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Insurance coverage and looted buildings
Posted on 6/13/20 at 5:40 pm
Posted on 6/13/20 at 5:40 pm
So I read here that buildings aren’t covered during times of looting and unrest.
Then some people said that yes indeed they are if the business owner didn’t opt out.
Just curious. Someone in fb is asserting that they’ve talked to the “right people” and that riot damage isn’t covered.
I’m not affected directly but duly just curious. Figured someone here is in the business and would know.
Then some people said that yes indeed they are if the business owner didn’t opt out.
Just curious. Someone in fb is asserting that they’ve talked to the “right people” and that riot damage isn’t covered.
I’m not affected directly but duly just curious. Figured someone here is in the business and would know.
3
Posted on 6/13/20 at 6:38 pm to tiger91
It’s usually one of the basic perils that is covered but it is all dependent on your insurance policy as well.
Posted on 6/13/20 at 7:41 pm to tiger91
I’ve heard that some policies could be voided if you boarded up the business yourself due to potential damage it could cause. They were requiring the buildings to be professionally boarded up.
Posted on 6/14/20 at 7:44 am to tiger91
The civil unrest exclusionary language falls under a war exclusion.
Riots like this are covered.
Riots like this are covered.
Posted on 6/14/20 at 8:57 am to 632627
quote:
The civil unrest exclusionary language falls under a war exclusion.
Riots like this are covered.
This^^^^^^
Tricky situation would be if Trump and co label Antifa or any group terrorism org, then the terrorism exclusion would apply.
99% of my clients opt out.
Posted on 6/14/20 at 9:29 am to BamaCoaster
quote:
Tricky situation would be if Trump and co label Antifa or any group terrorism org, then the terrorism exclusion would apply.
I believe congress would have to officially declare all of this an act of terrorism.
I don’t foresee these claims being denied.
Posted on 6/14/20 at 9:32 am to MamouTiger65
quote:
I’ve heard that some policies could be voided if you boarded up the business yourself due to potential damage it could cause. They were requiring the buildings to be professionally boarded up.
This would be relevant if someone is filing an insurance claim for damage caused specifically from boarding up the building. This shouldn’t impact a claim for losses caused by looters.
This post was edited on 6/15/20 at 8:21 am
Posted on 6/14/20 at 11:15 am to 632627
I would think a lot of these bigger companies self insure.
Posted on 6/14/20 at 11:32 am to LSU1018
quote:
I would think a lot of these bigger companies self insure
Walmart, Target- absolutely.
Plenty of mom & pops were looted/vandalized in Los Angeles, and I’m sure other places.
Posted on 6/15/20 at 7:49 am to 632627
Another related question is what kind of insurance nightmare is this causing? Something like this all across the country is not likely to be planned in for the insurance companies. This is gotta be hitting them hard? In the least these would likely cause a large increase in rates?
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