Yes, you generally must continue to pay your insurance premiums when due. However, some insurers may grant extensions on payment deadlines. Contact your insurance company or state department of insurance to determine if there are any premium payment extensions that apply to you.
25.
If my business maintained vehicles which were damaged as a result of the disaster, is there coverage under my commercial auto policy?
The coverage depends upon the cause of the loss and upon whether you purchased Comprehensive Coverage, Specified Causes of Loss Coverage, or Collision Coverage. Specified Causes of Loss Coverage typically covers damage caused by fire, theft, windstorm, flood, mischief or vandalism. Comprehensive Coverage typically covers any cause of loss except collision or overturns. If you purchased only Collision Coverage, then there likely is no coverage.
26. My business property was damaged due to winds/storm surge/flood/collapse during the disaster. Is there coverage under my commercial property policy for damage to the structure and for lost or damaged contents?
The typical commercial property policy will pay for direct physical loss or damage to covered property, including business personal property located in or on the premises, resulting from a covered cause of loss. However, such policies may contain exclusions for flood (including surface water, waves, tides, tidal waves, overflow of any body of water, whether driven by wind or not) or collapse. You will need to refer to your policy to determine if there are exclusions that apply. If your policy provides coverage, it may also pay for the expense to remove debris of covered property.
27. Am I entitled to replacement cost for covered property under my business’s commercial property policy?
The policy typically will allow actual cash value, which takes into consideration depreciation of the property. However, you may have purchased an endorsement which provides coverage on a replacement cost basis.
28. Is there insurance coverage for lost business as a result of the disaster?
If you have Business Interruption and Extra Expense coverage, you may be entitled to recover the net profits and fixed charges and expenses you fail to earn because of business interruption resulting from an accident. You may also be entitled to recover the extra expense of operating your business from the day of the accident until normal operations are restored.
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