Jack Mann has been an insurance professional for over 20 years. Jack Mann specialized in researching, developing, and implementing Insurance programs for large associations. Taking after his father, George F. Mann, Jr., Jack Mann has created multiple National Insurance programs. When putting Commercial Insurance programs together Jack Mann goes through an information-gathering phase. This phase can last up to 18 months depending upon the amount of data provided by the potential client. Upon receipt of the necessary data, Jack Mann then utilizes the information to create a feasibility study, not unlike those used in creating offshore captive Arrangements. When Jack Mann puts together the necessary data for a commercial insurance program on a national basis, he does so with the needs of each individual member of the program in mind.
When Jack Mann put together the insurance program for the American Electroplaters and Surface Finishers Society (AESF), he made sure that the various insurers who dealt with writing coverage for electroplaters, anodizers, deburring operations, spray coating, flow coating, and powder coating businesses it was imperative that a separate limit of insurance be included for debris removal. Debris removal in all commercial insurance policies, allows for up to 25% of the total combined limits of business personal property and building coverage to be reduced by up to 25% by the insurance company for debris removal in the event there is a toxic exposure of any kind. That is to say, in the event that an insurance carrier like State Farm decided that the bricks remaining after a total loss on a building where contaminated, the total limit of insurance which in this case we will use the number 1 million dollars for building and business personal property, would be reduced by up to $250,000 for debris removal. Once the $250,000 is paid to contractors who are approved and used by the insurance carrier regularly, the remaining limits to rebuild this business operation would be left at $750,000. Certainly, this is not enough money to rebuild, and the insured would have to go and get a loan in order to rebuild properly. Far too many times and and in not so unusual process the commercial insured’s are left making themselves whole again.
Jack Mann is of the opinion and belief that when a situation like this arises, it is vital that there be some sort of valuation of the business personal property, and the commercial building. Once all of this data is written down and put into Excel spreadsheets every single piece of equipment, serial number, name of manufacturer, Etc will be memorialized in this report. In the event of a total loss, which in the insurance industry we refer to as probable maximum loss, this data can be tweet years after it was originally compiled based upon the replacement values of the equipment in today’s market, the cost to run wiring to and from the electrical equipment, and any other issues associated with rebuilding this business.
Needless to say, when it Commercial Insurance customer has a total loss, loses 25% of their insurance immediately upon the loss, and cannot rebuild with the amount of money provided from the insurance carrier after the loss… They are not happy with the insurance broker, the insurance company, and especially not happy with the insurance adjuster. How is this resolved? That is a question that Jack Mann alone provides answers to when he meets with individual business owners who are attempting to take care of any future losses today through and buy proper insurance coverages and forms. Don’t hesitate to contact check at his email to ask any and all questions you may have regarding this insurance anomaly.
Here at Jack T is for the Mann, it is painfully obvious that not enough insurance brokers truly understand how commercial property insurance works with debris removal. That is why, professionals like Jack Mann, always available to make recommendations 2 potential future Insurance buying customers in a Consulting capacity.