Because it’s been almost 5 years since I entered the insurance business I tend to look at things in this world differently. One of the first things is the news. I often equate many of the day or weeks happenings to how insurance: may have, could have or should have helped.

Last night I was checking out Boston.com and I came across this fire (Overnight fire displaces dozens of students) near the Northeastern Campus. Over 40 units and 2 retail locations were damaged and evacuated. After seeing that no one was hurt, I was thankful, and I realized what calamity it could have been, and the owner’s liability that would have been associated.

Without a much detail of the damage I can guess what policy parts, in an ideal world, would help this situation: (sticking to the basics)

– Tenant insurance: Loss of use, Personal Property
– Business owners policy: Business Income, Business Property
– Property: Dwelling coverage, Rental Reinbursement

Hopefully the tenants who are now stranded have proper tenants insurance that will help them pay the expenses they incur because of this fire. This policy will also cover any personal property that may have been damaged or destroyed.

As far as the restaurant and retail locations on the ground floor, they better hope they have proper business income to reimburse them for such things as profit and payroll. Without this coverage there is a solid chance they may never open their doors again…

Fires, as well as other loss scenarios, DO HAPPEN. When that situation does actually happen, you don’t want to merely hope you have the proper coverage. You could end up out of your home, or out of work…

For Liability, Loss of use, Loss of Rents, Personal or Business Property or Business Income questions – Call me, Chip Gibson, @ 781-237-1515 or email me at cgibsonjr@delandgibson.com