WHAT’S
COVERED?
FAQ ANSWERS TO COMMON BUSINESS OWNERS INSURANCE
CLAIMS QUESTIONS When disaster strikes and a business owner experiences damage, many questions arise regarding their insurance coverage. Here are answers to some common coverage questions that are asked when filing a claim. IF MY BUSINESS PROPERTY SUFFERED A COVERED LOSS, WILL MY POLICY COVER REOPENING THE BUSINESS ELSEWHERE WHILE REPAIRS ARE BEING MADE?
Yes. Your policy covers Business Income and Extra Expense. The Extra Expense is defined as the additional cost you incur to open business in an alternate location.
WILL MY BUSINESS INCOME LOSS BE COVERED BECAUSE OF A MANDATORY EVACUATION OR GENERAL POWER/WATER UTILITY OUTAGE OR FAILURE CAUSED BY THE STORM?
No. The loss of Business Income must be caused by direct damage to property at the described premises from a Covered Cause of Loss.
IF MY BUILDING IS DAMAGED AND I MUST MOVE MATERIALS TO STORAGE BUT THE MATERIALS GET DAMAGED DURING THE MOVE – IS THAT COVERED?
Yes. Your policy covers the preservation of property as well coverage for the property while you’re in the process of preserving it.
WILL MY BUSINESS INCOME LOSS BE COVERED UNDER THE BUSINESS INCOME FORM DEPENDENT PROPERTIES ADDITIONAL COVERAGE WHEN THE POWER OR WATER SUPPLY IS DISRUPTED DUE TO STORM DAMAGE?
No. Although the policy will pay for the actual loss of Business Income you sustain due to physical loss or damage at the premises of a dependent property caused by or resulting from any Covered Cause of Loss, subject to the additional coverage limitations, dependent property does not mean water, communication or power supply services.
This document is meant to serve only as a general guide to aid in understanding basic coverage concepts. The entirety of policy terms and conditions and applicable law will be applied to individual claims to make formal coverage determinations.
WHAT’S COVERED?
ANSWERS TO COMMON BUSINESS OWNERS INSURANCE CLAIMS QUESTIONS MY SIGN WAS DAMAGED IN THE STORM – IS THE REPAIR COVERED?
ARE WINDSTORM DAMAGED SHRUBS OR TREES COVERED BY MY POLICY?
IF MY WINDSTORM AND HAIL DEDUCTIBLE IS, BY PERCENTAGE CALCULATION, LESS THAN MY ALL OTHER PERILS DEDUCTIBLE ON A SMALLER DAMAGED BUILDING, WILL YOU ASSESS THE LOWER DEDUCTIBLE?
I HAVE NO WINDSTORM DAMAGE, BUT THE INSIDE OF MY BUILDING IS DAMAGED FROM FLOOD OR WIND DRIVEN RAIN. IS THE DAMAGE TO MY BUILDING AND BUSINESS PERSONAL PROPERTY COVERED?
PRODUCTS IN OUR REFRIGERATORS SPOILED WHEN WE LOST POWER
Yes. Signs attached to the building are covered as part of the Coverage A Building Limit subject to a sublimit of $1,000. Outdoor signs coverage is optional with your policy. With the Business Owners Enhancement Endorsement, the limit for outdoor signs is $5,000. If you selected a separate limit for outdoor signs, the optional coverage is listed on your declarations page.
No. Trees are not covered property unless damaged by the five listed perils under your Outdoor Property coverage extension. Unfortunately, wind or hail are not covered causes of loss.
Yes. The windstorm deductible will be applied to windstorm damage. It is immaterial whether the windstorm deductible is larger or smaller than the All Other Perils. NOTE: Windstorm Or Hail Percentage Deductibles endorsement confirms that the stated Deductible is calculated separately for, and applies separately to each building and to each personal property limit at each location.
No. The policy will not pay for loss of or damage to the interior of any building or structure caused by or resulting from rain, whether driven by wind or not, unless the building or structure first sustains damage by a Covered Cause of Loss to its roof or walls through which the rain enters. The policy will not pay for loss of or damage caused by water damage, or for resultant Business Income and extra expenses due to flooding. This includes water or water-borne material that backs up through sewers or drains, or overflows or is otherwise discharged from a sump pump or related equipment as a direct or indirect result of flood.
Maybe. If you selected the optional Spoilage Coverage endorsement (BP 04 14 01 06) on your policy, then the spoilage is covered.
DURING THE STORM – IS THAT COVERED?
NEED TO REPORT A CLAIM? In the event of a loss, agents may email an ACORD loss notice to claims@centauri-ins.com to immediately initiate the claims process or call us. Our representatives are available 24/7 to answer your call. BUSINESS OWNERS CLAIMS (803) 748-2664 Dedicated Commercial Loss Reporting (866) 215-7574 For All Other Inquiries claims@centauri-ins.com
FLOOD CLAIMS (877) 254-6819
centauriinsurance.com
This document is meant to serve only as a general guide to aid in understanding basic coverage concepts. The entirety of policy terms and conditions and applicable law will be applied to individual claims to make formal coverage determinations.