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By: Matthew Jones
During a time of uncertainty and civil unrest, it is important to identify where insurance coverage may come from and provide relief. It seems that most businesses look to “business interruption” coverage, which may cover loss of income and rental value due to a direct physical loss or property damage caused by a covered peril. However, other insurance coverage may be applicable. For example, in California, some policies may provide coverage for vandalism, malicious mischief, riot and civil commotion, civil authority, and glass. Although commercial policies typically provide coverage for all or most of these perils, not all do so.
However, the analysis and response thereto does not stop there. If a claim arises, the insured must comply with various conditions in order to trigger coverage. These conditions include, but are not limited to, the insured preserving the property, securing the property against further loss, reporting the claim immediately, and tracking expenses incurred. If one or all of these conditions are not met, there may not be coverage.
At a time where businesses are looking for relief from all directions, it is important to understand ahead of time the type of insurance provided, what is covered, and conditions that must be met prior to affording coverage.
If you have questions or would like more information, please contact Matthew Jones at [email protected].