Insurance Coverage for Looters & Rioters

Thousands of businesses across the country were hit by looters and rioters over the past few days as protests of the killing of George Floyd turned chaotic. Literally overnight, business owners saw their life’s work destroyed. This article is intended to help those who have been impacted by offering some tips on what you will need to file a claim for insurance coverage.

First, record the damage. Of course, start with saving copies of any recordings of security videos (some systems delete video every 24 hours so make sure to save a copy before it gets deleted). Also, take pictures and videos of the damage with a high quality camera. While the majority of claims will be for property damage, you might also have fire damage, smoke damage, or water damage. It is important to record the extent of all of these types of damage to ensure maximum coverage.

Second, do what you can to mitigate the loss (e.g., board up your windows, clean up any hazardous materials or spills).

Third, take an inventory of all the items that were stolen. This is the crux of your claim so be as detailed as possible.

Fourth, start assembling the paperwork needed to file an insurance claim. These documents include a copy of your insurance policy, receipts for purchased inventory, inventory logs prior to the incident, and data regarding your income for the past year.

Fifth, you will have to make some projections about cost to replace this inventory. Notably, the replacement cost may be higher than the cost you purchased some goods if the Coronavirus pandemic, these riots, or anything else might have caused the price to go up since you purchased the original inventory.

Finally, you will also have to make some projections about your loss of income. How long will you be closed? How much income did you lose from not being able to sell the stolen items?

In most cases, the insurance company can be expected to be fair and reimburse you for the costs related to the losses.

Eliav Legal can assist you with preparing your insurance claim. Contact us today for a free no-obligation consultation.