Superstorm Sandy was a catastrophe of gargantuan proportions. At its peak, it was about 1,000 miles in diameter. The financial losses from the storm are estimated at more than $ 60 billion. In its result, there were nearly 8 million people without electricity, including thousands of companies.
Many companies have been unable to function, not because of direct physical damage, but as a result of damage to public services away from their businesses left them without power. In some cases, the power did not come back for weeks. However, we do not need such a large storm Sandy to experience a power failure offsite. The derecho in June 2012 knocked out power for days in the Midwest. And these losses can occur at any time of year - ice storms can topple power lines and miles of a company to keep the company shutters for days. Or sometimes it could simply be the result of damage to a transformer in the street.
The potential financial loss resulting from a power failure offsite can be detrimental to the survival of a business. Without the proper coverage of the insurance companies, businesses can not reopen despite the lack of direct physical loss to property.
The standard business insurance policy does not provide coverage for financial losses resulting from a business shutdown due to the interruption of public services outside the place of business. However, you can support your company policy with coverage for "power interruption outside the local 'for both damage coverage and direct operating your business losses. Endorsement Options for electric blankets off-premises include the interruption of power supply, communications equipment, and other public services. coverage is also available for the loss of temperature sensitive products such as frozen foods.
to determine the business coverage and endorsements are best for you, contact your independent insurance agent to discuss your exposure to disruptions out establishing your business.
guarantees described here are the terms in the more general and are subject to conditions and actual policy exclusions. for the actual wording cover, conditions and exclusions, see the policy or contact your agent Central.
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