Posted by rise2it(VA) on August 20, 2006 at 17:13:43:
Talk to several insurance agents. They would know your options.
You can (within reason) insure anything, but sometimes it’s not cost effective to do so.
For example, with lower end mobile homes, I simply self-insure. (Requires some discipline, you actually have to PUT SOME MONEY AWAY each month into a seperate account.)
If something goes wrong, you’re covered. If not, it becomes profit.
Just depends on the level of risk you are willing to take.
If ALL or a sufficient number of mobile homes in a park were destroyed ( hurricane, tornado, etc, )so that the owner was not able receive enough rents to pay the mortgage on the park,is there insurance coverage that would pay the existing loan payments on the MHP until destroyed MHs were replaced?
This is scary stuff for the owner of a MHP with a large
note on the park…especially in along the Gulf Coast.
The exclusion that I think is most unfair is this:
If your market is gone, the policy does not pay.
Thats a heck of thing to exclude. In other words,
they’re NOT paying on Katrina because the market is
gone?! Astounding.
Business Interruption Claims
Businesses purchase business interruption insurance in case damage from a disaster makes conducting business as usual impossible. When disaster strikes, the survival of many businesses are contingent on receiving timely payments from their business interruption insurer. Unfortunately, insurance companies often deny business interruption insurance claims, forcing policyholders to pursue a long and costly appeals process.
Businesses in the Gulf Coast states have taken an economic blow as a result of the hurricanes in the region in 2005. The damage in these states has also adversely affected businesses in other parts of the country that rely on materials and goods from suppliers in the Gulf Coast. Many local businesses and out-of-state businesses purchased business interruption insurance but have found that getting their claims paid is difficult.
Because a policyholder?s ability to recover business-interruption losses largely hinges on having coverage for the peril that caused the loss, one early dispute could center on whether the water that inundated New Orleans after two levees failed after Hurricane Katrina is a flood as defined in policy language. This means that if you purchased business interruption insurance but did not purchase flood insurance, it is likely that your claim would be denied.
Even policyholders that have both wind and flood coverage are facing problems recovering their business-interruption losses because of the evacuation of New Orleans for what likely will be months. An exclusion in many business-interruption policies bars coverage when a policyholder loses its market. Insurers will deny business-interruption claims because New Orleans? population is largely gone indefinitely.
If your business was affected by the damage in the Gulf Coast region and your business interruption claim was denied, please fill out the form to the right for a free lawsuit evaluation by a qualified insurance attorney.
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