Your building is now vacant due to Shelter in Place
Key Tips to Consider...
As we weather this national crisis and shelter in place, many of our buildings and surrounding property are attractive targets for thieves and other would-be criminals. Before shuttering your doors and leaving your business for, what could be, weeks at a time, consider these tips...
• Are unnecessary electrical appliances and equipment disconnected/unplugged.
• Turn down temperature on hot water heater to conserve energy.
• Set thermostat to minimal setting (55° F) to conserve energy but keep out the freeze and/or set low temperature alarms. Failing to maintain heat appropriately can void coverage if pipes freeze and burst.
• Sprinkler system also need to be protected from temperatures below 40F to ensure proper operation.
• During warmer months or in warmer climates, make sure to set your air conditioning to a minimum of 85 degrees
otherwise if your building gets too warm it will become susceptible to damage from humidity and mold.
• Check that sump pump is operational and remote alarms are working.
• Ensure all refrigerators and freezers are secure and doors are closed.
• Irrigation systems should be turned off and disconnected to prevent accidental flooding.
• Does the building look secure from the street?
• Are all vehicle entrances and exits locked/secured?
• Are all windows and doors locked?
• Have you contacted the police and requested random checks?
• Have you alerted neighbors or neighborhood watch programs that the building will be vacant so they can also assist with random check?
• Is there a centrally monitored security system in place (door contacts, window tape, motion sensors, video surveillance, etc….)
• Has updated contact information been given to companies that centrally monitor security and fire alarms, as contact names/information may have changed from normal operations.
• Arrangements should be made, if possible, to inspect the building at least weekly. Document the inspection with photos and utilize our check list.
• Can security camera be added or maintained operational to cover the interior/exterior of the facility?
o Have temporary, wireless cameras been considered?
• Are there exterior aspects of your building that you need to consider:
o Temporary weather proofing;
o Drainage or flooding hazards;
o Gutters and down spouts cleared?
• Contact your agent to discuss potentially relocating some high dollar items, temporarily to a more secure location.
• Do you have a list of inventories on hand?
o Is it backed up off site?
o If it were stolen or damaged what would you need for lead time to replace those items?
• Tools and Equipment
• Computers and Technology – Are there backups made daily with offsite storage of back-ups?
• Furniture, Artwork, Fixtures.
• Other Assets
• Do you have products on auto-order that needs to be suspended for the time being?
• Are you practicing all the necessary requirements per your local health department or FDA guidelines?
• Do you have a remote alarm on refrigerators and freezers so that you are made away of a temperatures spike?
o If this were to occur do you have a plan in place for dealing with this alarm?
• Are you maximizing the products on hand to consider items reaching expiration?
• Have you contacted the local fire department to alert them of the vacancy and any changes to building access that now may have changed?
• Additional monitoring may be necessary because of the following reasons:
o There may be a delay in reporting of fires because of the vacancy
o Fire could also start due to smoking trespassers, arsonists, faulty wiring or drug production.
o Transients/homeless seeking shelter may have open fires for cooking or providing heat.
• Are there centrally monitored fire detection systems in place?
• Is the Automatic sprinkler system on and locked open with centrally monitored tamper switches operational?
Making a plan for how to respond
Having a good response plan is as essential as protecting your business investments. When developing a plan, consider communication beforehand with local responders, such as fire and police departments, emergency clean-up companies and security companies. Your livelihood may depend upon it in an emergency.
And remember, if you have a helper with you when closing down, be sure to “social distance” from one another.
We, at Theodore & Associates, know the language used by the insurance industry can be confusing. We want to make sure that you clearly understand your options and know exactly what you’re paying for.
Here are some common terms that are used for different types of coverage. We hope this glossary helps make the world of insurance easier to understand!
Additional Living Expenses
If you can’t live in your home because of a covered loss, your insurance company may pay the necessary increase in living expenses while damage is assessed and your home is repaired or rebuilt.
Broad Form Liability Coverage
Helps protect you from expenses related to injuries or property damage you or your watercraft cause in an accident. Some policies also cover certain accidental fuel spill liabilities and wreckage removal.
C.L.U.E. (Comprehensive Loss Underwriting Exchange) is a claims history database created by ChoicePoint that enables insurance companies to access consumer claims information when they are underwriting or rating an insurance policy. It typically contains up to five years of personal auto or personal property claims history.
You can order a C.L.U.E. report:
LexisNexis Personal Reports
Call toll free 1-866-312-8076
Or you can request a copy from the seller of a home you are purchasing.
Pays to repair your auto, classic auto, motorcycle, RV damages caused by an accident. Your agent can help you determine the limits you need based on the agreed value of your vehicle.
Pays to repair or replace your vehicle if it is stolen, vandalized or damaged in some way other than in a collision. May include loss from fire, cracked windshields, floods, falling objects, and wind.
Custom Parts & Equipment Coverage
Many motorcycle owners like to customize their rides, and some policies pay for customized parts and equipment, often at no extra charge. Ask Theodore & Associates for details.
When you get insurance, you agree to pay up to a certain amount out-of-pocket in case of a loss. This amount is called your “deductible.” The deductible you choose often affects how much you pay for your premium. For example, a higher deductible usually means a lower premium. In the case of a covered loss, you’ll only be required to pay your deductible, and the insurance company usually covers the excess, up to the applicable limit for that loss under your policy.
Emergency & Roadside Assistance
For auto, boat and personal watercraft, emergency assistance pays for the cost of towing or emergency service. For RVs, it also covers housing and transportation costs if your RV becomes uninhabitable and covers the loss of personal property in your RV. Some policies also provide roadside assistance for motorcycles.
Sometimes used interchangeably with “umbrella”, “excess liability” refers to extended liability coverage. This coverage is meant to supplement your insurance coverage if the damages exceed your liability coverage. Be sure to talk to Theodore & Associates about what your excess liability covers.
Companies and businesses often purchase this coverage to protect them against loss from employee dishonesty (such as theft of money, equipment, or other assets).
Identity theft occurs when someone steals your personal information and uses it to open accounts or incur charges without your permission. Thieves can access your personal information in a variety of ways, such as stealing your personal mail, your wallet, or hacking your computer files. The thief then uses your identity to rack up debt in your name or perhaps to issue fake IDs. For more information on identity theft and tips on prevention visit the FTC’s Identity Theft Site.
Providing indemnity means to financially restore someone after a loss, through payment, repair or replacement.
Insurance ScoreAn Credit Based Insurance Score (CBIS) is derived from information on your credit report. It is a number that measures likelihood of having an insurance claim – not a measure of credit worthiness. Insurers use CBIS along with a number of other factors, including driving records, claims history, and the type of home or vehicle owned, to evaluate new and renewal auto and homeowner insurance policies.
Medical Coverage (Home)
Covers medical expenses for guests if they are injured on your property, and in certain cases covers people who are injured off of your property. It does not cover healthcare costs for you or other members of your household.
Medical Coverage (Auto, Boat & Personal Watercraft, Motorcycle, RV)
Provides for your passenger and your medical expenses that are the result of an accident.
Liability & Personal Liability Coverage
For homeowners, this coverage applies if someone is injured or property is damaged and you are to blame. The coverage applies anywhere in the world. When choosing liability coverage for your home, auto, boat, personal watercraft, or RV, consider things like how much money you make and what you own. Your liability coverage should be high enough to protect your belongings if you are sued.
Personal Property Coverage
Your home is filled with furniture, clothes, sports equipment, and other items that mean a lot to you. This coverage helps repair or replace these items if they are lost, stolen or destroyed as a result of an insured event.
Personal Watercraft (PWC)
A personal watercraft (PWC) is a recreational watercraft that the rider sits or stands on, rather than inside of, as in a boat. Models have an inboard engine driving a pump jet that has a screw-shaped impeller to create thrust for propulsion and steering.
Physical Damage Coverage for Watercraft
Pays to repair the damage done to your watercraft due to an accident. It also generally pays to repair or replace your watercraft for insured situations such as theft, fire, vandalism or other non-collision damages that occur in or out of the water
Simply put, a premium is the payment you make in exchange for one term of policy coverage.
Property or Dwelling Coverage
Typically pays to repair or rebuild your home if it’s damaged or destroyed by an insured event.
Scheduled Personal Property Coverage
If you have special possessions such as jewelry, art, antiques or collectibles, you may want to talk to your agent about this additional coverage.
Umbrella insurance is the coverage that may kick in when your losses under other insurance policies, such as homeowner’s and auto coverage, have exceeded policy limits.
Underwriting is the process of assessing risks when deciding whether to issue a policy of insurance.
Uninsured/Underinsured Motorist Coverage
Pays for damages associated with bodily injury or death from an accident caused by an uninsured, underinsured or hit-and-run driver, as defined by the law in the jurisdiction where the accident occurred, who is at fault. It also covers you if you are hit as a pedestrian.
Unattached Equipment Coverage
Pays to repair or replace equipment that isn’t permanently attached to your boat or personal watercraft. This includes items like life jackets and water-skis.
Feel free to reach out to us for any further questions!