Counting the cost of riots and vandalism: how insurance can protect you

The images of riots in England and Vancouver during the summer of 2011 still remain fresh on many people’s minds.  Total damage and losses:  approximately $5-million in Vancouver, and a staggering $150-million in the UK.  Here’s how, you, as a business, home, or car owner can mitigate the pain of a loss with appropriate insurance coverage if your property is targeted by a rioter or vandal.

Coverage for riot, theft, and damaged caused by attempted theft

All business insurance and house/condo/strata insurance policies will typically include coverage against riot, theft, and damage caused by attempted theft.  Keep in mind that acts of terrorism are generally excluded in insurance policies.  You should confirm these details with your insurance broker, who can review all coverages and exclusions with you.

Business interruption insurance:  alleviating disruption to cashflow

Stolen goods.  Damaged shops. Boarded up storefronts.  Facing these scenarios, it can take days or weeks for business owners to have their businesses up and running after an incident of vandalism or rioting. A good insurance policy will help to pay for the replacement of goods and rebuilding a business. But the loss of income and disruption of cashflow is often one of the biggest headaches for business owners.  Business interruption insurance will provide coverage for loss of income until a business is able to resume normal business operations, usually up to a period of 12 months.

Insurance protection for your vehicle

Who can forget the wanton destruction of cars by rioters?  Following the Stanley Cup riots in Vancouver, over 25 claims were subsequently submitted to ICBC (Insurance Corporation of British Columbia), with many cars being total losses.

Are car owners protected under ICBC insurance for damage caused by rioters?  The answer is yes, but only if you have comprehensive coverage.

Recommended coverage: glass insurance

Glass breakage is one of the most common types of insurance claims, happening during incidents of theft, and more dramatically, during widespread rioting and looting.

Typically, business and house insurance policies will provide coverage for glass breakage.  However, with deductibles of $500 and $1,000, sometimes it doesn’t make sense to claim from your insurance policy if the only damage is broken glass.

For this reason, at Habitat Insurance we often advise our clients to consider purchasing a separate glass insurance policy.  Annual premiums are low:  approximately $35 to $250 per year, with deductibles ranging from $0 to $100.  Glass insurers specialize specifically in glass repair and usually provide 24 hours emergency service.

Need more information?

If you have any questions about property, business interruption, or ICBC insurance or you would like a free, no-obligation quote, please contact us:

Habitat Insurance Agencies Ltd

Tel 604-438-5241

info@habitatinsurance.com

Copyright 2011 © Habitat Insurance Agencies Ltd.   All rights reserved. Disclaimer:  This article is designed to provide information for personal use only.  Please consult your professional insurance broker for further information. Habitat Insurance Agencies Ltd is not responsible for any legal disputes of this matter.