A conference on
The Protection Gap in Property Insurance
Friday, March 29, 2019
Rutgers Law School, Camden, New Jersey
The protection gap is the difference between losses that are insured and losses that could or should be insured. The Rutgers Center for Risk and Responsibility at Rutgers Law School Conference on The Protection Gap in Property Insurance addressed the protection gap in residential and commercial property losses and related types of losses in the United States.
The property insurance protection gap can have significant impact on individuals and communities; a property owner who does not have flood insurance may lack the resources to rebuild after a hurricane, for example, and if many property owners lack insurance, an entire community may be hard-pressed to recover.
The concept of a protection gap raises several issues:
What is a protection gap?
What protection gaps exist in property insurance and what causes them?
What solutions are there for protection gaps?
For an introduction to the topic, see Jay M. Feinman, The Protection Gap in Homeowners Insurance:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3452947
| 8:30-9:15 am | Registration and coffee |
| 9:15-10:45 am | What is a Protection Gap?
R.J. Lehmann, R Street Institute Thomas Santos, American Property Casualty Insurance Association Adam Scales, Rutgers Law School Rick Swedloff, Rutgers Law School Paul Tetrault, Insurance Library Association of Boston |
| 10:45-11:00 am | Break
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| 11:00 am – 12:30 pm | Why and where do protection gaps occur?
Nicholas Insua, Anderson Kill. Deductibles, retentions, sublimits, coinsurance Peter Kochenburger, University of Connecticut School of Law. Intentional harm exclusions. Thomas Loucks, Childress Loucks & Plunkett. Knowledge gap results in protection gap Verne Pedro, Merlin Law Group. Insurance coverage gaps caused by mortgage and lender requirements Sandy Watts, United Policyholders. Under-valuation in homeowners insurance and disaster losses leading to protection gaps Michael Saltzman, Goldberg Segalla. Commentator Daniel Schwarcz, University of Minnesota Law School. Commentator
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| 12:30-1:30 pm | Lunch |
| 1:30-3:00 pm | What cures are there for protection gaps?
Jay Feinman, Rutgers Law School. Essential Protections for Policyholders Laura Foggan, Crowell & Moring. Blockchain, smart contracts, and parametric insurance Robert Schindler, Rutgers School of Business-Camden. Unbundling small-loss protection in homeowners insurance to improve large-loss protection Harold Weston, Georgia State University. Champagne insurance tastes on a beer budget Tom Considine, National Conference of Insurance Legislators. Commentator Sherilyn Pastor, McCarter & English. Commentator |
| 3:00-3:30 pm | Summary discussion
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