underwriters and Adjusters;"
  • "Wow! I Never Knew That! 12 of the Most Misunderstood and Misused P&C Coverages, Concepts and Exclusions;"
  • "Insurance, Risk & Risk Management! The Insurance Professional's Guide to Risk Management and Insurance;"

Boggs is a regular speaker at industry events, having taught or spoken nearly 1,000 times. This includes sessions for the National Association of Mutual Insurance Companies (NAMIC), the National Society of Insurance Premium Auditors (NSIPA), the American Association of Managing General Agents (AAMGA), the Institute of Work Comp Professionals (IWCP), the Chartered Property Casualty Underwriter (CPCU) Society and numerous independent insurance agent state association meetings. He has also earned numerous professional accolades including the 2017 Institute and Faculty of Actuaries (IFoA) Brian Hey Prize and the 2019 Casualty Actuarial Society (CAS) Charles A. Hachemeister Prize as part of a of professional collaboration with a diverse group of professionals.

His professional background includes work as a risk management consultant, loss control representative, insurance producer, claims manager, journalist and columnist, quality assurance specialist, and insurance coverage product manager.


Boggs earned a Bachelor of Science degree in journalism at Liberty University in Lynchburg, Virginia, and holds nine professional designations. 


This course has no breaks

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