PERSPECTIVES / PROPERTY UNDERWRITING
Ordinance and law exposure in older properties
Code requirements and reconstruction complexity can affect a building’s risk and coverage conversation.
The role of code requirements
When an older property is repaired after a covered loss, current building codes may impose requirements that did not apply when the building was first constructed. The scope and cost of compliance can vary by jurisdiction and project.
Ordinance or law exposure should be evaluated with the valuation and coverage structure. Any coverage, limits, conditions or exclusions depend on the applicable policy and carrier authority.