Dec
12
2013

As part of a package policy (business owner's package), property insurance provides coverage for damage to your building and outdoor signs, inventory, computers, and much more. Here are eight of the largest property claims for the AAHA Business Insurance Program:

  1. Hail damaged a practice affecting the roof, gutter, windows, multiple air conditioning units, and several soft metal roof components. The insurance carrier paid more than $90,000 in property damages.
  2. The practice's 20,000 square-foot roof was replaced after sustaining hail and wind damage. The insurance carrier paid more than $76,000 in property damages.
  3. Extensive hail caused damage to the practice's roof, and a small amount of water leaked through and stained a few ceiling tiles. The insurance carrier paid more than $65,000 in property damages.
  4. Hail broke through a skylight, and the practice sustained interior water damage. The roof was also compromised. The insurance carrier paid more than $35,000 in property damages.
  5. Winds from a hurricane caused a power outage, and the practice temporarily closed. Vaccines and other refrigerated biologics were ruined. The insurance carrier paid more than $35,000 in damages for off-premises utility service, business interruption, and property loss.
  6. Severe winds caused a power outage, and the practice was forced to temporarily close for business. The outage also damaged an MRI and other medical equipment. The insurance carrier paid more than $33,000 in damages for off-premises utility service, business interruption, and property loss.
  7. A pipe burst inside the practice and flooded the facility. Every room sustained water damage, including the carpet, baseboards, and some drywall. The insurance carrier paid more than $32,000 in property damages.
  8. Hurricane winds caused an eight-day power outage, and the practice had to close temporarily. Refrigerated biologics and inventory were ruined. The insurance carrier paid more than $27,000 in damages for off-premises utility service, business interruption, and property loss.

Three of these recently closed claims also involve two key components of property insurance--coverage for business interruption and coverage for off-premises utility service. Business interruption protects your profit dollar when physical damage to your property causes an interruption in operations. Off-premises utility service provides coverage when you experience a financial loss due to damage at a location other than your own practice, such as the utility generating station or compromised power lines. In areas that are prone to windstorms, coverage for wind and hail damage may be limited. Check your policy forms for specific coverage information.

Questions? Need coverage? Contact the AAHA Business Insurance Program at 866-380-AAHA (2242) or visit us online for more information.

 

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