What's new
What's new

OT: My shop/business was destroyed by Arson; insurance questions

I am so sorry for your devastating loss. No way camera's would have stopped this lunatic. They don't stop crime, they only document it and you already know who did it.
💯

Work in a high security prison for ... well, even a few days.
HiDef vid of bloody assaults from three to four different angles.
 
We had to do this up until the value surpassed the max payout for the policy, then it was a waste of time.
Because of the loss being over the policy, he also got to keep and sell everything, including the building.
It's not a waste of time at all. You need the excess loss amount so you can put it on your tax return to get credit for the loss not covered by insurance.
 
It's not a waste of time at all. You need the excess loss amount so you can put it on your tax return to get credit for the loss not covered by insurance.
Sure, I wasn't the owner, I was the guy writing everything down and taking pics.
Didn't think about the tax deal at the time, and the owner just had us stop for above reasons.(y)
 
Last edited:
I understand your frustration. What you suggest though is not possible.

If you read the standard ISO form General Liability policy, and do so with the purpose of understanding what's going on, you will quickly realize that the policy immediately covers anything. Seeing how that's an impossible promise, the policy then goes into exclusions. They also give your a list of definitions in the back.

It is these exclusions and definitions that are the most important thing's to concern oneself when buying insurance.

Typically, both the buyer and seller of the insurance are focused on the declarations of limits and pricing page. Well, the limits are only worth anything if there aren't any exclusions.

Once you've read through enough policies and have a loose grasp on exclusions, next you can learn about coverage that is excluded from the policy, but then given back in the form of sublimits via endorsement.

There are a lot of moving parts to a policy.. so many that it would be impossible to take all but a few out. The cost of insurance would be astronomical. Us as insurance buyers, if we could and wanted to afford it would be under such strict underwriting requirements that most of us wouldn't be approved.
The big print giveth and the fine print take it away
Don
 








 
Back
Top