Are you buying or building new locations?  Then keep your insurance schedules up to date.  That’s the lesson of Lamar Advertising versus Liberty Mutual Fire Insurance.  Here are the facts:

• Lamar Advertising had an insurance policy with Liberty Mutual.
• Lamar incurred damage to billboards as a result of hurricanes Ike and Gustav
• Liberty Mutual agreed that billboards were a covered peril under the policy but declined to pay because Lamar had failed to list the billboards on a schedule of listed locations.
• Local and District Courts agreed with Liberty Mutual.  The District Court found  “…pursuant to the parties agreement, the billboards were not reported to the defendant and therefore not covered as Unscheduled Locations under the policy at issue.”

Insider’s take: Update your insurance policy at least once a quarter if you are buying and selling and building locations.  This is especially important for high cost digital billboards and billboards which you have insured at replacement costs.  You can rely on an unscheduled locations clause in your agreement for protection.

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