April 15, 2020
The Stay at Home and Shelter in Place orders throughout the country, have resulted in displaced employees, reductions in operations and temporary shut-down of facilities. While these extraordinary measures appear to have yielded better than expected outcomes, there have been no clear indications when the orders will be rescinded.
It is not uncommon for commercial property insurance policies to contain a “Vacancy Clause” that may limit or eliminate coverage for buildings that have been unoccupied for a specified period of time, typically 60 days. While insurers have indicated it’s unlikely this clause will be invoked, for businesses that are temporarily idled in response to these unprecedented times, applicable coverage will be based on the facts and circumstances at the time of loss.
Therefore, continuation of diligent risk control practices is a high priority. The attachment below is a checklist, provided by FM Global®, as a guide for pandemic property loss prevention.
With so many concerns facing businesses in response to the COVID-19 pandemic, it’s possible that some important operational practices may inadvertently become less of a priority during these times. However, continuing your focus on property loss prevention throughout the temporary shut-down of your facility, will mitigate the exposure to loss, allowing for the earliest possible return to normal operations.
The Fedeli Group is dedicated to assisting our client-partners throughout these difficult times. Please contact your Fedeli Group team to discuss this topic or any other questions or concerns you may have.
Have questions or concerns? Let’s talk.
May 1, 2023
April showers bring May flowers, but those same April showers can also bring flash flooding. Flooding is the most common disaster in the United States and floods occur in all fifty states. In the last several years, there have been dozens of flash flooding incidents in communities throughout the Midwest. While the majority of our […]
February 22, 2022
The famous actor and author Will Rogers once said, “You never have a second chance to make a good first impression.” You may ask what that has to do with your year-end financial statement? More than you might think. Contractors who need surety bonds must provide their surety with a CPA prepared year-end financial statement. […]