It has been said “never stop learning, because life never stops teaching.” As the kids head back to school, it is important to remember that adults can benefit from educational opportunities as well! Recent lunch and learns have resulted in some very interesting questions and I even learned a few things when researching answers!

For example – building ordinance and law coverage is usually included in property policies, but do you know what each type (A, B, & C) covers? If building code requires demolition of the property in order to rebuild, Coverage A and B will pay for the cost of the demolition, among other things. Coverage C kicks in if updated building codes cost more than what was originally there, for example adding fire sprinkler systems.

Another great question came when a manager asked what the difference was between all the certificates and forms you receive from insurance agents. The certificate of insurance is a condensed form that shows the basics of coverage, policy numbers, and contact information. The disclosure also has the basics of coverage, but also has the wording required by the Davis-Stirling Act. This is the form that must be included in your annual disclosure/budget packages. The declarations (dec) page is usually the first few pages of the actual policy, and is considered the contract between the carrier and the insured. Even though lenders always ask for the dec page, they really want the certificate of insurance.

The purpose of my monthly Coverage Corner articles is to educate. Maybe to make you stop and think for a second, and clarify something you thought you knew, but can now see differently.

Many business partners, including myself, provide in-office education for management companies and boards free of charge. We even bring food! If you are interested in learning more about insurance, please let me know and I can tailor a presentation specific to your needs.

There are also several events, many of them free for managers and board members, which are available in our industry. Coming up in September, the Bay Area and Central Valley chapter of CAI is hosting its annual Education Conference and Mini-Expo. The event takes place on September 16th at the San Ramon Marriott and offers sessions on subjects ranging from reserve studies, water conservation, and…insurance! I am speaking on earthquake insurance, along with Leanne Anderson – DeMattei and Don Davis. (For registration information visit http://www.caibaycen.com/2016/07/26/hoa-rock-stars/)

If you are planning on visiting the conference, be sure to stop by the Berg Insurance Agency booth! If you bring a copy of your favorite Coverage Corner, you will be entered into a special drawing for a $50 Visa gift card!