AJR is honored and humbled to be recognized by our clients again for the exceptional service we provide.
AJR PUBLIC ADJUSTERS, INC — 602-795-5227, http://www.betterclaimresults.com
Many times we are asked the question, What if I forgot to mention something in my application?
According to our research via FC&S, The National Underwriter Company, the application is the standard by which the policy was written. If you do not disclose completely your situation, this is cause for voiding the policy, and gives the insurance company an out to pay for a loss.
Remember the obligation is on the potential policyholder to disclose all information. If it is discovered you misled the insurance company, that policy is null and void. Lesson learned, disclose any and all information when applying for property insurance.
Read Below analysis from the leading investigative agency in the industry, FC&S.
Any questions always remember you can call AJR, 602-795-5227.
Today many people are not satisfied with the direction of the country. Some upset individuals resort to protesting peacefully, others begin riots. We often wonder how our businesses are covered should a demonstration break out near our business.
See the article below from National Underwriters, describing what coverages are are an option for policyholders to purchase prior to these cases.
FIVE KINDS OF INSURANCE YOU’LL BE
GRATEFUL YOU BOUGHT
AFTER A RIOT
By Rosalie L. Donlon, PropertyCasualty360.com
In a sad commentary on the state of race relations in some parts of the country and ongoing tensions between citizens and the police, Charlotte, North Carolina, protests after a recent shooting escalated into rioting in the streets.
Like the riots in Baltimore in 2015, many victims of the violence are small-business owners whose properties are unfortunately located in the line of fire.
When the dust settles—in days or weeks—those property and business owners will be looking to their insurance companies to help make them whole.
“Businesses with claims should contact their insurance professional as soon as possible. In addition, they should take steps to safeguard their business, including boarding any broken windows to prevent looting,” said Loretta Worters, vice president of the New York City- based Insurance Information Institute.
In some cases, coverage will be under a commercial general liability policy while other coverage may be available under a businessowners policy, although coverage may be more limited.
Worters provided the following overview of the five main types of insurance that will be important in the aftermath of the riots:
1. Property Damage
In most cases, business owners whose property is damaged by riot or civil commotion and looting are covered. The “rioting” definition covers looting by participants who steal merchandise or other property from the premises, as well as fire and vandalism.
Depending on the policy, a business may also have glass coverage if the glass store front has been destroyed by the riots. Some policies require the purchase of plate-glass-window insurance as an additional coverage.
2. Business Interruption
Businesses that must suspend operations or limit their hours because of rioting will have coverage on their business interruption (also known as business income) policy if there is direct physical damage to the premises of such magnitude that the business must suspend its operations.
Coverage depends on the individual policy, but typically begins after a waiting period of twenty-four to seventy-two hours and lasts for a period of two weeks to several months, depending on what the business owner opted for when purchasing the policy. Typically, business interruption reimburses a business owner for lost profits and continuing fixed expenses during the time that a business must stay closed while the premises are being restored because of physical damage from a covered peril.
Physical damage to other property that prevents customers or employees from gaining access to the business is also covered, although subject to a similar waiting period of twenty-four to seventy-two hours.
Reductions in business income associated with fear of traveling to a location, in addition to closure to areas by authorities because of a heightened state of alert, would not be covered by business interruption policies. These are the kinds of losses businesses in Miami faced over the summer with the threat of Zika virus, and businesses around the Gulf Coast expected after the Deepwater Horizon oil spill, for example.
3. Civil Authority
If civil authority—that is, the police, fire department, state or local government, or a military authority—keep people away from an area, there is generally coverage for lost business income and extra expense through a civil authority endorsement (which typically is purchased separately). In North Carolina, for example, Gov. Pat McCrory declared a state of emergency and began the process toward deploying the National Guard and the state Highway Patrol to assist local police.
Coverage includes curfews and other restrictions on access to a place of business, and usually begins seventy-two hours after the time of the first action of civil authority. Again, there has to be either direct damage to the covered property or property adjacent to the premises as it is described in the insured’s policy. The coverage time period most commonly stated in this endorsement is either fourteen or thirty consecutive days.
4. Extra Expense Insurance
Extra expense insurance reimburses your company for a reasonable sum of money that it spends, over and above normal operating expenses, to avoid having to shut down during the restoration period. Usually, extra expenses will be paid if they help to decrease business interruption costs.
In some instances, extra expense insurance alone may provide sufficient coverage, without the purchase of business interruption insurance.
5. Other Coverages
Individuals may also have some coverage for theft, looting, or fire under their auto insurance policies, if they have optional comprehensive coverage
Generally, theft from looting and damage to a residence from rioting also would be covered by homeowners or renters insurance.
“These riots are a reminder to business on the need for business interruption insurance,” said Worters. “Each day a business remains
closed is another day of lost revenue.”
This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional service. If legal advice is required, the services of a competent professional person should be sought.
Given our current Monsoon Season, here are some tips from the Insurance Information Institute regarding preventing water losses to your property. Try to take precautions now to prevent water damage to your property.
Below is an example from a client of AJR who suffered water damage and a picture of the ominous looking clouds we are experiencing in the Valley right now.
Water damage is one of the most common and costly disasters affecting U.S. residences, accounting for billions of dollars in losses to homeowners and renters annually. However, consumers can protect themselves with the right amount and type of insurance coverage.
Have you ever stepped out of your car, hit the lock button, shut the door and realized the keys are inside?
Many times this has happened and drivers are not aware of the fact that their car insurance may pay for the locksmith to come out to open the door for you.
Information via Summit Business Systems
Towing & Labor Costs
April 25, 2016
Our insured locked his keys in his car and had to have a locksmith open his door. Would the cost of the locksmith be covered under the towing and labor cost portion under the personal auto policy?
Under the terms of the endorsement, the towing and labor costs are covered for attending to the disablement of the covered auto, and the labor costs are paid if the labor is performed at the place of disablement. If the car is disabled and it is fixed at that spot, the coverage is there. In this instance, the car was disabled and was fixed at that spot so the coverage exists.
Though AJR only handles property insurance claims, we wanted to share this information with you, as we know many of us have found ourselves in this situation.
With your next property insurance claim from fire,wind,water,theft,hail,monsoon, etc. call AJR first. We will help you report your claim and ensure you will receive all monies owed to you, while maximizing settlement $$.
AJR Public Adjusters 602-795-5227