WHAT’S
COVERED?
FAQ ANSWERS TO COMMON BUSINESS OWNERS INSURANCE
CLAIMS QUESTIONS When disaster strikes and a business owner experiences damage, many questions arise regarding their insurance coverage. Here are answers to some common coverage questions that are asked when filing a claim. IF MY BUSINESS PROPERTY SUFFERED A COVERED LOSS, WILL MY POLICY COVER REOPENING THE BUSINESS ELSEWHERE WHILE REPAIRS ARE BEING MADE?
Yes. Your policy covers Business Income and Extra Expense. The Extra Expense is defined as the additional cost you incur to open business in an alternate location.
WILL MY BUSINESS INCOME LOSS BE COVERED BECAUSE OF A MANDATORY EVACUATION OR GENERAL POWER/WATER UTILITY OUTAGE OR FAILURE CAUSED BY THE STORM?
No. The loss of Business Income must be caused by direct damage to property at the described premises from a Covered Cause of Loss.
IF MY BUILDING IS DAMAGED AND I MUST MOVE MATERIALS TO STORAGE BUT THE MATERIALS GET DAMAGED DURING THE MOVE – IS THAT COVERED?
Yes. Your policy covers the preservation of property as well coverage for the property while you’re in the process of preserving it.
WILL MY BUSINESS INCOME LOSS BE COVERED UNDER THE BUSINESS INCOME FORM DEPENDENT PROPERTIES ADDITIONAL COVERAGE WHEN THE POWER OR WATER SUPPLY IS DISRUPTED DUE TO STORM DAMAGE?
No. Although the policy will pay for the actual loss of Business Income you sustain due to physical loss or damage at the premises of a dependent property caused by or resulting from any Covered Cause of Loss, subject to the additional coverage limitations, dependent property does not mean water, communication or power supply services.
This document is meant to serve only as a general guide to aid in understanding basic coverage concepts. The entirety of policy terms and conditions and applicable law will be applied to individual claims to make formal coverage determinations.