Insurance Coverage and Risk Management in Idaho Property Management
Introduction
Howdy y’all! Welcome aboard this wild ride through the world of insurance coverage and risk management in Idaho property management. Get ready to uncover the secrets of protecting your properties and keeping your tenants happy. In this comprehensive glossary, we’ll break down the lingo, clarify the complexities, and guide you through the maze of insurance policies like a pro. So, buckle up, folks, and let’s dive right in!
A to C
Actual Cash Value (ACV)
ACV is like the worth of your stuff after it’s been through the wringer. It’s what you’d get for it if you sold it today, all beat up and whatnot.
Additional Insured
These lucky folks are covered under an insurance policy even though they’re not the ones paying for it. Talk about a sweet deal!
Bodily Injury
When somebody gets hurt on your property, that’s called bodily injury. Ouch!
Business Interruption Insurance
This insurance has your back when things go south and you can’t operate your business as usual. It covers lost income and other expenses.
Commercial General Liability (CGL) Insurance
CGL insurance is like a superhero, protecting you from claims of bodily injury, property damage, and advertising injuries. It’s a must-have for property managers.
Condominium Association
Picture a bunch of condo owners banding together to take care of the common areas in their buildings. That’s a condo association.
Concurrent Causation
When two or more causes lead to a loss, that’s called concurrent causation. It’s like a tag team of unfortunate events.
Coinsurance
Coinsurance is an agreement where you and your insurance company share the responsibility of insuring your property. It’s like a partnership, but with paperwork.
Common Area
In multi-unit properties, the common areas are the ones that everybody shares. Think hallways, lobbies, and pools.
D to F
Deductible
The deductible is your share of the loss before the insurance company steps in. It’s like a self-imposed challenge to see how much you can handle before calling for help.
Direct Physical Loss
When something tangible gets damaged, that’s called direct physical loss. It’s like when your roof caves in from a snowstorm.
Earthquake Insurance
This insurance is like a bodyguard for your property when the earth starts shaking. It protects you from damage caused by earthquakes.
Errors and Omissions (E&O) Insurance
E&O insurance is your safety net when you make a mistake in your professional duties. It covers claims of negligence or breach of contract.
Flood Insurance
Flood insurance is like an umbrella for your property when the waters rise. It protects you from damage caused by floods.
Force Majeure
Force majeure is a fancy term for events beyond your control, like earthquakes, floods, and alien invasions. These events can excuse you from your contractual obligations.
G to I
General Liability Insurance
General liability insurance is your shield against claims of bodily injury and property damage caused by your business operations. It’s like a superhero cape for your business.
Gross Negligence
Gross negligence is when you’re so careless that it’s almost like you meant to cause damage. It’s like driving blindfolded while juggling bowling pins.
Hazard
A hazard is anything that can cause a loss. It’s like a ticking time bomb waiting to ruin your day.
Homeowners Association (HOA)
A homeowners association is a group of homeowners who band together to manage and maintain their community. They’re like the neighborhood watch, but with more power.
Idaho Department of Insurance
The Idaho Department of Insurance is the state agency that regulates the insurance industry in Idaho. They’re like the referees of the insurance game.
Idaho Landlord-Tenant Act
The Idaho Landlord-Tenant Act is a set of laws that govern the relationship between landlords and tenants in Idaho. It’s like the rulebook for renting and leasing property.
J to L
Joint and Several Liability
Joint and several liability is a legal principle that holds multiple parties responsible for the same debt or obligation. It’s like being in a tug-of-war, but instead of a rope, it’s a lawsuit.
Leasehold Interest
A leasehold interest is the right to occupy and use property for a specific period of time. It’s like renting a piece of land or a building, but for a longer period.
Liability Insurance
Liability insurance is like a force field that protects you from claims of bodily injury or property damage caused by your actions or the actions of your employees. It’s like a superhero’s shield, but made of paperwork.
Loss
A loss is when something valuable is damaged, stolen, or destroyed. It’s like losing your favorite toy as a kid, but worse because it’s usually more expensive.
Loss Control
Loss control is like putting on your seatbelt before driving. It’s all about taking steps to prevent losses from happening in the first place.
M to O
Master Policy
A master policy is like the parent of all insurance policies. It provides coverage for a group of properties or individuals under one big umbrella.
Named Peril Policy
A named peril policy is like a picky eater. It only covers losses caused by specific perils that are listed in the policy. It’s like an insurance policy that only covers damage caused by unicorns riding skateboards.
Negligence
Negligence is when you fail to take reasonable care to avoid causing harm to others. It’s like forgetting to put the lid on the pot when you’re cooking pasta, and then the water boils over and makes a huge mess.
Occurrence Policy
An occurrence policy is like a time machine for insurance. It covers losses that happen during the policy period, even if the claim is made later. It’s like having a superpower that lets you fix problems from the past.
Ordinance or Law
An ordinance or law is a rule or regulation that is made by a government body. It’s like a set of instructions that everyone has to follow.
P to R
Personal Injury
Personal injury is like a bruise on your reputation. It’s when someone’s character or reputation is damaged, usually through slander or libel. It’s like being called a “stinky cheese