Client’s Coverage: Broad Form Property with a $1,000 deductible.
Payment Cleanup of premises and dry-out, debris removal, rebuilding of tenant’s improvements, replacement of stock and equipment, and business interruption for the period of restoration
Total Claim Payment: $354,326.56
Risk Management: The client was fortunate that the store was open at the time of the loss and reacted quickly to control the water spread and minimize the damage. A disaster contingency plan can help fast track recovery after a significant loss. Key contact information should be readily available when every minute counts.
Note: All the details listed above are taken from an actual claim. Coverage, limits and deductibles vary from policy to policy. Insurance policies may also vary by insurance company, province and state. In all cases, an insurance policy wording is the contract which takes precedence over any other information outlining insurance coverage. Some details may be omitted to protect the identity of our client.