Water Losses: What Doesn’t Your Commercial Policy Cover?
Most commercial businesses are required to have some form of a commercial insurance policy; however, many plans do not cover all types of damage. For instance, leaking or damaged pipes or flooding may not be covered under your current policy. As many water problems can be quite expensive to remedy, you may be interested to know the most common issues that possibly require a special or additional plan to protect both you and your business.
1. Frozen Pipes
As a property owner, you have a responsibility to maintain the facility as best you can, and part of that responsibility is ensuring that the temperature of the building is warm enough to prevent freezing. While there are instances of freezing that are out of your control and likely covered by your policy, most cases of freezing pipes or water lines will require special coverage, as maintenance falls under your purview.
2. Consistent Leaks
Damaged pipes may be another area that most insurance companies feel is the responsibility of the business owner, as the maintenance of pipes and other plumbing is considered routine; therefore, when a building has been exposed to slow and persistent leaking pipes, many insurance companies will deem the expense the owner’s responsibility.
3. Mold Growth
Mold growth and mold damage are also examples of routine maintenance. Most insurance companies believe that an apparent mold problem, persisting for months, should have been noticed by the owner of the property before reaching the point of extensive damage. While it is possible to recoup some of the cost of mold remediation, you will likely need it in addition to your current policy.
Damaged pipes and any resulting issues are most likely considered casualties of failed routine maintenance; however, you can check with either your insurer or with another insurer located in the Bridgeton, MO, area to find out more specifics.