Types of losses

 Many commercial insurance forms are packages in that they cover not only physical loss to the insured property, but also loss of business income. So, for example, if wind, fire, or water leakage causes a property loss so that the business must suspend operations, there can be coverage for the lost business income or the extra expense incurred in keeping the business running. 

 The accidental discharge of water from any part of a plumbing system, or from a household appliance such as a dishwasher or air conditioner can often cause significant damage. Unfortunately, many times the damage remains hidden and mold can begin to grow. 

 We’ve all seen pictures of wildfires destroying homes, particularly over the past year. But what about a situation where a circuit overloads and flames erupt? A fire loss can involve more than just burnt property. There can be smoke damage, as well as water damage resulting from the water used to put out the fire. And, what about damage inadvertently caused when a fire truck skids into a decorative garden wall? 

 A windstorm need not be a hurricane or tornado to cause serious damage to a structure. Indeed, a strong wind can topple trees onto a building leaving a gaping hole. There also might be heavy tree branches that must be removed before repairs can begin.  Windstorm or hail might cause an opening in a home’s roof or wall and allow rain to enter, damaging property contained in the building. This loss might be covered. 

 We’re using this catch-all phrase to include some of the more unusual occurrences we’ve assisted clients with. A neighbor’s truck’s brakes give way and the truck comes down a hill—straight into your newly-installed sunroom. Yes, vehicle damage is usually covered.  Hidden insect damage causes a portion of a building to collapse. This is usually covered. Finally, an exuberant party guest drops a bottle of Burgundy on the beige patterned wall-to-wall carpet, so that the carpet must be replaced.  Not only that, the carpet extends into the entryway. It, too, will need to be replaced so that the rooms match. Yes, this is often covered.  

Unfortunately, many persons are not respecters of the property rights of others. Now, TP-ing a house at Halloween might be a childish prank, but egging expensive stucco or vinyl siding falls outside the “prank” category, as do bricks thrown through a plate glass window. 

Vandalism caused by tenants forced to vacate a premises is also a not-uncommon occurrence.

Loss by theft can involve more than a “porch pirate” making off with your online shipment. All too often, theft (or attempted theft) will involve a home, office, or warehouse being broken into, sometimes with devastating results. Not only is personal property stolen, but the culprits may also damage the building when carrying out the act. This damage may be covered under your insurance policy.

 Many policies include coverage for collapse in instances where it was caused by hidden decay, hidden insect damage, weight of equipment, contents or people. 

Few policies of insurance automatically include this coverage, but it can be purchased at a reasonable cost. If you have purchased the coverage, and an earthquake occurs, we can help you evaluate any damage for coverage purposes.