Business owners and owners of commercial property should not buy Farmers Insurance. Virtually every insurance company in the United States considers the entire cost of restoration right away when making payments, including at actual cash value—except Farmers Insurance. Farmers Insurance has declared war on its own customers and independent restoration contractors.
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We see many commercial insurance claims denied because the insured did not maintain a particular “protective safeguard” required by the policy. For example, a policy may require burglar alarms, and exclude coverage for theft if alarms are not working at the time of a loss. Or, a policy may require fire sprinklers, and exclude coverage for fire loss if the property does not have any. Some provisions may even allow the insurer to deny coverage if the insured failed to have a contract in place for regular service of the protective safeguard, something often seen for Ansul systems in restaurants. Courts across the country have almost uniformly upheld the validity of these endorsements.1
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A homeowner’s policy will, no doubt, help you sleep better at night. It’s a new year after all – everyone should read their insurance policy. But if you have not read your policy lately, or ever, then you may have a rude awaking when a sudden loss is not covered and leaves you financially devasted. Below are some of the more typical endorsements you may need or want.
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The State of Colorado has always been an attractive destination for people who enjoy the outdoors. Now more than ever, it seems people are choosing Colorado not just for a winter getaway, but as a place to call home. As a result of the market pressure that the ever-increasing population has caused, property values have skyrocketed in the Rockies. For homeowners that means two things: 1) your home is likely worth a lot more than when you purchased it; and 2) you could be woefully underinsured.
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Certain types of water damage are likely to fall under a water exclusion clause such as damage caused by flood, tsunami, standing water, groundwater and drain or sewage backup. Despite these categories, disputes often arise whether damages caused by water are covered under the standard homeowner’s policy. The type of water damage that may be covered depends on the source of loss, the policy, and if the water loss is accidental and sudden or gradual.
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