How Many Businesses where Under Insured in Furguson?

[shawnmwalker]

How many Businesses where under insured in Ferguson? (Spelled Correctly)

Or
Why were they underinsured?
Was it insured inadequately because the agent was an order taker? An agent was willing to cut coverage's to beat a price? An ignorant agent working in the Commercial world without a mentor to help?

How many were insured correctly?

I would like to see those numbers. I would like to hear the claims stories that come from Ferguson.

 

[shawnmwalker]

Re: How Many Businesses were Under Insured in Furguson?

Before we have too many jump on me, I see the grammatical errors in my OP.

 

[MrGolf]

Nice post and very true. These would be exclusions on most business policies since it is considered an act of terror. Agents should of been calling their clients in preparation of the verdict to let them know if an endorsement can be added or not. More than likely they wouldn't want to affect their loss ratio, but if you lose customers what does it matter anyway?

Wouldn't be an act of terror. The losses would be covered under the majority of BOP's or package policies as civil disobedience and riots unless there is just some very oddball exclusion.

 

[djs]

Correct, it would be covered under riot on most BOPS, but I wonder how many of the businesses had BOPS and loss of income endorsements?

I've seen many small businesses only carry liability and maybe some building coverage, if the landlord required it.

As far as agents calling in the last couple of weeks to try to change or endorse coverage, I assume most carriers put a stop to that pretty quickly. I don't know to many carriers that will let you bind or endorse them into a known (or highly probable) loss.

Get it right when you write.

 

[reedrhoden]

It has to be certified as an act of terrorism by the government to be excluded under tria.