Most insurance policies do not cover civil unrest. IOW, these hard working people are most likely screwed. Sigh.
“Most insurance policies do not cover civil unrest. IOW, these hard working people are most likely screwed. Sigh.”
I would imagine that many of them only had the minimal insurance required for workman’s compensation claims anyway.
They still should, if they can, relocate to less (I am struggling for a polite term) multicultural location.
“Most small businesses have what’s known as a businessowners policy (BOP), and BOPs generally cover riot-caused property damage,” according to Insurance Information Institute spokesman Michael Barry.
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.
As are all the homeowners in Ferguson. Can you imagine what has happened to the home values in Ferguson over the last 3 months? Detroit on steroids!
Actually, most commercial/business policies do. Most homeowner's policies do not.
Personal property (i.e. - things) is "named peril," which means the loss type must be listed to be covered. Again, on a personal lines Homeowners policy - Riot & Civil Commotion is specifically listed as a loss that is covered.
There is normally an exclusion for "War or warlike actions," but it's been pretty narrowly defined (for instance - property from 9/11 was covered since the terrorist act wasn't an official "act of war.")