Connecting the dots – Mold spreading
Posted on October 13th, 2011
There are many important details to an insurance policy and the types of damages included and excluded can vary. It’s fairly common for insurance policies to exclude coverage for mold. In South Florida, we all know to well, that mold is almost always lurking around our properties. The extreme humidity and rain can cause a tiny mold problem to escalate into a major destructive problem that can cost substantial amounts of money. It’s essential that a Public Adjuster be contacted when mold is discovered, this way a professional determination can be assessed as to how and where the mold appeared.
It’s a tight rope walk when mold is excluded in a policy. The easy answer is that anything surrounding mold is excluded and homeowners are out of luck to recover damages. This is exactly what the insurance companies what the public to believe. However, the truth regarding the mold issue is that often mold surfaces as a result from another type of damage. This aggressive fungus can be caused by a leak – commonly in the bathroom, kitchen, or AC. There might have also been a leak in the roof that instigated the growth of mold. The damage mold can cause is unpredictable and there are problems that are visible and not visible.
Here’s a Youtube video demonstrating the damages mold can cause and places mold can appear.
We’re experienced in dealing with issues surrounding mold and understand that this is NOT a black and white issue when it comes to recovery. There are many items on the property that must be investigated before a direct answer can be given as your exclusionary clause is considered in your policy.
Please keep in mind that mold shouldn’t be left untreated and can be very harmful to people. Call today and we can help fast.
Tags: exclusion clause, mold, recovery
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What is Loss of Business Income?
Posted on July 22nd, 2011
Loss of business income is considered a defined period of time when the normal flow of income is interrupted for any reason. Loss of business income can be detrimental to the business because during this time period, in a business does not have reserve funds, employees cannot get paid, bills will be neglected and the business can fall apart. In order to ensure that a business is covered in the case of such an emergency, it is important for business owners to seek out loss of business income insurance.
This can come as a result of many situations such as natural disasters, flood, fire, repairs being made to the building which houses the business, or any other situation in which a business is temporarily out of operation. Loss of business income insurance is essential in order to assure the policyholder that in such a case where their business is not operating normally, their loss of income is covered. Often, policyholders and insurance companies are in conflict over the length of time that the business interruption is covered for. Most policies state that the business interruption period ends when the physical damage to the property is repaired and returned to normal operation as it was before the disaster. Realistically, it takes some time for a business to recuperate time lost and income that was not generated. For this reason, most policies include an “extended period of liability” so that the business owner has a longer period of time to return to normal working conditions. Though the length of time that these policies extend for can vary, the standard among policy issuers has become one year or less.
Here’s a quick and easy Youtube video giving an overview of what happens when a business is interrupted….
It is an unfortunate situation when a disaster strikes, but the hope is that a business owner can quickly make the repairs necessary to their business in order to seamlessly return to normal operation conditions. Unfortunately, most of the time, delays occur which prevent the business from recovering as easily as one would hope. These delays are sometimes the fault of the business owner, such as if there is a total loss and the business owner decides not to repair the property damage. Other times, delays in repairs occur in situations that are out of the control of the business owner. For example, if there is a situation where a business owner does no have a excess of funds to cover the expenses of a repair before the insurance company covers the claim, there will undoubtedly be a delay in the repairs. Other delays can come on the part of the contractor or subcontractor doing the repairs. All of these circumstances affect the length of time that business income is not collected.
The details of each business are different and the calculations can get complex. At Stellar Adjusting we guide each client through the necessary steps to a successful recovery for their loss. Call us today!
Tags: loss of business income, public adjuster, recovery
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