There are major hurricanes and tropical storms each year that cause some type of commercial property damage here in Florida. Those who carry policies or own property often misunderstand what exactly they are getting from their insurance coverage.
Even worse, sometimes, these policyholders are caught off guard by major gaps in their coverage following a storm. That is why it is always important to contact an attorney when facing some sort of major loss as a result of a hurricane.
They are experts when it comes to complicated insurance coverage, no matter what the needs of your business are. Often owners have several different policies just to meet all the needs of their property.
Understanding these complex layers is essential. The many forms of insurance commercial properties typically cover together cover:
- Buildings and structures: Most major hurricane insurance generally protects the policyholder against commercial building damage due to that storm. This would include properties like office buildings, production facilities and other commercial structures.
- Office contents: Additional to the structural integrity of a property, there are many commercial policies that also cover the items that lie inside a building. This can include any furniture, fixtures and other interior property. However, there are plenty of other types of equipment that might not be included under the policy unless extra coverage is bought.
- Computers and other electronics: Commercial insurance policies are usually written to cover computers, peripherals, servers and other tech equipment that has been damaged by a hurricane.
- Cargo and inventory: One of the main concerns with hurricane property damage is lessening the effect it has on a businesses’ customers. That is why most property owners carry a policy that accounts for any cargo or inventory damage incurred in a major storm.
- Equipment: Figuring out exactly what your policy covers related to equipment losses can be confusing. There are a whole host of things, including machinery, vehicles, aircraft and tools that can be essentially lost during a storm. One policy might have passenger vehicles written in for coverage, while another might be specified to deal with heavy equipment. There is also additional coverage for things like specialized machinery and contractor equipment that is being housed on the property.
- Flood-damaged property: Surprisingly to some, hurricane policies often do not protect owners from the floor or storm-surge damage that happens as a result of the storm. Commercial properties often have separate flood damage insurance via the National Flood Insurance Program.
Any of these specifics is sure to vary based on what type of commercial property insurance you have chosen. As a result, the best thing to do is regularly review all of your coverage, specifically when it comes to policies dealing with hurricanes and storms, so that you are not surprised by any unknown gapes out-of-date property information.
If you are having any issues getting your property insurance claim resolved, or if your claim regarding hurricane damages has already been denied, reach out to our experienced attorneys at Tighe PA by calling 1-855-LOSS-PRO (1-855-567-7776).
