Storms can happen at any time. They can happen during the middle of the night or during the middle of a 120 player charity tournament as one golf course in Haverhill recently found out. A microburst caused several trees to be uprooted and split in half interrupting the tournament and closing the golf course temporarily. When a storm or other event interrupt the natural course of business and halt income, it can be devastating. Here’s how your insurance provider can help.
A huge number of commercial property insurance claims are in regard to economic losses instead of physical losses. Often the income lost from closing your course due to damages is more detrimental than actual repairs. This is what business interruption insurance is for. When an unexpected circumstance causes your course to close suddenly, you won’t lose all your income.
An all important question in business interruption coverage claims is what would the business have done by itself if the interruption had not occurred? Profits and business expenses covered by the policy are determined within the context of the past history and the manner in which business is conducted.
When the following factors are affected, business interruption insurance may become a factor:
The coverage is typically provided for the “period of restoration”, which is the time it takes to rebuild or repair the damaged functions to a similar level as pre-interruption.
When something happens that could cause a loss of income, follow these steps to ensure you do not lose profits.
By following the steps listed above, you will be well on your way to not only finalizing your business interruption insurance but to getting your course open again.
By their very nature, business interruptions are unpredictable at best. At H&K Insurance, we understand the struggle of dealing with a giant monkey wrench like a storm devastating your course. To learn more about our Golf & Country Club Program, you can read more here. Feel free to contact us to get a free quote, or to review your policy. Our experienced and friendly team would love to help you out.
Brian began working at H&K Insurance Agency in 1992. He is a Certified Insurance Counselor (CIC), and an exceptionally qualified insurance professional helping clients protect their assets, and create future financial security in all areas of insurance. Brian specializes in helping golf clubs manage risk by creating insurance plans to protect clubs and their members. Brian oversees H&K’s regular donations to charitable organizations at both local and national levels and runs seminars for local communities on how to protect their assets with insurance contracts.