The losses in Louisiana, from what I can determine, have been caused by flood which is not usually a covered peril on a property-casualty policy. Therefore, business interruption insurance would not be activated since it only applies to a covered cause of loss on the policy. Also, I don’t believe that most flood policies cover business interruption.
The poster above is correct. If flood is the primary cause of the loss and flood is not a covered peril under a policy then the BI coverage will not kick in. Mr. Griffin needs to check his facts before making comments that will lead thousands to believe they have coverage when they most likely isn’t any. BI is an option under NFIP Flood Program coverage but many Insureds either do not purchase Flood coverage altogether or do not opt for the optional BI coverage within the Flood policy
Mr. Griffin doesn’t appear to know much at all about Business Income coverages. I note he’s a personal lines person so I’m somewhat suprised he could spell it Business Income and not Bodily Injury.
He’s being irresponsible in that he’s making statements that are going to add a lot of headache’s and time wasted explaining issues that shouldn’t be issues.
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The losses in Louisiana, from what I can determine, have been caused by flood which is not usually a covered peril on a property-casualty policy. Therefore, business interruption insurance would not be activated since it only applies to a covered cause of loss on the policy. Also, I don’t believe that most flood policies cover business interruption.
The poster above is correct. If flood is the primary cause of the loss and flood is not a covered peril under a policy then the BI coverage will not kick in. Mr. Griffin needs to check his facts before making comments that will lead thousands to believe they have coverage when they most likely isn’t any. BI is an option under NFIP Flood Program coverage but many Insureds either do not purchase Flood coverage altogether or do not opt for the optional BI coverage within the Flood policy
Mr. Griffin doesn’t appear to know much at all about Business Income coverages. I note he’s a personal lines person so I’m somewhat suprised he could spell it Business Income and not Bodily Injury.
He’s being irresponsible in that he’s making statements that are going to add a lot of headache’s and time wasted explaining issues that shouldn’t be issues.
It really upsets me when someone in the insurance profession writes an article and they don’t understand insurance.
Ann, you get an A+.
Industry Insider, you get a B-.
Article Writer, you failed.