Commercial property owners

Vandalism – a term that, unfortunately, is all too familiar to commercial property owners. Acts of intentional damage can bring about significant financial consequences. But understanding the different forms of vandalism can go a long way in minimizing their impact. From a sociological perspective, vandalism isn’t a monolithic concept. It assumes various forms, each presenting its unique challenges. Understanding the motives behind these destructive acts, as outlined by renowned sociologist Stanley Cohen, can guide you in better protecting your property and minimizing your financial risk. Let’s explore these seven types of vandalism and see how commercial property owners can stay prepared:

1. Acquisitive Vandalism: A Threat to Your Valuables

Acquisitive vandalism, characterized by the act of destruction to acquire goods or money, poses a significant threat to businesses. For instance, a burglar might break a window to steal merchandise. As a property owner, installing secure locks, surveillance cameras, and alarm systems can deter such actions. Insurance policies covering theft are critical in this scenario.

2. Tactical Vandalism: Unwanted Attention

Tactical vandalism is about getting noticed. Protestors might deface property to draw attention to their cause. While it’s tough to predict such occurrences, maintaining a neutral stance in controversial matters can keep your property out of the firing line. Vandalism coverage in your property insurance policy can provide the needed safety net.

3. Ideological Vandalism: Making a Statement

This form of vandalism arises when political, religious, or social ideologies come about. Insurance that covers acts of vandalism can safeguard your property against the financial impact of such acts.

4. Vindictive Vandalism: When Personal Becomes Professional

Vindictive vandalism stems from personal vendetta and spite, and can unexpectedly land at your doorstep. Making adequate security measures and a robust insurance policy are essential.

5. Play Vandalism: Destructive Fun

Play vandalism is destruction for fun, often by kids or teenagers. For instance, ensuring your property is well-lit and investing in high-quality security systems can make it less attractive to these mischievous thrill-seekers. Furthermore, a comprehensive insurance policy will help cover the costs of any damages.

6. Malicious Vandalism: The Love for Chaos

Malicious vandalism lacks concrete motive beyond the desire to create chaos. An individual who lights a fire in a public park with no particular motive other than to watch things burn would be engaging in malicious vandalism. Enhanced security, vigilance, and insurance coverage are necessary to shield your business from such random acts.

7. Epidemic Vandalism: The Domino Effect

Epidemic vandalism involves large-scale destruction triggered by a specific event like a sports victory or political unrest. Here, the best defense lies in a good offense. Proactive security measures, along with an insurance policy that covers riot damage, are essential.

Understanding the seven types of vandalism not only provides insight into the potential risks but also guides you in selecting the right insurance coverage to protect your business assets. This knowledge empowers commercial property owners to minimize their financial risk and safeguard their businesses against unforeseen damages. Remember, the cost of an insurance policy is insignificant compared to the financial burden of an unexpected vandalism event.

Protect your business, prepare for the future, and ensure peace of mind by recognizing and preparing for these seven faces of vandalism.

The Coronavirus global pandemic has significantly impacted not only individuals throughout the world but businesses and their employees’ livelihoods. The United States pledges almost $1 trillion to bail out big businesses and banks, aiming to soften outcomes. However, this action will only help limited small businesses and won’t safeguard the future of everyday working Americans. With an uncertain timeline ahead for the economic impact, many businesses will experience interruption and may fail, resulting in an ever-growing unemployment rate, and a frightening time for those directly affected.

For businesses grappling with prolonged closures due to COVID-19, Premier Claims, a National Public Adjusting Firm, brings hope. We stand by policyholders, advocating for property and business insurance claims. While policies usually cover direct physical loss, extensions might also cover lost revenue during a business interruption. There may also be further coverage for business interruption based on a civil authority shutdown.

Business Interruption Coverage

This coverage typically allows for the recovery of lost income and associated extra expenses. This coverage requires the interruption resulting from direct physical loss or damage of the insured property caused by a covered peril. As many states mandate businesses too close, they are specifically referencing that this is being done, at least in part, due to the damage the virus is doing to the property. This is opening up the door to potential business interruption claims.

Civil Authority Coverage

This coverage is designed to apply when access to an insured’s property is hindered by a civil authority’s order due to physical damage. The damage must result from an insured peril affecting nearby property. This coverage also is opening the door to potential claims.

Whether or not you are going to have coverage is very dependent on your policy. Many policies have an exclusion of loss due to viruses or bacteria. These exclusions generally mean that the carrier will not pay for loss or damage caused or resulting from any virus, bacterium, or other microorganism that induces or is capable of inducing physical distress, illness, or disease. If your policy has this type of exclusion, then recovery under business interruption or civil authority will generally not be a possibility.

Across the nation, states propose bills for COVID-19 business interruption coverage, despite virus exclusion concerns. While questioning their constitutionality, the application of these coverages remains uncertain. The best thing you can do right now, is to review your insurance policies and see if coverage is available. If an exclusion does apply, then you should monitor some of these bills if applicable to your state.

During this time our firm will be conducting complimentary policy reviews and assessments to assist those affected by these business closures. In addition, Premier Claims is dedicated to reducing our fees in handling the claim in cases where coverage exists, and a claim can be filed. We’re here to let businesses and commercial property owners know that we are a resource.

Minimizing Financial Risk: The Seven Types of Vandalism