Posted on 08/16/2014 4:01:05 AM PDT by Citizen Zed
The National Underwriter’s Commercial Property Coverage Guide defines a riot as “any tumultuous disturbance of the public peace by three or more persons mutually assisting one another in execution of a common purpose by the unlawful use of force and violence resulting in property damage of any kind.”
(The Los Angeles riots of 1992 caused $775 million in insured losses, according to the Insurance Information Institute.)
Brent Butler, government affairs director for the Missouri Insurance Coalition, also said most commercial policies cover riots. Merchandise stolen — not just property damage — would also typically be covered, he said.
If businesses’ claims are rejected, insurers have an internal appeals process. If that avenue is exhausted, a business owner could file a formal request with the Missouri Department of Insurance.
In a case involving a lawsuit between the business and its insurer, a court may be asked to offer its opinion, which may include defining “riot” or interpreting an insurance policy.
It’s possible insurance companies in the future will raise premiums for the affected area, Butler said.
“Companies rate different ways,” Butler said. “Some might say that’s so far and in between that we don’t care.”
QuikTrip, which saw its store at 9420 West Florrisant Ave. looted and burned, estimated Monday the damage total to be in the seven figures.
(Excerpt) Read more at m.bizjournals.com ...
I guess everything is OK then! And just think of all the jobs that will be created as business try to rebuild. /sarc
Rates are fixin to go up.
I’ll bet the lawyers for the insurance companies are considering suing the police department for part of their losses for the incompetent way this has been handled by them.
Do insurance companies pay if the law enforcement allowed the destruction?
That’s the thing about law enforcement.....they can’t be in two places at the same time, I hope quik trip doesn’t rebuild. Clear the debris and sell the property to some enterprising minority who wants to risk everything in a violent, looting neighborhood. Maybe some NBA stars will open businesses there for the brothers.
Rates will go up, but it’s all “OK because the businesses are covered”........
Ah, the Bastiat "Broken Window Theory".
Thesis/Narrative: Don’t feel bad for the small businesses. Insurance covers them. Loot away.
And who winds up paying when the insurance companies pay off the damages?
Everyone else.
It’s right there under “act of godless”.
Reminds Me about that insorense commercial that I can’t stand
Yeah you’re covered Kevin . now stupid white guy Jimmy, apologize to kevin, mouth off to your son and call your mother or in law (granma). Six callers ahead of us Jimmy
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