Seeking to Recover for the Different Types of Business Losses
If you own or operate a business in New Jersey, you may have experienced a wide range of losses when Hurricane Sandy swept through the East Coast last year. Your property may have been destroyed or flooded. You may have been unable to conduct business for weeks or months, or may still not be back in business. If, like most business owners, you have faithfully paid commercial insurance premiums, you may be anxious to know your prospects for recovering compensation for some or all of your losses.
Property Damage Suffered in Hurricane Sandy
As a general rule, physical damage to commercial buildings is covered by the provisions of a property and casualty policy. Your policy may insure you against “all risks,” in which case loss caused by any event not specifically excluded by the policy will be covered. Such policies can be expensive, so many business owners opt for policies that provide coverage for “named perils.” A “named peril” insurance contract provides coverage only for events or contingencies that are specifically identified in the policy.
Once you have determined whether you have an “all risks” or a “named peril” policy, you must then determine the cause of the damage, and will need to ascertain whether there are specific deductibles that apply in unique situations. It is not unusual for a policy to have a deductible that applies to a certain risk, such as a hurricane. You may also conclude that the damage to your property was the result of combined event, such as wind and water. If you have coverage for wind damage, but not water damage, you may also be subject to limits.
Business Interruption or Income Loss Coverage
Even if you don’t have coverage for physical damage caused by water or flooding, you may be able to seek insurance benefits for loss of income because you could not be open for business. Some insurance policies provide coverage for interruptions that result when the actions or order of a civil authority prevent you from going to your business.
You may be able to seek reimbursement of lost income if a covered peril prohibits access to your business. Even if you can get to and from your business, you may be entitled to insurance coverage for lost profits if you experienced an interruption of critical services, such as power or water, due to a covered peril.
Contact Del Duca Lewis & Berr
If you have concerns about insurance coverage for commercial losses suffered in Hurricane Sandy, you want an experienced, knowledgeable and aggressive lawyer to protect your interests. At the law office of Del Duca Lewis & Berr, we offer five decades of commercial real estate and business law experience to clients across southern New Jersey and the greater Philadelphia area. Attorney Damien Del Duca has been named a New Jersey Super Lawyer.
To schedule an appointment to discuss your real estate or business law needs, contact us online or call our office at 856-427-4200.