Two things that are often glossed over and not paid much heed when reviewing insurance quotes, are the limits of coverage for many of the supplemental coverages, often referred to as “throw-ins,” and the applicability of policy language and the importance of negotiating it to apply as broadly as possible.
property insurance
Don’t Take Different Elements of Coverage for Granted and Make Sure All Are Included in a Policy
By now, even those not in the insurance industry are familiar with the concept of business interruption coverage. It certainly took center stage with the onset of the pandemic and the interruption it caused to many business operations and the consequential income loss suffered as a result.
Ordinance or Law Coverage Can Be Triggered by Relatively Minor Damage as Well
The typical scenario thought of for ordinance or law coverage in a property policy to apply is when the majority portion of a building is damaged by a covered cause of loss and rather than allow for the rebuild or repair of the damaged portion of the building, local ordinance or law requires the building owner to demolish the undamaged portion of the building and rebuild the building new up to current code.