Insider wrote an article last week about the importance of updating billboard insurance schedules.  Insider asked billboard insurance expert Stu Lee of Bassler and Co for his opinion.

Where do you report your billboard locations in a typical billboard insurance policy?

For any billboards that need property damage coverage, they have to be listed on the Property Insurance section of the policy individually or covered on a blanket basis whereby the billboard operator needs to provide a schedule/statement of values listing each billboard separately including values.

How often should a company update location information for insurance purposes?

Whenever there is an addition or deletion the billboard operator should notify their insurance agent immediately

What about reporting if you only have a general liability policy but not a replacement policy?

For General Liability purposes, the Outdoor Advertising class code does not require scheduling of every property. You can have 2,000 billboards and they do not need to be scheduled for General Liability. The liability premium basis is based on payroll.

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