|Aerial view of Ferguson, Missouri, after riots and looting in November|
Will insurance policies pay for those business establishments damaged or destroyed in the recent Ferguson riots?
Most people do not read their insurance policies. Details matter, however, for the process of reimbursement or restoration.
Last summer, I received a notice of change in policy coverages for my homeowner's policy. The change in policy coverages reads as follows:
Coverage is provided for direct physical loss except for losses caused by any of the following:Photographs of the documents I received (Click directly on images to enlarge them):
3. War, including the following and an consequence of any of the following:
a. Undeclared war, civil war, insurrection, rebellion or revolution:
b. Warlike act by a military force or military personnel; or
c. Destruction, seizure or use for a military purpose.
Discharge of a nuclear weapon will be deemed a warlike act even if accidental.
We should not assume that those damaged and destroyed businesses are going to recover because they have insurance coverage.
People from all over the world have opened their wallets to help at least one Ferguson business to get up and running again. That business is Natalie's Cakes & More: A Victim of Ferguson Rioters Finds Justice in Kindness of American People.
|After selling her baked goodies at flea markets to get the seed money for a business establishment, Natalie DuBose opens her bakery in June 2014|
On the other hand, check out these results from Time Magazine’s poll for Man of the Year: