![]() It is important to understand what the policy cover to ensure you are protected. Some policies will include only certain kinds of water damage some may not cover any water damage at all. The rules pertaining water damage coverage are not written in stone when it comes to property insurance coverage. It surprises me often when a business does not want water damage covered either included or added to the Commercial Property Policy already in place.Ĭommercial Property Insurance and Coverage for Water Damage There are many insurance policies (and riders and endorsements) available to cover these risks and protect your business. Insurance coverage plays a huge role in protecting a business from water damage. Very few businesses are not susceptible to range losses caused directly or indirectly by water. Businesses with a physical location can also be damaged by water from storms or floods. A malfunctioning toilet or sink can quickly become a problematic water and hazmat issue. If your business has a bathroom facility there is a huge risk of water damage. Why you might ask? If your business has an HVAC system there is a threat of water damage. Simply put almost all businesses should have water damage coverage. What business needs insurance for water damage? Not to mention if “water” comes up from the wrong place it can create a hazmat situation. Water can destroy a company’s building and the contents inside. What happens when water ends up in the wrong place? Well, it can be destructive and a costly force to be reckoned with. Water is something we all need to survive it is an intricate part of life. In this example initio will cash settle you $2,600 ($3,000 limit less your $400 excess) directly to your nominated bank account.By: Mary Thompson, Capstone Brokerage President, May 26, 2016 As the maximum amount payable under the Hidden Gradual Damage extension is $3,000. While the total repair costs are $4,300, the total claimable costs are $3,200. For the purpose of this example you have a $400 excess. A builder is instructed to repair the hole in the wall lining, arranges for a plasterer and painter to complete the job. You lodge an insurance claim online, and a drying company (such as Jae’s) are sent to dry out the flooring. A plumber removes the wall lining to locate the source of the leak, discovers a leaking pipe and repairs the leak. You notice that the carpet in your bedroom is wet, upon further investigation you discover that water is coming from an adjoining bathroom. The maximum amount we will pay under this extension is $3,000 including GST. It is important to note it does not cover the costs to repair the leak with our consent we will cover the cost to locate the leak. ![]() Initio’s Hidden Gradual Damage Extension covers you for the resultant damage caused by water accidentally leaking or overflowing from an internal water pipe at your home. ![]() What does the Hidden Gradual Damage Extension Cover? However, the initio policy includes an extension for ‘Hidden Gradual Damage’ which gives you back some cover. Gradual deterioration is damage that occurs over time, and based on the above statement would not be covered by your policy. One of these uninsurable losses is mildew, rot, corrosion, rust or gradual deterioration. If an insurance policy covered absolutely everything, it would be unaffordable. With any insurance policy there are losses that are uninsurable. It is not a maintenance contract, and is not designed to cover wear and tear. An insurance policy is designed to help you recover from unexpected losses that can not be prevented. Your initio home insurance policy covers sudden, accidental damage to your home. ![]()
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