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• Not all small businesses have insurance that covers the cost of every single thing or structural damage. Especially in poorer areas.
• Insurance companies will find any excuse in the book to pay less. Disagree with valuation, draw out the recovery time so that you don’t recoup everything for years, etc. It takes FOREVER to process a claim.
• Not all insurance policies may cover damage from rioting or civil unrest, etc.
• Filing insurance claims raise insurance rates.
• Filing a claim for literally an entire business sounds like an administrative nightmare.
• Not to mention the people that are out of their livelihood / job (AKA income for their family) once the business is destroyed. Owners and employees alike.
• Etc. etc.
#RiotingKillsSmallBusinesses
My friends dad has a restaurant that was vandalized — insurance doesn’t cover acts of “civil unrest and disobedience”
Insurance does NOT cover anything as a result of a riot! That’s why I hate hearing the argument that all of this is okay because someone else will pay for it. How do people possibly justify this as acceptable way to bring about change?
Not worth fighting with trolls. Sadly you’ll see the truth come out when all these claims are denied. The important message is that police murders are not acceptable, but I don’t feel destruction and looting is either.
Enthusiast
Agreed. This is puzzling. And for the business that chose to not get insurance why would the tax payer pay for their gamble? They must have saved when not paying insurance for a while.
Yup, my dad's business isn't covered either. He didn't gamble by signing up for insurance without riot protection, he did what most other small businesses do - called a random insurance broker and just went with what he could afford. Remember most small businesses don't have money for lawyers to review and insurance policies, let alone fight them when a claim is unjustly denied.
Not complaining on my end though. My dad said "oh well, I've been meaning to take the tools put again."
If someone is lucky enough that they’re business is covered by insurance, the claims process takes FOREVER. Refer back to hurricane Katrina, sandy, etc.
Enthusiast
Everyone keeps saying these businesses/business owners will be fine. I guess they won’t be?
Also, not everyone has insurance...
Nope riots and acts of war are excluded
Pro
Exclusion #3 tilts the balance in M1’s favor, but it seems these riots would need to escalate to more organized rebellion. I say this because policies have typically paid out during other race riots in the past, the industry paid out $1.4B in 2020 dollars for the 1992 LA race riots
Chief
It’s the same as natural disasters. The State and local governments allocate some money towards rehabilitation of an area but only after people and businesses have exhausted insurance resources. At least that was how it went with the fires here in Cali.
Rising Star
“But for smaller businesses, the amount of coverage can vary widely in terms of deductibles and dollar limits, depending on the type of business, the value of the inventory and the depth of an owner’s pockets. Since not all landlords require businesses to insure their inventory and equipment against loss, some local owners will end up having to cover all of the losses and repair costs on their own.”
https://www.latimes.com/business/story/2020-05-31/business-insurance-looting-riots
The part about varying coverage and deductibles is true, but every business policy has an exclusion for riots! Nothing is covered so please don’t try to use that to justify things