Hailstorms cause damage to all kinds of structures, including homes, businesses, churches, and even derelict buildings. Those with coverage purchased through Berkshire Hathaway Homestate Companies (BHHC) may enjoy extensive coverage for business losses, even damage to unoccupied structures. Attorney Bill Voss examines popular business insurance plans offered by Berkshire Hathaway and explores the limits of each policy.
Types of Berkshire Hathaway Commercial Property Insurance Coverage
Once a partnership of only eight regional insurance companies, Berkshire Hathaway is now a national provider of business insurance. BHHC is known for providing property loss coverage for specialized businesses and holdings, such as hotels and motels, nursing homes and assisted living facilities, airport hangars, air-supported domes, and poultry warehouses.
Berkshire Hathaway may provide coverage for the many types of hail damage under the following policies:
- Commercial properties. BHHC offers up to $50 million in total insured value (TIV) for each business location with a $1,000 minimum annual premium. Commercial property insurance can be extended to structures up to 150 years old, with protection classes 9 and 10 accepted, and general liability is available on certain properties.
- Vacant dwellings. This insurer has a relatively unique offering for customers: insurance protection for vacant commercial, industrial, and residential properties. According to the guidelines of BHHC’s Vacant Buildings and Dwellings product, this coverage is tailored to address the unique risks of vacant property at company proprietary pricing levels. High-valued properties that are vacant, occupied, or partially occupied can be combined onto one policy, with no maximum or minimum number of buildings or dwellings. Additional protection for renovation or stalled construction is available, and customers enjoy pro rata cancellation rates if the property becomes occupied or sold.
- Forced-placed and real-estate owned. This coverage was created as an extension of the vacant buildings and dwellings policy, and protects the profits of lenders who cannot always control how much of a property will be occupied. The policy covers foreclosures and forced-placed situations and is available to lenders—even if the lender’s other lines of coverage have been written by another insurer. The property coverage form can be tailored to meet a customer’s individual needs, and includes options for protection against vandalism and malicious mischief available.
- Rental properties. BHHC offers many different coverage options for residential dwellings or structures with units that are rented by a tenant. The property need have no maximum or minimum number of dwellings, and all can be combined into one policy with a variety of deductible options. Theft and vandalism coverage is available for an additional fee.
- Commercial auto. If your business relies on company vehicles, BHHC offers a commercial auto policy that covers long-haul trucks, non-emergency medical transportation, public auto transportation, charter buses, tow trucks, and other vehicle classes. Business vehicles may be covered with no radius or unit count restrictions, with policy coverage limits up to $5,000,000.
Although this insurer offers a variety of products, it also offers little information on the claims process. Customers must deal directly with a team member over the phone or through email, with no 24/7 claims reporting option.
If you took steps to insure your property and paid dutifully on all of your insurance premiums, you are owed fair treatment and compensation from your provider. Unfortunately, many insurance companies are all too happy to take premium payments from customers, only to abandon them after a disaster strikes. For this reason, it is vital that business owners document the damage to their roofs, siding, windows, and vehicles after a hail storm—and make a claim as soon as possible after the storm passes. If you are offered a lowball settlement for your claim—or are denied any payment at all—it is time to bring in an insurance attorney.
The Voss Law Firm fights on behalf of policyholders who have been denied full and fair coverage for their losses. If you are struggling to collect fair payment from an insurer, contact the Voss Law Firm today or order a free copy of our book, Commercial Property Owners Must Read This BEFORE Filing an Insurance Claim.
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