Stupidity of others is up there on the list of reasons why you should carry home and auto insurance.
You might wonder sometimes why you ever carry home and auto insurance. “It can never happen to me” right?
Perhaps…until this guy comes driving down your block
Need a review of your home, auto, or renters insurance policies?
Call me! I can do that too.
Have you ever noticed how many stories there are in the local news about stolen copper? From construction sites to vacant buildings, theft of copper has become a major problem for many communities throughout the country. Skyrocketing metal prices, especially copper, have made what was once a minor issue into a major problem costing over $1 billion/year according to the US Dept of Energy. Copper is recyclable and does not have any identifying marks making it difficult to determine if the metal is actually stolen property.
From pipes to wires to cables to rain gutters, copper components like these are being torn from walls and buildings. Thieves target copper in vacant buildings or difficult to secure areas including:
- Construction Sites – theft of copper plumbing, wiring, generators and materials.
- Vacant Buildings – theft of copper plumbing, wiring, air conditioners.
- Communications Towers – theft of copper wiring and cables.
- Electrical Sub-stations – theft of copper grounding bars and cables.
- Foreclosed Properties – theft of copper plumbing, wires, sprinkler systems, and cooling systems.
In addition, the collateral damage done from ripping pipes and wires out of walls far exceeds the actual cost of the copper stolen.
Copper Theft Crime Tips
Here are a few tips we recommend to help prevent copper theft:
- If you see something suspicious, say something
- Tour your property – take away the opportunity to steal
- Inventory your equipment and take photographs
- Lock copper materials inside buildings and utilize security cameras whenever possible
Remove the exterior of your exterior air conditioning units and spray paint the copper tubing with a fluorescent orange or green paint. Then replace the exterior
Here’s some more useful information on preventing copper theft from Church Mutual Insurance Company
Source: Long Beach Police Department
Working as a broker, I work with a lot of different carriers on behalf of my clients to place their business insurance. One of the major carriers that I work with is The Hartford, an AM Best A (Excellent) XV ($2B or Greater Financial Size) rated carrier. The Hartford’s a great carrier to work with if you have a small business.
Interested in what they have to offer? Contact me anytime to discuss. Maybe we can find you something competitive backed by great coverage.
Here’s a new video featuring their focus on small businesses insurance.
Check out these pictures showing fire damage from a car fire which spread throughout the car port it was parked under. The fire damaged solar panels affixed to the roof which are operated by an insured of mine. Good thing for property insurance. The claim has been submitted with the carrier and we’re working on getting these fixed and back in order. Not only does the property need to be replaced, but the insured will need to be compensated for lost income due to the business interruption.
Hurricane’s aren’t funny, but this video shot during a live news broadcast of Hurricane Sandy is hilarious.
I can across this picture on Reddit today of an office getting pounded by water from a pipe burst in the ceiling:
Looking at this picture, I’ll guarantee you this business didn’t expect Niagara Falls to be suddenly pouring through their ceiling on this day.
Which leads me to the topic of insurance.
Insurance is intended to cover sudden and unexpected losses like burst pipes and fires among other things.
I talk to all different types of businesses on a weekly basis about their insurance. From offices to stores, manufacturers to distributors, and everything in between. A common sentiment I get when discussing coverage’s is, “I don’t need that, it’ll never happen to me.”
Let’s hope this business didn’t skimp out on insurance to save money thinking this would never happen to them. Not only is there a major property loss, but what about the downtime and all the intangibles you don’t even think about that result from a loss. What if you’re the business located downstairs?
The point is, a loss can happen to anyone, anytime. Be prepared. Be proactive, not reactive. A loss to this magnitude can put you out of business for good if your don’t have the proper risk management tools in place. Don’t wait to learn the hard way.
When disaster happens, a business may need to close temporarily. And when closed, that means loss of income.
Loss of income is one of the main reasons most businesses don’t reopen after a serious loss. Expenses don’t suddenly go away. In fact, they may spike significantly. Without revenue, it can be difficult for a business to survive.
Business Income insurance helps keep the capital flowing when a businesses doors are shut temporarily and indefinitely after a loss.
With business income insurance, you are reimbursed for revenues lost during downtime when your property is damaged by fire, theft, vandalism or a natural disaster. Business income will also reimburse for expenses incurred to minimize the suspension of business operations, such as rent paid for a temporary office while the damaged property is being repaired.
What’s more, options might include coverage for business interruption resulting from:
- Loss of off-premises utility services, including water, communication or power
- Loss to a dependent property, such as a major supplier or customer
- Electronic vandalism for business conducted over the Internet
- Food contamination in restaurants and food service businesses
Business income coverage is usually included under a property insurance policy, but you should double-check that you have this and understand what the terms of the policy form are. If you have a Businessowners insurance policy, business income insurance will most definitely be included under the policy.
Source: The Hartford
Check out this video which shows a first-hand point-of-view of a firefighter fighting an interior fire of 2 story residential structure. Pretty cool perspective.
In my last blog post, I shared information on the water damage loss a client of mine suffered the week of the 4th of July.
Water damage claims can be tricky. Here’s what you need to understand about water damage when it comes to insurance coverage.
When your building and/or its contents have suffered water damage, it’s never a good situation. It’s more prone to happen if you have not been properly maintaining your building. Probably the two biggest characteristics of the building that apply to water damage claims are the roof and plumbing. If you have ever purchased property insurance for a building you own, or a space you lease, you are asked what year the building was built. If it’s over 25 years in age, insurance carriers typically want to know when the last renovation or update was made on the roof and plumbing, as it can affect your contents and the likelihood of water damage.
The property insurance policy defines water damage as “accidental discharge or leakage of water or steam as the direct result of the breaking or cracking of any part of a system or appliance containing water or steam.”
What could this mean for you? Assume for a minute that the gutters on your building are rusty and water is not being properly diverted off your roof. A rainstorm pushes water through the weakened area into your roof. Water leaks under the eaves, into your walls and starts to pool. And because it was over a weekend, your desk is now an island in a small lake. This damage is not covered by your insurance because it is due to improper maintenance, not a sudden and unforeseen event.
You should also know that flood, including the “accumulation of surface water, waves, tides, tidal waves, overflow of streams or any other bodies of water, or their spray, all whether driven by wind or not” are NOT covered under a property insurance policy. You must have a separate flood insurance policy in place to protect your business from these perils.
A general rule of thumb is water rising from the ground up is generally not covered by property insurance, unless you have your policy endorsed to include sewer or drain backup.
If in doubt about whether you’re covered or not for certain aspects of water damage, contact your agent or broker to discuss.