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Kristine Economus With extensive knowledge of both commercial and personal lines, Kristine joined Advocate with 23+ years of industry experience, working at firms such as Freddie Mac as a senior in the Multifamily Asset Management division, where she handled insurance compliance, and Armada, where she has reviewed insurance compliance for Fannie Mae, Freddie Mac, HUD, and many other types of loans. Kristine also has nearly a decade of commercial underwriting experience at multiple large national carriers. Brenda RowleyBrenda joined Advocate with 20+ years of experience in the industry. Brenda has extensive knowledge in both commercial and personal lines. Prior to Advocate, Brenda worked as a Senior Insurance Compliance Analyst for 10 years covering pre-closing and post-closing insurance reviews for Freddie, Fannie, and HUD loans. Brenda also spent over a decade as a Senior Manager on the insurance agency side selling and servicing personal and commercial lines of insurance. Penny Gayle
Advocate Technologies Services For any questions related to Advocate Technologies, what we do, the services that we offer, our proprietary software - Advocate Q&A is the place for you!
If you have a question about insurance and compliance, you can post and find answers here. Advocate is committed to helping clients navigate the complex world of insurance and compliance, and our team of experts are available to answer your questions and provide guidance.If you would like to know more about Advocate, our services and proprietary software, post your questions here! For any other discussions or questions you may have, you are at the right place! Our General Forum is the place to go. Here, you can connect with other members of the Advocate community and share your thoughts and ideas.
At Advocate Technologies, we believe in the power of collaboration and leveraging collective knowledge to create innovative solutions to tackle challenging problems. We are building this Community with the aim of providing a space where everyone interested in insurance and risk management can come together to share knowledge, find inspiration, and collaborate. We understand that insurance and risk management can be complex topics, but by working together with our community, we can make them the black box of insurance more accessible. We are passionate about providing this community with valuable resources so that everyone can stay informed on the latest industry developments. We invite you to join us on this journey – let’s explore new ideas and work towards building a better future for the industry. Welcome to Advocate Technologies! Sincerely,Ashwin AgarwalCEO and Co-Founder, Advocate Technologies.
Hi everyone! Welcome to the Advocate community – it's great that you could all make it here today!I'm Simon, your Community Manager and I'm really excited for us all to get acquainted with one another. Let’s start by introducing ourselves: Where are you from? What does your job involve? And what made this platform such a good fit for you personally?We'd love for you to share any other information about yourself too - after all, Getting better acquainted with one another always leads way more worthwhile discussions enjoyable experiences. So, whether its hobbies or pets, let’s hear what brings YOU to Advocate’s Community here :)
Definition Flood insurance covers losses directly caused by flooding. In simple terms, a flood is an excess of water on land that is normally dry, affecting two or more acres of land or two or more properties. For example, damage caused by a sewer backup is covered if the backup is a direct result of flooding. What does a flood policy cover?Electrical and plumbing systems Furnaces and water heaters Refrigerators, cooking stoves, and built-in appliances like dishwashers Permanently installed carpeting Permanently installed cabinets, paneling and bookcases Window blinds Foundation walls, anchorage systems, and staircases Detached garages Fuel tanks, well watertanks and pumps, and solar energy equipmentWhat is not covered by flood insurance?Damage caused by moisture, mildew or mold that could have been avoided by the property owner Additional living expenses such as temporary housing Most self-propelled vehicles such as cars, including their parts Property and belongings outside of a buil
Definition A property insurance policy that is designed to cover property in the course of construction. There is no single standard builders risk form; most builders risk policies are written on inland marine (rather than commercial property) forms. Coverage is usually written on an all risks basis and typically applies not only to property at the construction site, but also to property at off-site storage locations and in transit. Builders risk insurance can be written on either a completed value or a reporting form basis; in either case, the estimated completed value of the project is used as the limit of insurance.So, in other words:It helps protect construction projects from certain kinds of property damage It helps cover additional soft costs, or expenses not directly related to construction, if property damage causes a delayWho needs builder’s risk insurance? Builder’s risk insurance is important coverage for anyone with a financial interest in a property that ‘s being built or
Commercial Property PolicyCommercial property insurance protects a company’s physical assets from fire, explosions, burst pipes, storm, theft and vandalism Earthquakes and flood typically aren’t covered by commercial property insurance, unless those perils are added to the policyCommercial General Liability (CGL) PolicyA standard insurance policy issued to business organizations to protect them against liability claims for bodily injury and property damage arising out of premises, operations, products and completed operations, and advertising and personal injury liability The CGL policy was introduced in 1986 and replaced the ‘’comprehensive’’ general liability policyBusinessOwners PoliciesAlways combine property and business liability insurance into one business insurance policy Its coverage components include Commercial General Liability insurance Commercial Property insurance in BusinessOwners often includes business income and extra expense Some example businesses that do well with
Dwelling Policies Alternative forms to homeowners policies that may be used to insure physical damage to dwellings and personal property Do not insure liability or medical payments exposures three dwelling fire/property forms: basic form (DP-1), broad form (DP-2) and special form (DP-3) DP-1 form only covers damage from fire, lightning and internal explosion, but additional perils can be covered by the Extended Coverage endorsement DP-2 form covers direct damage to dwellings and personal property on a broad named perils basis DP-3 form covers direct damage to dwellings and appurtenant structures on an all risks basis while covering personal property on a broad named perils basisExtended Coverage for DF/DP-1 Policies Extended Coverage (EC) Endorsement - an endorsement to a standard fire policy adding coverage for the following perils: windstorm, hail, explosion (except of steam boilers), riot, civil commotion, aircraft, vehicles, and smoke. The EC perils are now included in most propert
Walls in Coverage Covers the interior of the unit at least to some degree. Typically, items such as basic flooring, cabinetry, plumbing and electrical fixtures are included in the Association’s insurance protection Master Condo HOA (Building Master Policy) The homeowners association (HOA) is responsible for carrying a master insurance policy to insure the common areas of the condominium development. A portion of the cost for a master policy is usually included in the monthly or annual HOA fees. The master policy protects against damages or injuries that occur in the ‘’shared spaces’’ (including meeting rooms, swimming pools, tennis courts, etc.) of one’s complex. Coverage limits and exclusions on the HOA master policy will vary based on the condo association and can help determine what’s necessary for the condo insurance policy Condo Conversion Multifamily residence that breaks into separate units that can be sold and owned independently
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