Insurance and riots

[GUNMIKE]

Yesterday I questioned my insurance agent {home and auto} as to what coverage I had to cover damages due to rioting. He said that none of my policies would cover, what they termed terrorist
destruction. I am now considering some type of rider policy for this, if it is available.

 

[Doug627]

I doubt you can get such coverage. War, civil unrest, riots and terrorists acts just aren't something the companies want to cover.

 

[Sikiguya]

Look at your actual policy booklet and see. Just to be sure. I would not take his word for it.


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[tlawler]

I was wondering about insurance coverage from damage due to rioting. What about businesses? If they aren’t covered, that’s some serious stuff. If true, a lot more people may be looking to the firm of Smith & Wesson for their coverage.

 

[JH1951]

OP, question your agent further. His/her business is 'insurance', and he should be able to direct you accordingly. If no luck there, do some 'shopping' and be prepared to see a spike in premium. Also check with whoever carries your 'homeowners' to see if there is a rider available. That coverage will take some looking for, it's a common exclusion.
Also, typically an 'agent' represents only specific insurance companies, and they are beholding to the company they represent. Try to find a 'broker' who is somewhat bound to represent you and your interests, versus those of an insurance company. Think about that, there is a big difference. Of course it all depends where you live, but you will find that subtle difference in most places. (I speak as having been at different times an agent, a broker, and a producer. I hope this helps a little).

 

[charlie sherrill]

An AR and a riot gun is probably the only coverage available.

 

[Sikiguya]

An insurance policy is a legal contract. Whether it is an agent or a broker, you have a legal contract with the insurance company . In it, you both reached an agreement as to what is covered and what is not covered. It doesn’t matter what the agent or even the claim adjuster think...it is what is in the contract. There may be a disagreement as to what is the cause and what is covered. If there is a disagreement, there are arbitration or lawsuits.

A broker and an agent both owe a fiduciary responsibility to both the insurance company and the customer. In a fiduciary duty lawsuit, there may be a difference.In order to write a policy, they both sign an agreement with that insurance company. Both have pros and cons.


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[ggibson511960]

Terrorism Riders

In my limited experience reading insurance contracts in Texas, terrorism exclusions are put in policies as a rider, perhaps to draw attention from the hapless buyer, or maybe to avoid the insurer submitting a completely new policy for state approval. Your mileage may vary in your state. Also note that the "policy" that you hold in your hands is a "declaration" or a shortened, easy to read version of the real policy on file with your state insurance regulator. If you are really concerned about this issue I would request a copy from your state insurance commissioner and not accept my agent's word for it, honest though he may be, especially if you have significant business assets to protect. I would also pay attention to who gets to declare force majeur or terrorism. This should be a third party, not the insurance company.

 

[Geronimo Jim]

Let's say you own an insurance company. You want to sell this coverage.
How do you price it?

 

[Injunbro]

There is coverage available for terrorist attacks, remember the gov't bailing out the insurance companies on 9/11? However as said already an insurance policy is just a contract & means only what it says in writing. Expect your agent, claims adjuster, etc. to fight paying all the way through court & appeals. They like to sell policies & make $, not pay on them.

 

[JH1951]

Let's say you own an insurance company. You want to sell this coverage.
How do you price it?

A lot of that would depend upon where you live and work. Some areas are more prone to 'issues' than others. High risk = high cost.

 

[Absalom]

Yesterday I questioned my insurance agent {home and auto} as to what coverage I had to cover damages due to rioting. He said that none of my policies would cover, what they termed terrorist
destruction. I am now considering some type of rider policy for this, if it is available.

Acts of war and actual terrorism often fall under exclusions for standard policies.

In terms of what’s currently going on, it helps not to be a drama queen. Consult your policies and your agent regarding coverage for vandalism, not terrorism. Most standard homeowner, comprehensive car, and business policies do actually cover damage from such things as fire, vandalism, and civil unrest. If your agent continues to be unhelpful, follow the suggestions of others here and consult a broker or find another agent.

 

[The Analyst]

"There is coverage available for terrorist attacks, remember the gov't bailing out the insurance companies on 9/11"?

This is especially true for business insurance. Congress passed legislation after 9/11 which allowed insurance companies to increase premiums to cover the huge costs associated with damages from that dreadful day. Terrorism coverage is now part of most business policies for claims resulting from terror acts occurring after 9/11.

 

[dockmurgw]

In terms of what’s currently going on, it helps not to be a drama queen.

Stop all you drama queens...stop living in the past, evolve, embrace and rationalize whats unfolding all around you. As for the insurance, the OP is asking for the wrong policy, call your agent again and ask for presidential campaign insurance.

 

[jrm53]

I don't know how many remember the riots in Ca about the time of the Reginal Denny beating but I remember the Korean owners of a gun shop that fought off the rioters with semi auto pistols and they were doing good until their ammo ran out. Rioters may be low lifes but they know not to take on a determined shop owner. This was on main stream TV stations, wondered where the cops were at that time. Jeff

 

[BigBoy99]

An AR and a riot gun are probably the only coverage available.

Best insurance advice one can get!

 

[PatriotX]

Let's say you own an insurance company. You want to sell this coverage.
How do you price it?

Through the law of large numbers, actuaries can price the company’s -probable- exposure, almost to the dollar.


Following the example of the heroic L.A. Roof Koreans might even help keep premiums low.

 

[Dougaz]

Stop all you drama queens...stop living in the past, evolve, embrace and rationalize whats unfolding all around you. As for the insurance, the OP is asking for the wrong policy, call your agent again and ask for presidential campaign insurance.

This post left me completely stumped.

Evolve and embrace what exactly? Riots, crime, burning out businesses? I'm not going to "embrace any of that stuff and lastly, what the heck is "presidential campaign insurance"

Psalm 111:10

 

[HOUSTON RICK]

Insurance is always good for everything until a claim is made when it is good for everything except what happened.

 

[BONDOBOB]

There is no place to go accordingly, 28 yrs selling commercial insurance at farmers ins and my reply is either walk away from your business because THE IS NO COVERAGE or meet them at the inside door and have a fear of personal harm and empty the 1st mag of 17 rds, that is the bare facts