Allow me to clear something up about these riots

Austin_Bill

Austin_Bill

2,500+ Posts
Please understand this when you watch these riots.

No insurance company issues a business insurance policy that covers civil unrest. When you see a business destroyed in a riot, it is not covered by insurance. I sold P&C insurance and I never saw a carrier that covers damage from civil unrest.
So when you hear some idiot say things like it's covered by insurance, hell no it isn't. Most of these people if they don't have the money to rebuild will close up for good.
 
The mayor of Nashville, who continues to keep businesses shut due to Covid, encouraged everyone in the city to attend the protest Saturday. After the city court, the Ryman and other businesses were damaged, he said “no big deal. They have insurance.” You are exactly right, most policies do not cover this.

After his initial tweet, he clarified that the protesters should social distance. He is a brilliant leader.
 
What can you say, the government should pick up the tab for the dirt of the rioters. Blue states should pick up the tab, but if they do they will pass it on to the Red states and we all have to pick up the tab. I"m beyond pissed and completely vote for these owners to arm up and shoot these ******** who are trying to destroy their livelihood.
 
No offense, but It’s probably good that you don’t sell insurance anymore. Property damage from riots is covered.
 
Most policies are too expensive in high crime areas, ergo no policy.
 
iatrogenic said:
No offense, but It’s probably good that you don’t sell insurance anymore. Property damage from riots is covered.
Click to expand...

Better check, there is a difference between business and personal P&C insurance. A few carriers might cover riots / civil unrest, but most do not.
 
iatrogenic said:
No offense, but It’s probably good that you don’t sell insurance anymore. Property damage from riots is covered.
Click to expand...


Name the insurance that covers it, I've represented more than 35 different under writers and none of the ones I represented offered coverage for Civil unrest.

Now I will say that I left the business around 2013 to concentrate on financial planning and at the time I would have to say no to anyone that wanted coverage against Civil unrest. Hell I offered coverage through so many companies including USAA, Minnesota Life, many of the policies I offered came from a company called Lions Gate, and of course SWBC.
 
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My understanding is that iatrogenic is right. This isn't specific to Texas, but I also found this explanation. It makes sense that it would be covered. Intentional, criminal acts can trigger exclusions in all sorts of insurance policies, but they usually apply to intentional acts that are committed by or connected to the insured. Your P&C carrier doesn't want you burning down your own shop for the insurance money.

Of course, none of this excuses or mitigates the idiocy and cruelty of rioters. If you're a small business that gets destroyed by rioting, your insurance policy may cover you, but it can take months or even years to actually compensate you. And I'm the last guy to sympathize with the insurance lobby, but why the hell should they have to pay out a bunch of money (which has to come from somewhere) because a bunch of thugs decided to go on a rampage? Obviously, they should, because they sold an insurance policy that requires it. However, the losses shouldn't be happening in the first place.

What we should really do is give businesses the right to sue local governments who refuse to enforce the law against rioters and give the insurers subrogation rights to those cases. If you're a liberal mayor who wants to virtue signal by letting rioters run wild, that's fine, but you're city is going to pay for your stupidity.
 
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Not necessarily relevant to OP, but I bought travel insurance for a trip to Normandy for Memorial Day. Obviously cancelled due to Covid. I have contacted the insurance to get my money back. They are claiming my trip was not “interrupted” so I do not have a claim. WTF. I will fight it, but I hate insurance companies.
 
I worked for a commercial insurance company a long time ago. Their exclusion was:
war (declared or undeclared)
civil war
military action
insurrection
rebellion
revolution
usurped power
governmental action to hinder or defend against a military attack

I do think riot would be covered, but there are deductibles and co-insurance. However, all these small business owners working 12 hours/day, 7 days a week struggling to survive are probably Trump supporters anyway so they deserve what they get and hardly any black owned businesses were touched.
 
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